REPORT FIRST QUARTER 2006

The operating result (EBIT) was negative with
7.7 million (negative 5.7 million). Associated
companies were consolidated with an aggregate
result of 162.3 million (negative 113.1
million). Net financial items were positive in
the quarter with 0.7 million (10.2 million). The
consolidated result before tax was 155.3 million
(negative 108.6 million)Report first quarter 2006
The Group accounts have been prepared according
to the International Financial Reporting
Standards (IFRS). The interim report for the
first quarter 2006 has been prepared according
to IAS 34, based upon accounting standards,
statements and interpretations valid at the time
of preparing the accounts.

The figures are expressed in NOK, unless
otherwise indicated. The figures for the first
quarter of 2005 are given in parenthesis.

FINANCIAL INFORMATION
The operating result (EBIT) which in principle
reflects the holding company costs, was negative
with 7.7 million (negative 5.7 million). All
important companies and investments have been
consolidated as associated companies.

Associated companies were consolidated with an
aggregate result of 162.3 million (negative
113.1 million). Of this, First Olsen Ltd. (FOL)
contributed with a result of 47.2 million
(negative 48.9 million) from its activities
within tankers, floating production and the
Bulford Dolphin drilling rig. Fred. Olsen Energy
ASA (FOE) was consolidated with a result of 60.2
million (negative 21.8 million) and Ganger Rolf
ASA with 65.1 million (negative 46.7 million).
The cruise segment was consolidated with a
result of 1.5 million (1.5 million), wind power
with a negative result of 2.8 million (positive
14.7 million), and Comarit with a negative
result of 6.4 million (negative 8.6 million).

Net financial items were positive in the quarter
with 0.7 million (10.2 million). Forward
exchange contracts and interest rate swaps have
been valued at fair value.

The consolidated result before tax was 155.3
million (negative 108.6 million), an improvement
of 263.9 million as compared to the
corresponding quarter in 2005.

OTHER INFORMATION
The Annual General Meeting will take place on 31
May at 14.00 hours at the company`s premises,
Fred. Olsens gate 2, Oslo.

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