Exhibit 99.1 INTERIM FINANCIAL INFORMATION GOLDEN OCEAN GROUP LIMITED First Quarter 2023 May 16, 2023 Hamilton, Bermuda, May 16, 2023 - Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the "Company" or "Golden Ocean"), the world's largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended March 31, 2023. Highlights Ulrik Andersen, Chief Executive Officer, commented: "Following a period of seasonal weakness in the first quarter, freight rates have rebounded ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q1 2023 Earnings Conference Call May 16, 2023 10:00 AM ET Company Participants Ulrik Andersen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Greg Lewis - BTIG Operator Ladies and gentlemen, thank you for standing by and welcome to the Q1 2023 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to the CEO, Ulrik Andersen. Please go ahead, sir. Ulrik A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR o SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

[Fourth Quarter 2022 Results](index=1&type=section&id=Fourth%20Quarter%202022%20Results) The company details its Q4 2022 performance, fleet development, corporate actions, and market outlook [Highlights](index=2&type=section&id=Highlights) The company reported Q4 net income of $68.2 million, announced a $0.20 dividend, and acquired six vessels Q4 2022 Financial & Operational Highlights | Metric | Value | Quarter Comparison | | :--- | :--- | :--- | | Net Income | $68.2 million | Down from $104.6 million in Q3 2022 | | Earnings Per Share (EPS) | $0.34 | Down from $0.52 in Q3 2022 | | Adjusted EBITDA | $112.4 million | Down from $118.2 million in Q3 2022 | | Cash Dividend per Share | $0.20 | - | | Fleet TCE Rate | $20,421 per day | - | | Capesize TCE Rate | $21,399 per day | - | | Panamax/Ultramax TCE Rate | $18,992 per day | - | - Acquired six modern Newcastlemax vessels for **$291 million**, which will be chartered back to the seller for 36 months at a net TCE rate of approximately **$21,000 per day**[5](index=5&type=chunk) - Completed the sale of two older Panamax vessels, Golden Ice and Golden Strength, as part of its fleet renewal strategy[5](index=5&type=chunk) - Announced a **cash dividend of $0.20 per share** for Q4 2022[5](index=5&type=chunk) Q1 & Q2 2023 TCE Rate Estimates (Load-to-Discharge Basis) | Quarter | Vessel Type | TCE Rate per Day | % of Available Days Covered | | :--- | :--- | :--- | :--- | | Q1 2023 | Capesize | ~$13,150 | 63% | | Q1 2023 | Panamax | ~$14,900 | 73% | | Q2 2023 | Capesize | ~$21,100 | 19% | | Q2 2023 | Panamax | ~$17,900 | 14% | [Fleet Development & Performance](index=4&type=section&id=Fleet%20Development%20%26%20Performance) The company's fleet stands at 93 vessels after acquiring six modern ships and selling two older ones - The company's fleet consists of **93 vessels** with an aggregate capacity of **~13.4 million dwt**, including 74 owned vessels, 8 chartered-in Capesize vessels, 1 chartered-in Ultramax, and 10 Kamsarmax vessels on order[9](index=9&type=chunk)[15](index=15&type=chunk) - Sold two Panamax vessels (built 2008 and 2009) for an aggregate price of **$30.3 million**, recording a gain of ~$2.8 million for Golden Ice in Q4 2022 and expecting a ~$2.7 million gain for Golden Strength in Q1 2023[9](index=9&type=chunk) - Acquired six modern Newcastlemax vessels (average age ~2.5 years) for **$291 million**, which are chartered back to the seller for 36 months at a net TCE of just above **$21,000 per day**[10](index=10&type=chunk) - Outstanding contractual commitments for ten newbuildings amount to **$241.7 million**, due by Q1 2025[11](index=11&type=chunk) [Corporate Development](index=5&type=section&id=Corporate%20Development) The company executed share buy-backs, purchased scrubbers, and secured new credit facilities for refinancing - Repurchased **400,000 shares for $3.3 million** in Q4 2022 under its share buy-back program[16](index=16&type=chunk) - Entered into agreements to purchase three scrubbers for installation on Capesize vessels during their 2023 drydocks[17](index=17&type=chunk) - Signed a **$250.0 million credit facility** in January 2023 to refinance debt on 20 vessels with an attractive interest rate of SOFR plus 185 basis points[18](index=18&type=chunk) - Received credit approvals for a new two-year **$233 million credit facility** to be secured by the six newly-acquired vessels and two unencumbered vessels[19](index=19&type=chunk) [Financial