SCHEDULE 13D/A: CMB.TECH Group Nears Majority Stake in Golden Ocean Group with Significant Share Acquisitions

A group of reporting persons, including CMB.TECH and the Saverys family, has increased their beneficial ownership in Golden Ocean Group Limited to 49.4% through recent open market purchases totaling approximately $79.9 million.

Summary

• CMB.TECH Bermuda Ltd, CMB.TECH NV, Compagnie Maritime Belge NV, Saverco NV, Alexander Saverys, Ludovic Saverys, and Michael Saverys (collectively, the "Reporting Persons") have filed Amendment No. 2 to their Schedule 13D.
• The Reporting Persons now beneficially own 98,400,304 common shares of Golden Ocean Group Limited, representing approximately 49.4% of the Issuer's outstanding shares.
• This percentage is based on 199,403,293 common shares outstanding as of March 20, 2025, as reported by Golden Ocean Group in its Form 20-F.
• Since the filing of Amendment No. 1, CMBT Subsidiary purchased an additional 9,689,297 shares in the open market.
• The aggregate purchase price for these recent acquisitions was approximately USD $79.9 million, exclusive of fees and expenses.
• Transactions occurred between March 28, 2025, and April 3, 2025, at average prices ranging from USD $8.1417 to $8.3803 and NOK 84.3425 to 87.412.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a strategic group to nearly 50% indicates strong confidence and a potential move towards greater influence or control, which is generally a positive signal for the company's stability and strategic direction.

Positives

• The significant increase in beneficial ownership by the Reporting Persons to 49.4% demonstrates strong confidence and a deep strategic interest in Golden Ocean Group Limited.
• The substantial investment of approximately $79.9 million in additional shares indicates a robust financial commitment from the acquiring group.

Negatives

• The document does not explicitly state any negative aspects related to the share acquisitions.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the reporting of increased beneficial ownership.

Management Comments

• Ludovic Saverys signed on behalf of CMB.TECH Bermuda Ltd, CMB.TECH NV, and Compagnie Maritime Belge NV, and Saverco NV, indicating his role as Director or Chief Financial Officer for these entities.
• Alexander Saverys and Michael Saverys also signed the filing in their individual capacities.

Industry Context

This filing indicates a significant consolidation of ownership in Golden Ocean Group, a major player in the dry bulk shipping industry. The increase in stake by the CMB.TECH group, a prominent maritime technology and shipping entity, suggests a potential strategic realignment or increased influence within the sector, possibly impacting competitive dynamics or future strategic partnerships.

Stakeholder Impact

• Shareholders: The increased ownership by a single group could lead to greater stability or, conversely, reduced liquidity and potential for a take-private transaction or significant strategic shifts.
• Employees: Potential for changes in corporate strategy or management direction depending on the ultimate intent of the controlling group.
• Customers/Suppliers: Potential for changes in business relationships or operational strategies if the new ownership structure leads to new corporate directives.

Next Steps

• The Reporting Persons may continue to acquire shares, potentially seeking majority control or significant board representation, although no explicit future actions are stated in this filing.

Key Dates

Recommendation

Keywords

Golden Ocean Group Limited, CMB.TECH, Schedule 13D/A, Beneficial Ownership, Share Acquisition, Shipping, Dry Bulk, Investment, SEC Filing, Corporate Control