GOGL - Agreement with the Administrators of Brittania Bulk Finance
Limited
(Thomson Reuters ONE) - Reference is made to Golden Ocean Group Limited's ("Golden Ocean" or"the Company") press release dated November 9, 2007 informing aboutthe sale of the six Panamax vessels under construction at PipavavShipyard in India. Reference is also made to the information givenrelated to this transaction in the Prospectus dated June 29, 2009released by the Company.The buyer of the vessels, Brittania Bulk Finance Limited, (ultimatelyowned by Brittania Bulk Holdings Inc) has since March 13, 2009 beensubject to administration under the supervision of the UK courts.Brittania Bulk Holdings Inc went into administration under theInsolvency Act 1986 of England and Wales in November 2008.The administration of Britannia Bulk Finance Limited created a highuncertainty linked to our counterpart's ability to ultimately takedelivery of the six vessels. The fact that the yard experienceddelays in their delivery schedule further highlighted the uncertainoutcome of the transaction. In this difficult situation Golden Oceanhas sought for a solution which gives the company a higher degree ofcertainty. The discussions with the counterpart have been progressingduring the last half year.The Board of Golden Ocean is pleased to announce that an agreementhas been reached with the buyer of the vessels. Through thisagreement the parties have mutually accepted to terminate thepurchase agreements for all six vessels against certainconsiderations from the buyer. Golden Ocean will as a directconsequence of this agreement realize a profit of approximately $53.8million, effectively by reducing the company's liability with asimilar amount. The profit will be recorded in the third quarter of2009.It currently seems unlikely that Pipavav Shipyard will be able todeliver at least the first two vessels within the cancellation dates.Golden Ocean has entered into discussions with the shipyard regardingan alternation of the existing contracts. However, Golden Ocean willonly agree to such alterations subject to such a deal clearlycreating additional value for Golden Ocean's shareholders.Hamilton, BermudaAugust 4, 2009Contact Persons:Herman Billung: CEO, Golden Ocean Management AS+47 22 01 73 41Geir Karlsen: CFO, Golden Ocean Management AS+47 22 01 73 53This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 04.08.2009 - 17:26 Uhr
Sprache: Deutsch
News-ID 4339
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Limited"
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