GOGL Renewal of share buy-back program

Globe Newswire 2-Oct-2024 4:30 PM

Reference is made to the announcement by the Board of Directors in Golden Ocean Group Limited (NASDAQ:GOGL) dated 4 October 2022 and 3 October 2023 regarding the establishment and renewal of a share buy-back program. The Company has repurchased a total of 1,507,328 shares under the program for a total consideration of $11,629,758. A total of 741,900 shares have been repurchased at average price of $7.84 per share at Nasdaq and 765,428 shares have been repurchased at an average price of NOK 81.2 at Oslo Stock Exchange.

The Board of Directors of Golden Ocean Group Limited has on 2 October 2024, resolved to extend the existing share buy-back program with a further 12 months and the following main terms:

• Maximum USD 100 million to purchase up to an aggregate of 10,000,000 of the Company's common shares, with 1,507,328 shares repurchased for USD 11,629,758 as of the date hereof.  
• A period from and including 5 October 2024 to and including 4 October 2025.
• The share buy-backs will be carried out by way of repurchases in the market, both on the Oslo Stock Exchange and on Nasdaq.
  
  

The Company will report buy-backs carried out continuously and in accordance with the disclosure requirements of the Oslo Stock Exchange.

The Company is not obligated under the terms of the program to repurchase any of its common shares. The timing and amount of any repurchase will depend on alternative uses of capital, legal requirements, market conditions, stock price, and other factors, in the discretion of the Board of Directors.

Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, comments:

"The sentiment in the capital markets and dry bulk freight is volatile and has over the last year been impacted by uncertainty regarding global economic outlook. As a result, GOGL share has in periods been trading at a discount to underlying substance values, despite healthy freight markets. We continue to believe that it is in the shareholders' interest to extend the authorization to repurchase our common stock as part of its capital allocation strategy. We will opportunistically utilize the extended program as a supplement to our long-term focus on dividend."

2 October 2024
Hamilton, Bermuda


For more info please contact:
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer of Golden Ocean Management AS.
Telephone +47 22 01 73 40

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.