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REPORT FOR THE THIRD QUARTER 2010

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Highlights 3Q 10:

  • Operating revenues were NOK 2 539 million (NOK 2 307 million)
  • Operating result before depreciation (EBITDA) was NOK 1 331 million (NOK 1 048 million)
  • Operating profit (EBIT) was NOK 802 million (NOK 660 million)
  • Net result after tax was NOK 651  million (NOK 333 million)
  • Majority’s share of net result was NOK 240 million (NOK 61 million)
  • Earnings per share were NOK 7.40  (NOK 1.90)
  • Delivery of first newbuilding suezmax tanker from Bohai Shipbuilding Industry

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 most important 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 and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 539 million (NOK 2 308 million) in the quarter.  The increase in revenues compared with the 3rd quarter last year is mainly related to higher income in the Offshore Drilling segment.  Offshore Drilling generated operating revenues of

NOK 1 657 million (NOK 1 490 million), Cruise generated operating revenues of NOK 491 million (NOK 491 million). Compared to the 3rd quarter 2009, revenues in the quarter were negatively impacted by lower GBP exchange rates against NOK in the cruise segment.

 Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 331 million (NOK 1 048 million).  The increase in EBITDA compared with the 3rd quarter 2009 of NOK 283 million is mainly due to an increase in EBITDA within Offshore Drilling. Depreciation and impairment were NOK 528 million (NOK 387 million). Operating result (EBIT) for the quarter was NOK 802 million (NOK 660 million).

 Net financial items were negative NOK 102 million (negative NOK 291 million). 

 The Group of companies´ result after estimated tax in the quarter was NOK 651 million (NOK 333 million), of which NOK 240 million relates to the majority interests (NOK 61 million).  The minority interests´ share of net result in the quarter was NOK 411 million (NOK 272 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 year to date were NOK 6 862 million (NOK 7 912 million) while EBITDA year to date were NOK 3 201 million (NOK 3 953 million). Net financial items were negative NOK 528 million (negative NOK 460 million), while net result after estimated tax was NOK 1 058 million (NOK 2 162 million), of which NOK 312 million (NOK 813 million) relate to the majority interests.

 

 

  

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