GOGL - Transactions made under the buy-back program

Rhea-AI Summary

Golden Ocean Group (GOGL) has reported new transactions under its share buy-back program. Between December 20-23, 2024, the company purchased 80,000 of its own common stocks on the Oslo Stock Exchange at an average price of NOK 99.15 per share. Following these transactions, GOGL now owns 1,787,328 shares, representing 0.89% of the company's share capital. This is part of the previously announced USD 100 million buy-back program launched on October 2, 2024, which allows for purchasing up to 10,000,000 common shares over a 12-month period.

Positive

• Share buyback program demonstrates confidence in company value and returns capital to shareholders
• USD 100 million commitment shows substantial financial capacity for share repurchases

Negative

• None.

Insights

Financial Analyst

Golden Ocean Group's latest share buyback execution signals strong capital return commitment, with 80,000 shares purchased at an average of NOK 99.15 per share. The total ownership now stands at 1,787,328 shares, representing 0.89% of outstanding shares. This is part of their broader $100 million buyback program announced in October, allowing for up to 10 million shares over 12 months. The steady execution of the buyback program typically indicates management's confidence in the company's valuation and future prospects. For shipping companies like GOGL, buybacks can be particularly strategic during strong cash flow periods, effectively returning capital to shareholders while potentially supporting the stock price. The relatively modest size of current holdings suggests substantial room remains within the authorized program, providing continued support for share price stability.

Market Research Analyst

The timing and execution of these buybacks merit attention within the broader dry bulk shipping market context. With dry bulk rates showing resilience and the sector's typically strong seasonal patterns, GOGL's share repurchases could indicate management's view that the stock is undervalued relative to current market conditions. The average purchase price of NOK 99.15 reflects a calculated entry point, while the methodical approach to buybacks - spreading purchases over multiple days - demonstrates disciplined capital deployment. For investors, the $100 million commitment size relative to GOGL's $1.75 billion market cap represents a meaningful capital return program, suggesting potential positive pressure on earnings per share and book value per share metrics as the program progresses.

Reference is made to the stock announcement on October 2, 2024, where Golden Ocean Group Limited (OSE/NASDAQ: GOGL) announced the renewal of its share buy-back program of maximum USD 100 million to purchase up to an aggregate of 10,000,000 of the company's common shares in a 12 months period from the announcement.

Golden Ocean Group Limited (“GOGL” or the “Company”) announces that the Company has between December 20, 2024, and December 23, 2024, purchased 80,000 of the Company’s own common stocks on the Oslo Stock Exchange at an average price of NOK 99.15 per share. Following the completion of the above transactions, GOGL owns a total of 1,787,328 of own shares, corresponding to 0.89% of the Company’s share capital.

An overview of all transactions made under the buy-back program that have been carried out during the above-mentioned date is attached to this report and available at www.newsweb.no.

December 30, 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 23 11 40 00

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.

 

Attachments

• GOGL buyback 20 Desember 2024
• GOGL buyback 23 Desember 2024
• Week 51 and 52 overview

FAQ

How many shares did GOGL purchase between December 20-23, 2024?

GOGL purchased 80,000 of its own common stocks between December 20-23, 2024, at an average price of NOK 99.15 per share.

What is the total size of GOGL's current share buyback program?

GOGL's current share buyback program has a maximum value of USD 100 million to purchase up to 10,000,000 common shares over a 12-month period.

How many shares does GOGL own after the latest buyback transactions?

After the latest transactions, GOGL owns 1,787,328 of its own shares, representing 0.89% of the company's share capital.

When did GOGL announce its current share buyback program?

GOGL announced the renewal of its share buyback program on October 2, 2024.

What is the duration of GOGL's current share buyback program?

The share buyback program runs for a 12-month period from its announcement on October 2, 2024.