Performance](index=5&type=section&id=Financial%20Performance) The company's Q4 net income was $68.2 million, with full-year 2022 net income reaching $461.8 million [Fourth Quarter 2022 Results](index=5&type=section&id=Fourth%20Quarter%202022%20Results) Q4 net income fell to $68.2 million from $104.6 million in Q3 due to lower TCE rates and revenues Q4 2022 vs Q3 2022 Performance | Metric | Q4 2022 | Q3 2022 | | :--- | :--- | :--- | | Net Income | $68.2M | $104.6M | | Basic EPS | $0.34 | $0.52 | | Adjusted EBITDA | $112.4M | $118.2M | | Operating Revenues | $249.6M | $282.0M | | Average Fleet TCE Rate | $20,421/day | $23,017/day | | Net Interest Expense | $17.6M | $14.4M | - Voyage expenses decreased by **$17.3 million to $69.2 million**, primarily due to lower bunker prices and commissions[24](index=24&type=chunk) - Recorded a **$2.8 million gain** from the sale of the vessel Golden Ice[25](index=25&type=chunk) [Full Year 2022 Results](index=6&type=section&id=Full%20Year%202022%20Results) Full-year 2022 net income was $461.8 million, down from 2021 due to lower average TCE rates Full Year 2022 vs 2021 Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Net Income | $461.8M | $527.2M | | Net Operating Income | $435.1M | $513.6M | | Average Fleet TCE Rate | $24,262/day | $27,582/day | [Cash Flow and Balance Sheet](index=7&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) The company ended Q4 with $138.1 million in cash, supported by strong operating cash flow of $125.6 million - Cash and cash equivalents increased by **$5.8 million** during Q4 to **$138.1 million** as of December 31, 2022[31](index=31&type=chunk) - Cash provided by operating activities was **$125.6 million** in Q4 2022[32](index=32&type=chunk) - Net cash used in financing activities was **$114.3 million**, including **$70.3 million in dividend payments** and $23.2 million in scheduled debt repayments[34](index=34&type=chunk) - As of December 31, 2022, the book value of long-term debt was **$1,120.9 million** and finance lease obligations were **$106.0 million**[35](index=35&type=chunk) [Market and Strategy](index=7&type=section&id=Market%20and%20Strategy) The company maintains a positive outlook on the dry bulk market, citing China's reopening and low fleet growth [The Dry Bulk Market](index=7&type=section&id=The%20Dry%20Bulk%20Market) The Q4 dry bulk market was supported by coal volumes, with a positive outlook from low fleet orderbooks - Dry bulk rates rebounded slightly in Q4 2022, supported by increased coal volumes and longer sailing distances due to the EU ban on Russian imports[36](index=36&type=chunk) - Chinese steel production decreased by **8.0% in Q4 2022 vs Q3**, but the government eased its 'Zero-COVID' policy and released plans to support the real estate market[39](index=39&type=chunk) - The orderbook as a percentage of the global fleet stood at a **30-year low of 7.5%** at the end of Q4 2022, a decrease from 8.4% at the start of the year[42](index=42&type=chunk) [Strategy and Outlook](index=9&type=section&id=Strategy%20and%20Outlook) The company anticipates a market recovery in H2 2023, leveraging its modern fleet and favorable supply dynamics - The IMF forecasts global GDP growth of **2.9% in 2023** and **3.1% in 2024**, with China and India expected to account for half of global growth in 2023[45](index=45&type=chunk) - Global dry bulk fleet growth is forecasted to be **3.0% in 2023** and just **1.9% in 2024**, well below historical averages and organic replacement levels[47](index=47&type=chunk) - New environmental regulations (EEXI and CII) are expected to reduce effective fleet supply by up to **2.5% in both 2023 and 2024** by forcing older vessels to reduce speed[49](index=49&type=chunk) - The company's strategy focuses on divesting older tonnage and leveraging its modern fleet, of which **48% (by dwt) will be scrubber-equipped**, to capitalize on elevated fuel spreads and maintain its market-leading position[50](index=50&type=chunk) [Interim Financial Information](index=13&type=section&id=Interim%20Financial%20Information) This section presents the unaudited consolidated financial statements and reconciliations of non-GAAP measures [Unaudited Interim Condensed Consolidated Financial Statements](index=14&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) The statements show full-year 2022 net income of $461.8 million and total assets of $3.26 billion Consolidated Statement of Operations (Full