Golden Ocean Group unveils merger with Knightsbridge Shipping

Knightsbridge will be the surviving legal entity.

Mainboard-listed Golden Ocean Group and NASDAQ-listed Knightsbridge Shipping have today entered into a merger agreement, under which Knightsbridge will be the surviving legal entity.

The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. The combined company will have a fleet of 72 vessels, of which 36 are newbuildings under construction.

The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter. 

Completion of the merger is also subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals.