Golden Ocean, Knightsbridge Merging

Dry bulk shipping companies Golden Ocean Group Limited and Knightsbridge Shipping Limited have agreed to merge, with Knightsbridge as the surviving legal entity. “The Combined Company
will be renamed Golden Ocean Group Limited upon completion of the merger.” The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter.

 Completion of the merger is also subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. After the merger is completed, the Combined Company expects to have a fleet of 46 Capesize vessels, 10 ice class Panamax vessels, 8 Kamsarmax vessels and 8 Supramax vessels, of which 36 are newbuildings under construction.

In addition the Combined Company expects to have a small number of leased vessels and one vessel owned through a joint venture. The Combined Company’s ordinary shares are planned to be listed for trading on both NASDAQ and the OSE. Mr. John Fredriksen, Mr. Gert-Jan van der ker and Mrs. Kate Blankenship will be added to the Board of Directors of the Combined Company after the merger is completed. Mr. Ola Lorentzon will continue as Chairman of the Board for the Combined Company. Mr. Gert-Jan van der Akker is Senior Head of Region at Louis Dreyfus Commodities (LDC).

The current corporate management team and employees of Golden Ocean, which currently is the commercial manager of the Knightsbridge dry bulk fleet, will manage the Combined Company. Herman Billung, who currently serves as the principal executive officer of Golden Ocean, will serve as the principal executive officer of the Combined Company, and Birgitte Ringstad Vartdal, who currently serves as the principal financial officer of Golden Ocean, will serve as the principal financial officer of the Combined Company.