| ☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------------|
| OR      |                                                                                           |
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.          |
|    | For the fiscal year ended December 31, 2015                                                    |
| OR      |                                                                                           |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934       |
|    | For the transition period from _________________to___________________                          |
| OR      |                                                                                           |
| ☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    |
|    | Date of event requiring this shell company report  _______________________________   |
| Commission file number | 000-29106 |
|------------------------|-----------|
|                   |      |
| Golden Ocean Group Limited                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------|
| (Exact name of Registrant as specified in its charter)                                                                                      |
|                                                                                                                                        |
| (Translation of Registrant's name into English)                                                                                             |
|                                                                                                                                        |
| Bermuda                                                                                                                                     |
| (Jurisdiction of incorporation or organization)                                                                                             |
|                                                                                                                                        |
| Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda                                                                          |
| (Address of principal executive offices)                                                                                                    |
|                                                                                                                                        |
| Georgina Sousa, Telephone: (1) 441 295 6935, Facsimile: (1) 441 295 3494,Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda |
| (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)                                                     |
| Title of each class                                 | Name of each exchange on which registered |
|-----------------------------------------------------|-------------------------------------------|
| Common  Shares, Par Value $0.01 Per Share | NASDAQ Global Select Market               |

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| None             |
|------------------|
| (Title of Class) |
| Common Shares, Par Value $0.01 Per Share |
|------------------------------------------|
| (Title of Class)                         |
| Yes ☐ | No ☒ |
|-------------|------------|
| Yes ☐ | No ☒ |
|-------------|------------|
| Yes ☒ | No ☐ |
|-------------|------------|
| Yes  ☒ | No ☐ |
|------------------------|------------|
| Large accelerated filer  ☐ | Accelerated filer  ☒ | Non-accelerated filer  ☐ |
|--------------------------------------------|--------------------------------------|------------------------------------------|
| U.S. GAAP ☒ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ |   | Other ☐ |
|-------------------|---------------------------------------------------------------------------------------------------------------|--------|---------------|

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| Item 17 ☐ | Item 18 ☐ |
|-----------------|-----------------|
| Yes ☐ | No ☒ |
|-------------|------------|

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| Name                      |   | Age |   | Position                                              |
|---------------------------|--------|-----|--------|-------------------------------------------------------|
| Ola Lorentzon             |   | 66  |   | Director and Chairman                                 |
| Hans Petter Aas           |   | 70  |   | Director and Audit Committee member                   |
| Kate Blankenship          |   | 51  |   | Director and Audit Committee member                   |
| John Fredriksen           |   | 71  |   | Director                                              |
| Gert-Jan van der Akker    |   | 56  |   | Director                                              |
| Georgina Sousa            |   | 65  |   | Company Secretary                                     |
| Herman Billung            |   | 58  |   | Chief Executive Officer of Golden Ocean Management AS |
| Birgitte Ringstad Vartdal |   | 39  |   | Chief Financial Officer of Golden Ocean Management AS |

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|                                            |   | Number of units |   |                 |
|-------------------------------------------------|--------|-----------------|--------|----------------------|
|                                            |   | Directors       |   | Management companies |   | Total |   | Fair value |
| Units outstanding as of  December 31, 2012 |   | 66,307          |   |                 | 66,311 |   |   | 132,618 |   |   | $5.25 |
| Granted                                         |   | 47,238          |   |                 | 47,238 |   |   | 94,476 |   |   | $6.74 |
| Settled                                         |   | (25,388         | )      |                 | (25,388 | ) |   | (50,776 | ) |   | $9.65 |
| Units outstanding as of  December 31, 2013 |   | 88,157          |   |                 | 88,161 |   |   | 176,318 |   |   | $9.19 |
| Granted                                         |   | 27,555          |   |                 | 27,556 |   |   | 55,111 |   |   | $9.48 |
| Settled                                         |   | (41,134         | )      |                 | (41,136 | ) |   | (82,270 | ) |   | $9.32 |
| Units outstanding as of  December 31, 2014 |   | 74,578          |   |                 | 74,581 |   |   | 149,159 |   |   | $4.53 |
| Granted                                         |   | 24,602          |   |                 | 24,604 |   |   | 49,206 |   |   | $4.30 |
| Settled                                         |   | (40,462         | )      |                 | (40,463 | ) |   | (80,925 | ) |   | $4.52 |
| December 31, 2015                               |   | 58,718          |   |                 | 58,722 |   |   | 117,440 |   |   | $1.07 |

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| (in thousands)                              |   | Number of Options |   | Weighted Average Exercise Price |
|---------------------------------------------|--------|-------------------|--------|---------------------------------|
| Options outstanding as of December 31, 2014 |   | —           |   |                            | — |   |
| Former Golden Ocean options                 |   | 564               |   |                            | NOK 28.89 |
| Exercised                                   |   | (5                | )      |                            | NOK 28.89 |
| Forfeited                                   |   | (43               | )      |                            | NOK 28.89 |
| Options outstanding as of December 31, 2015 |   | 516               |   |                            | NOK 28.89 |
|                                        |   |              |   |                            |
| Options exercisable as of December 31, 2015 |   | 381               |   |                            | NOK 28.89 |

