REPORT FIRST QUARTER 2007

The Group operating revenue amounted to 1 647 mill
in the qtr
EBITDA was 640 mill in the quarter and EBIT 418
mill.
Associated companies were consolidated with a
total negative result in the qtr of 10.7 million.
Net financial items in the quarter were negative
46.2 mill
The result after tax and minority interests
amounted to 176.4 mill in the qtr
For full report see attachment on www.newsweb.noCOMMENTS ON THE BONHEUR ASA ACCOUNTS
In the fourth quarter of 2006, Bonheur increased
its ownership of Ganger Rolf ASA to 51.28% (before
49.67%). Consequently, Ganger Rolf`s accounts were
fully consolidated as a subsidiary of Bonheur as
from the fourth quarter of 2006. As Bonheur and
Ganger Rolf have a joint ownership of their most
important investments, the purchase also entailed
full consolidation from the same point in time of
a number of companies which previously had been
treated as associated companies. In addition, some
investments which previously had been accounted
for at cost were now consolidated according to the
equity method.

The accounting standards imply a requirement that
Bonheur for the official presentation of its
accounts present the accounts as they were
actually submitted in earlier periods (not
restated). This means that Bonheur`s official
accounts for the first quarter 2007, is presented
as follows:

First quarter 2007 with full consolidation
of subsidiaries in the accounts

First quarter 2006 with consolidation
according to the equity method.

The full year 2006, where the fourth quarter is
based upon full consolidation in the accounts,
while the first three quarters have been
consolidated according to the equity method.

The corresponding figures are therefore based upon
different consolidation methods in the official
accounts.

Because of this fact, Bonheur has found it
important, also when reporting the first quarter
2007, to prepare proforma accounts where the
results and balance sheet for the first quarter
2006 (and for the full year 2006) have been
reworked so that they are comparable with the
first quarter 2007. These proforma accounts are
presented as Note 9 to these accounts.

For this reason the financial information here has
been kept to a minimum, as more detailed
information is given in note 9.

FINANCIAL INFORMATION
The figures are given in NOK, unless otherwise
indicated. If the figures from the corresponding
period of 2006 are comparable, they are given in
parenthesis. (Please refer to explanation in the
previous paragraph.)

The Group`s operating revenue amounted to 1,647.0
million in the quarter, while the operating result
before depreciation (EBITDA) was 640.2 million.
Net financial items in the quarter were negative
with 46.2 million.

Associated companies were consolidated with a
total negative result of 10.7 million during the
quarter . Comarit and TusenFryd contributed
negatively while the NHST Media Group contributed
positively.

The result after tax and minority interests
amounted to 176.4 million. The minority interests
in the Bonheur Group consist of ownership of
46.00% in Fred. Olsen Energy ASA, 48.72% in Ganger
Rolf ASA and 42.30% in Fred. Olsen Production ASA.

The Group`s areas of activity consist of Energy
services, Renewable energy, Shipping and Other
investments. The results for the individual areas
of activity are shown in Note 5. The area Energy
services is split into Offshore drilling and
Floating production, while Shipping is split into
Tankers, Cruise and Other Shipping activities.


OTHER INFORMATION
Events after 31 March 2007
On 10 April, Fred. Olsen Cruise Lines Pte. Ltd
entered into an agreement with Blohm + Voss Repair
GmbH, Hamburg, for the lengthening of the
vessel `Norwegian Crown` by roughly 30 metres,
which will increase the passenger capacity by
about 35%. The total project, including the
purchase of the vessel, upgrading and lengthening,
amounts to about USD 210 million.

On 20 April, the subsidiary Dolphin Drilling Ltd,
a company in the Fred. Olsen Energy group, entered
into an agreement for a 60 days extension of the
charter contract concerning Borgholm Dolphin. The
value of the contract amounts to USD 12 million.

The board of the Oslo Stock Exchange resolved on
25 April to list the shares of Fred. Olsen
Production ASA on the Stock Exchange provided the
company meets the requirement as to the number of
lots/shareholders before the first day of listing.
It is expected that trading in the shares will
start around 11 May 2007.

The Norwegian Water Resources and Energy
Directorate gave consent to build a 102 MW
windfarm in December 2006. The zoning-plan was 8
May 2007 approved by Farsund city counsel. Both
the County Governor of Vest-Agder and the Vest-
Agder regional authority have appealed the
decisions.

The Annual General Meeting will be held on 31 May
2007 at 1400 hours in the company`s premises in
Fred. Olsens gate 2, Oslo.