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United Kingdom

GOGL announces acquisition of 16 modern dry bulk vessels for about 412.4 mln


Tuesday, 14 Mar 2017 

Golden Ocean Group Ltd : GOGL - acquisition of 16 modern dry bulk vessels . Golden Ocean Group Ltd - entered into agreements to acquire 16 modern dry bulk vessels in an all-share transaction . Golden Ocean Group Ltd - deal for transaction value is approximately USD 412.4 million . Golden Ocean Group Ltd - acquisition will add significant scale to golden ocean's operating fleet and contribute to reducing cash breakeven levels . Says to acquire 16 modern dry bulk vessels where co will issue in aggregate 17.8 million shares, assume debt of $285.2 million . Golden Ocean Group -will acquire Quintana's 14 vessel fleet and assume fleet's corresponding debt of USD 262.7 million in consideration for 14.5 million shares .Golden ocean group ltd says transaction should be accretive also in terms of cash breakeven levels.