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        September, 1999

                   GOLDEN OCEAN GROUP LIMITED
- -----------------------------------------------------------------
         (Translation of registrant's name into English)

      P.O. Box 265, Suite 6, Tower Hill House, Le Bordage,
             St. Peter Port, GY1 3QU Channel Islands
- -----------------------------------------------------------------
             (Address of principal executive office)

[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 whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes  /  /         No  / X /

[If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2 (b):
82-___________________________.]





The following is the text of a press release dated September 14,
1999:

          GOLDEN OCEAN REACHES ACCORD WITH BOND HOLDERS

Marking the completion of a year of negotiations between Golden
Ocean Group, its financial advisor Chase Securities Inc. and
Holders of its Senior Notes, Chairman Fred Cheng and President
Robert Knutzen today announced in New York a successful
resolution to discussions on securing the company's financial
future.

The negotiations with Bond holders have resulted in a proposed
plan of reorganization of Golden Ocean Group bond debt.  The
accord extends the life of the bonds and reduces the face value.
Bond Holders will also receive 90% of the significant economic
equity with Mr. Cheng and the management team retaining voting
control in the restructured company.  The management team led by
Fred Cheng and Robert Knutzen continues to manage the company on
a day to day basis.  A new corporate Board will be established.

Citing continued faith in the company's view that the VLCC market
shows considerable promise the Senior Note deal provides the
company with breathing room through the short term while sector
fundamentals work themselves out.  The restructured debt reduces
the bondholder debt to $153 million with interest accreting at
10% for 3 years thus reducing company debt service by $30 million
a year. All parties to the transaction, including Bond Holders,
and the company's secured lenders, contributed to the resolution.

Fred Cheng commenting on the resolution said, " The agreement
ensures the company will continue to pursue its ambitious goals.
That the restructuring took almost a year to achieve is a
testament to the size and complexity of our plans for the
company.  Its final resolution is an affirmation of our vision.
Our tasks now are to continue to build the most modern, safe and
efficient VLCC fleet in the world."

Representatives of the steering committee for the bondholders
indicated their support for the restructuring and for the
company. "This should give the company the breathing room it
needs for the VLCC market to turn around and the company's
original premise to be fulfilled," one of the members stated.

Management also announced today the charter and financing of its
next 2 vessels with option for a third vessel to Swedish owner
operator Stena Bulk.  The first two Hitachi built hulls are
expected to be delivered in mid to late October and the beginning
of November.  The Stena announcement comes on the heels of
Shell's bareboat charter of the recently delivered Opalia and
after the news of strong first half of the year trading results.





The company also recently settled legal proceedings with SA
Marine Corporation, charterer of 7 of Golden Ocean Group's dry
bulk carriers, following a Rand 250 million capital injection
into SA Marine by its shareholders

Golden Ocean currently has an ordered fleet of nineteen vessels;
seventeen VLCCs and one Panamax bulk carrier.  This includes
seven vessels that Golden Ocean companies have options on.  The
total ordered fleet amounts to over 5.2 million dwt.  Golden
Ocean's fleet currently stands at 18 modern delivered vessels;
ten bulk carriers and 8 VLCCs, totaling 3.3 million dwt.





                           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 LIMITED
                                        (registrant)

Date: September 14, 1999          By: /s/ Fred W.Y. Cheng
                                      _________________________
                                      Fred W.Y. Cheng
                                      Chairman







































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