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|  | • | The Board is currently comprised by a majority of independent directors. Under Bermuda law, we are not required to have a majority of independent directors and cannot assure you that we will continue to do so. |
|--|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In lieu of holding regular meetings at which only independent directors are present, the entire Board may hold regular meetings as is consistent with Bermuda law. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In lieu of an audit committee comprised of three independent directors, our audit committee has two members, which is consistent with Bermuda law. Both members of the audit committee currently meet NASDAQ's requirement of independence. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In lieu of a nomination committee comprised of independent directors, the Board is responsible for identifying and recommending potential candidates to become board members and recommending directors for appointment to board committees. Shareholders are permitted to identify and recommend potential candidates to become board members, but pursuant to the Amended and Restated Bye-Laws, directors are elected by the shareholders in duly convened annual or special general meetings. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In lieu of a compensation committee comprised of independent directors, the Board is responsible for establishing the executive officers' compensation and benefits. Under Bermuda law, compensation of the executive officers is not required to be determined by an independent committee. |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | In lieu of obtaining an independent review of related party transactions for conflicts of interests, consistent with Bermuda law requirements, our Amended and Restated Bye-Laws do not prohibit any director from being a party to, or otherwise interested in, any transaction or arrangement with us or in which we are otherwise interested, provided that the director makes proper disclosure of same as required by the Amended and Restated Bye-Laws and Bermuda law. |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | • | Prior to the issuance of securities, we are required to obtain the consent of the Bermuda Monetary Authority as required by law. We have obtained blanket consent from the Bermuda Monetary Authority for the issue and transfer of our securities provided that such securities remain listed on a recognized stock exchange. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Pursuant to NASDAQ corporate governance rules and as a foreign private issuer, we are not required to solicit proxies or provide proxy statements to NASDAQ. Bermuda law does not require that we solicit proxies or provide proxy statements to NASDAQ. Consistent with Bermuda law and as provided in the Amended and Restated Bye-Laws, we are also required to notify our shareholders of meetings no less than five days before the meeting. Our Amended and Restated Bye-Laws also provide that shareholders may designate a proxy to act on their behalf. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Director or Officer           | Common Shares of $0.01 each | Percentage of Common Shares Outstanding | Unvested RSUs (1) |
|-------------------------------|-----------------------------|-----------------------------------------|-------------------|
| Ola Lorentzon                 | 31,688                      |                                    | (2)               | 18,063 |   |
| Hans Petter Aas (3)           | 42,853                      |                                    | (2)               | 13,551 |   |
| Herman Billung (4)            | 77,500                      |                                    | —           |   | — |   |
| Gert-Jan van der Akker        | —                     |                                    | —           |   | — |   |
| Kate Blankenship              | 28,322                      |                                    | (2)               | — |   |
| John Fredriksen (5)           | —                     |                                    | —           |   | — |   |
| Birgitte Ringstad Vartdal (6) | 56,500                      |                                    | —           |   | — |   |
| Georgina Sousa                | —                     |                                    | —           |   | — |   |

|  | 1. | All vested RSUs have been settled. |
|--|----|------------------------------------|

|  | 2. | Less than 1%. |
|--|----|---------------|

|  | 3. | The holdings presented in the table above include Mr. Aas's ownership of 12,866 common shares currently trading on the OSE under symbol "GOGL R". |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | The holdings presented in the table above reflect Mr. Billung's ownership of 77,500 common shares currently trading on the OSE under symbol "GOGL R". |
|--|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 5. | Hemen, a company indirectly controlled by trusts established by Mr. John Fredriksen for the benefit of his immediate family, currently owns 219,436,123 of our common shares as well $93.6 million of the Convertible Bond, which is convertible into 5,309,132 of our common shares at an exercise price of $17.63 per share. Hemen is also the largest shareholder in Frontline and as such, can be deemed to own the 6,301,796 shares held by Frontline. In addition, Hemen holds TRS agreements with underlying exposure to 195,648 shares in the Company. Hemen may also be deemed to beneficially own 13,000,000 of our common shares it has lent to Farahead Investments Inc., or Farahead. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6. | The holdings presented in the table above reflect Mrs. Vartdal's ownership of 56,500 common shares currently trading on the OSE under symbol "GOGL R". |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| Director or Officer       | Number of options |   | Exercise price |    | Expiration Date |
|---------------------------|-------------------|--------|----------------|---------|-----------------|
| Total                     |              | Vested |           |
| Kate Blankenship          | 10,312            |   |           | 7,734   |            |   | NOK 28.89 |   | October 2017 |
| John Fredriksen           | 137,490           |   |           | 103,118 |            |   | NOK 28.89 |   | October 2017 |
| Herman Billung            | 75,620            |   |           | 56,715  |            |   | NOK 28.89 |   | October 2017 |
| Birgitte Ringstad Vartdal | 54,996            |   |           | 41,247  |            |   | NOK 28.89 |   | October 2017 |

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| Number |   | Description of Exhibit                                                                                                                              |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                |
|   |   |                                                                                                                                                |
| 12.1   |   | Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended           |
|   |   |                                                                                                                                                |
| 12.2   |   | Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended           |
|   |   |                                                                                                                                                |
| 13.1   |   | Principal Executive Officer Certifications pursuant to 18 U.S.C. Section 1350 as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |   |                                                                                                                                                |
| 13.2   |   | Principal Financial Officer Certifications pursuant to 18 U.S.C. Section 1350 as adopted, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|   |   |                                                                                                                                                |

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| /s/ Per Heiberg             |   |
|-----------------------------|--------|
| Per Heiberg                 |   |
| Principal Financial Officer |   |