REPORT FOR THE 4 QUARTER 2012 AND PRELIMINARY RESULT FOR 2012

Highlights 4Q 12:

Comparable figures for the same period in 2011 in brackets.

  • Operating revenues were NOK 2 396 million (NOK 2 620 million)
  • Operating result before depreciation (EBITDA) was NOK 851million (NOK 1 185 million)
  • Operating profit (EBIT) was NOK 252 million (NOK 542 million)
  • Net result after tax was NOK 97 million (NOK149 million)
  • Proposed dividend payment of NOK 7.00 per share.
  • Delivery of the transport and installation vessel Brave Tern in October
  • Secured a 150 days contract for Bard Offshore 1

Post quarter:

  • Delivery of the transport and installation vessel Bold Tern in February 2013

Financial information

As a consequence of Bonheur ASA holding more than 50% of the shares of Ganger Rolf ASA, Ganger Rolf ASA is fully consolidated for accounting purposes as a subsidiary of Bonheur ASA. As Bonheur ASA and Ganger Rolf ASA have a joint ownership of their major investments, the ownership structure entails full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Shipping / Offshore wind and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 396 million (NOK 2 620 million) in the quarter. The decrease in revenues compared with the samequarter last year is related to lower income in all the segments except for Floating Production which showed an increase of NOK 5 million. Offshore Drilling generated operating revenues of NOK 1 628 million (NOK 1 682 million), Floating Production NOK 165 million (NOK 160 million), Renewable Energy NOK 161 million (NOK 199 million), Cruise NOK 337 million (NOK 375 million), and the Shipping/Offshore wind segment NOK 115 million (NOK 195 million). Compared to the 4th quarter last year, revenues in the quarter were negatively impacted by lower USD, while the GBP exchange rates against NOK influenced positively.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 851 million (NOK 1 185 million) in the quarter. The lower EBITDA compared with the 4th quarter 2011 of NOK 334 million is mainly due to reduced EBITDA within Offshore Drilling of NOK 139 million, Shipping /Offshore Wind of NOK 93 million, Renewable Energy of NOK 40 million, Floating Production of NOK 21 million and Cruise of NOK 23 million.

Depreciation and impairment in the quarter were NOK 599 million (NOK 643 million). Within Shipping / Offshore wind the tanker vessel Knock Clune was written down by USD 5 million (NOK 29 million).

Operating result (EBIT) for the quarter was NOK 252 million (NOK 542 million).

Net financial items were negative NOK 83 million (negative NOK 146 million). Net interest expenses in the quarter were NOK 65million and net currency loss were NOK 5 million. Net unrealized gain related to revaluation of financial instruments amounted to NOK 25 million.

The Group of companies´ result after estimated tax in the quarter was NOK 97 million (NOK 149 million), of which a loss of NOK 24 million relates to the majority interests (negative NOK 19 million). The minority interests´ share of net result in the quarter was NOK 120 million (NOK 167.5 million). Minority interests´ share of the results are higher than the share of majorities, as a consequence of the minorities’ share of the result in Fred. Olsen Energy.

Revenues for the year were NOK 10 262 million (NOK 9 884 million) while EBITDA for the year were NOK 4 120 million (NOK 4 317 million). Net financial items were negative NOK 594 million (negative

NOK 564 million), while net result after estimated tax was NOK 1 277 million (NOK 1 364 million), of which NOK 322 million (NOK 395 million) relate to the majority interests.

Dividend / Annual General Meeting in Bonheur ASA

With regard to the Annual General Meeting in 2012, the board will propose the payment of a dividend of NOK 7.00 per share.

The Annual General Meeting is scheduled for Thursday 30 May 2013.

About Us

Bonheur ASA SelskapsinformasjonBonheur ASA ble stiftet i 1897 og er sammen med datterselskaper og tilknyttede selskaper engasjert i en rekke virksomheter i Norge og internasjonalt. Konsernets aktiviteter er tuftet på engasjementer innen shipping, offshore-tjenester og fornybar energi. Investeringene, som normalt foretas i samarbeid med datterselskapet Ganger Rolf ASA, omfatter i dag følgende hovedelementer: Energitjenester, Offshore boring, Fornybar Energi, Shipping og Andre Investeringer.

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