REPORT FOR 1 QUARTER 2014

Highlights 1Q 2014:

• Operating revenues were NOK 2 700 million (NOK 2 263 million)
• Operating result before depreciation (EBITDA) was NOK 875 million (NOK 840 million)
• Operating result (EBIT) was NOK 346 million (NOK 369 million)
• Net result after tax from continuing operations was NOK 132 million (NOK 299 million)
• Earnings per share were NOK 1.5 (NOK 2.4)
• Proposed dividend payment for 2013 is NOK 7.00 per share

Post quarter events:

• Sale of suezmax tanker Knock Clune
• Bonheur ASA and Ganger Rolf ASA increased their shareholding in NHST Media Group. Combined shareholding after the purchase is 54.0%.
• Bonheur ASA and Ganger Rolf ASA each purchased 180 000 shares in Ganger Rolf ASA

Financial information

Following the Yinson Production Ltd.’s acquisition of Fred. Olsen Production ASA on 20 December 2013, the business segment Floating Production is presented as discontinued operations in the comparable 2013 figures in the income statement.

The Group of companies´ operating revenues amounted to NOK 2 700 million (NOK 2 263 million) in the quarter. All segments reported increase in NOK revenues compared with the correspondingquarter last year. Offshore Drilling had operating revenues of NOK 1 692 million (NOK 1 591 million), Renewable Energy NOK 281 million (NOK 159 million), Shipping / Offshore wind NOK 300 million (NOK 122 million) and Cruise NOK 419 million (NOK 386 million). Revenues have been positively impacted by higher USD, GBP and EUR against NOK compared with the corresponding quarter last year. USD was in average approximately 8% higher in 1 quarter 2014 compared to 1 quarter 2013, while GBP and EUR were 15% and 12% higher, respectively.

Operating result before depreciation (EBITDA) in the quarter was NOK 875 million (NOK 840 million).

The increase from corresponding period last year of NOK 36 million is mainly due to higher EBITDA within Renewable Energy, which achieved EBITDA of NOK 220 million (NOK 113 million) in the quarter. Shipping / Offshore wind had EBITDA of NOK 57 million (NOK - 33 million). EBITDA within Offshore drilling were NOK 622 million (NOK 791 million) and EBITDA within the Cruise segment were NOK 14 million (NOK 1 million). Depreciation in the quarter was NOK 529 million (NOK 471 million).

Operating result (EBIT) in the quarter was NOK 346 million (NOK 368 million).

Net financial items in the quarter were NOK - 173 million (NOK - 41 million). Net interest expenses in the quarter were NOK 117 million (NOK 105 million) and net currency loss was NOK -34 million (gain NOK 80 million). Net unrealized gain related to fair value adjustment of financial instruments was NOK 0 million (NOK 24 million).

Net result in the quarter was NOK 132 million (NOK 320 million), of which NOK 49 million relate to the majority interests (NOK 79 million). The non-controlling interests´ share of net result in the quarter was NOK 83 million (NOK 241 million).

Subsequent events

On 8 May, Bonheur ASA and Ganger Rolf ASA each purchased 180 000 shares in Ganger Rolf ASA at a price of NOK 111 per share. Following the purchase, Bonheur ASA own 21 212 197 shares in Ganger Rolf ASA, representing 62.7% of the issued shares in the company.

On 9 May, Bonheur ASA and Ganger Rolf ASA acquired 116 430 and 120 558 shares, respectively, in NHST Media Group AS (NHST) from Citypassagen AS at a price of NOK 382 per share. Their new shareholdings are now 347 693 shares each, taking their total combined shareholding to 695 386 shares, representing 53.99% of the total shares in NHST.

Dividend / Annual General Meeting in Bonheur ASA

With regard to the Annual General Meeting in 2014, the board has proposed the payment of a dividend of NOK 7.00 per share.

The Annual General Meeting is scheduled for Wednesday 28 May 2014.