UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934

For the month of July 2022

Commission File Number:  000-29106

GOLDEN OCEAN GROUP LTD.
(Translation of registrant's name into English)

Par-la-Ville Place
14 Par-la-Ville Road,
Hamilton, HM 08, Bermuda
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X]     Form 40-F [   ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.


INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 is a press release of Golden Ocean Group Ltd. (the “Company”) dated July 8, 2022, announcing the Company’s agreement to construct three Kamsarmax vessels and the sale of two Ultramax vessels.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
GOLDEN OCEAN GROUP LTD.
 
 
 
 
 
 
 
 
 
By:  /s/ Peder Simonsen
Date: July 18, 2022
Name:  Peder Simonsen
 
Title:    Principal Financial Officer




Exhibit 99.1


GOGL – Agreement to construct three Kamsarmax vessels and sale of two Ultramax vessels
08.07.2022
Golden Ocean Group Limited (Nasdaq and OSE: GOGL) (“Golden Ocean” or the “Company”), one of the world’s largest listed dry bulk shipowners, today announces that it has entered into agreements for the construction of three high-specification 85,000 dwt ECO-type dual-fuel Kamsarmax vessels, which will be equipped with the latest and most efficient propulsion system. Additionally, the Company announces the sale of two Ultramax vessels, Golden Cecilie and Golden Cathrine.
The newbuilding vessels will have the same specifications and will be constructed with the same leading Chinese shipyard group as the seven newbuilding vessels the Company previously contracted, providing additional benefits in terms of building supervision and the efficiency gained by operating vessels with similar specifications. The vessels will be delivered to the Company in the third quarter of 2024 and the first quarter of 2025.
The aggregate sale price of the Ultramax vessels is $63 million, and the Company expects to record a gain of approximately $22 million from sale and receive net cash proceeds of approximately $41 million in late Q3/early Q4 2022. The sales proceeds will fund the expected equity portion payable for the three Kamsarmax newbuilding orders placed.
Ulrik Andersen, CEO of Golden Ocean Management AS commented:
“Golden Ocean is committed to maintaining one of the largest and most modern fleets in the industry. In the process, the Company will continue to improve the fuel efficiency of its fleet, ensuring best-in-class performance at a reduced carbon footprint. Importantly, all of our newbuildings are dual-fuel ready, which provides us the flexibility to evaluate propulsion options as the visibility of future emissions-related regulations and technology improves. Golden Ocean will be offsetting a portion of the cost to construct the new vessels with the net proceeds from the sale of the two Ultramax vessels sold at attractive prices, enabling the Company to continue to execute its strategy without impacting its dividend capacity.”
July 8, 2022

The Board of Directors
Golden Ocean Group Ltd.
Hamilton, Bermuda

For further queries, please contact:

Ulrik Andersen: Chief Executive Officer, Golden Ocean Management AS
+47 22 01 73 53

This information is subject of 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.