Year) | Metric (in thousands of $) | 2022 | 2021 | | :--- | :--- | :--- | | Total operating revenues | 1,113,456 | 1,203,181 | | Net operating income | 435,087 | 513,608 | | Net income | 461,847 | 527,218 | Consolidated Balance Sheet (As of Dec 31, 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Total current assets | 299,147 | | Vessels and equipment, net | 2,665,785 | | **Total assets** | **3,257,291** | | Total current liabilities | 211,628 | | Long-term debt | 1,027,991 | | **Total liabilities** | **1,340,258** | | **Total equity** | **1,917,033** | Consolidated Cash Flow Statement (Full Year 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Net cash provided by operating activities | 503,387 | | Net cash provided by investing activities | 72,816 | | Net cash used in financing activities | (648,147) | | **Net change in cash** | **(71,944)** | [Selected Notes to the Financial Statements](index=18&type=section&id=Selected%20Notes%20to%20the%20Financial%20Statements) Notes detail vessel sales, newbuilding commitments, debt levels, and significant subsequent events - In 2022, the company sold five vessels (Golden Empress, Enterprise, Endeavour, Cecilie, Cathrine) for total proceeds of **$115.0 million**, recording gains of **$31.4 million**[77](index=77&type=chunk)[79](index=79&type=chunk) - As of Dec 31, 2022, capitalized costs for ten Kamsarmax newbuildings were **$91.9 million**, with total outstanding contractual commitments of **$255.6 million** due by Q1 2025[82](index=82&type=chunk)[100](index=100&type=chunk) - Book value of long-term debt was **$1,120.9 million** as of Dec 31, 2022[92](index=92&type=chunk) - Subsequent Event (Feb 2023): Acquired six scrubber-fitted Newcastlemax vessels for **$291 million**, to be financed by a new **$233 million** two-year credit facility and cash on hand[106](index=106&type=chunk) - Subsequent Event (Jan 2023): Signed a **$250.0 million credit facility** to refinance debt on 20 vessels at a rate of SOFR + 185 bps[104](index=104&type=chunk) [Reconciliation of Non-GAAP Measures](index=23&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles net income to Adjusted EBITDA and operating revenues to TCE income for Q4 2022 Reconciliation to Adjusted EBITDA (Q4 2022) | Metric (in thousands of $) | Value | | :--- | :--- | | Net income | 68,208 | | Adjustments (Interest, Tax, D&A) | +50,310 | | **EBITDA** | **118,518** | | Further Adjustments (Gains on disposals, derivatives, etc.) | (6,071) | | **Adjusted EBITDA** | **112,447** | Reconciliation to TCE Rate (Q4 2022) | Metric | Value | | :--- | :--- | | Total operating revenues (in thousands of $) | 249,558 | | Less: Voyage expenses & commission | (69,189) | | **TCE Income (in thousands of $)** | **180,216** | | Total Fleet onhire days | 8,825 | | **TCE Rate ($ per day)** | **20,421** |

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are diffic ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Ulrik Andersen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Omar Nokta - Jefferies Sherif Elmaghrabi - BTIG Operator Good day and thank you for standing by. Welcome to the Fourth Quarter 2022 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q3 2022 Earnings Conference Call November 16, 2022 9:00 AM ET Company Participants Ulrik Andersen - Chief Executive Officer Peder Simonsen - Chief Financial Officer Conference Call Participants Omar Nokta - Jefferies Operator Ladies and gentlemen, thank you for standing by. And welcome to the Q3 2022 Golden Ocean Group Limited Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, the CEO, Ulrik Andersen. ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | Forward-looking statements Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements co ...

RESULTS Q2 - 2022 August 25, 2022 FORWARD LOOKING STATEMENTS Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forwardlooking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptio ...

Golden Ocean Group Limited (NASDAQ:GOGL) Q2 2022 Results Conference Call August 25, 2022 10:00 AM ET Company Participants Ulrik Andersen - CEO Peder Simonsen - CFO Conference Call Participants Omar Nokta – Jefferies Operator Good day, and thank you for standing by. Welcome to the Q2 2022 Golden Ocean Group Limited Earnings Call and Webcast. [Operator Instructions] Please note that today's conference is being recorded. I would now like to hand over the conference to speaker, Mr. Ulrik Andersen. Please go ahe ...