REPORT FOR THE FIRST QUARTER 2009

Highlights 1Q 09:
o Operating Revenues were NOK 2 919 million (NOK 1 786 million)
o EBITDA were NOK 1 550 million (NOK 659 million)
o Operating profit (EBIT) was NOK 1 141 million (NOK 441 million)
o Net result after tax was NOK 944 million (NOK 382 million)
o Majority’s share of net result was NOK 363 million (NOK 103 million)
o Earnings per share were NOK 11.20 (NOK 3.20)
o Continued strong markets within offshore drilling and renewable energy
o Cruise segment influenced by low season, the economic downturn and increased competition
o Proposed dividend payment of NOK 7.00 per share

Comments to the accounts for Bonheur ASA

The Group accounts for the first quarter 2009 comprise Bonheur ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates.
Comparable figures for the same period in 2008 in brackets.

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 entail full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Other Shipping and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 919 million (NOK 1 786 million) in the quarter. The increase in revenues compared with the 1st quarter last year is mainly related to higher revenues within Offshore Drilling and Cruise, partly offset by lower revenues within Floating Production. Offshore Drilling generated operating revenues of NOK 2 109 million (NOK 1 170 million). Revenues in the quarter were also positively impacted by higher USD exchange rate against NOK. The revenues within Renewable Energy were at the same level as in the 1st quarter last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 550 million (NOK 659 million) in the quarter. Offshore Drilling reported an increase in EBITDA of NOK 838 million compared with the 1st quarter 2008. The other business segments reported minor changes in EBITDA.

Operating result (EBIT) for the quarter was NOK 1 141 million (NOK 441 million).

Net financial items were negative with NOK 163 million (negative NOK 37 million), mainly comprising net interest expenses of NOK 106 million due to higher interest bearing liabilities and net foreign exchange losses of NOK 62 million.

Associated companies (NHST Media Group AS and Eurowind AB) were consolidated for accounting purposes with an aggregated negative result of NOK 5 million (negative NOK 9 million) during the quarter.

The Group of companies´ result after estimated tax in the quarter was NOK 944 million (NOK 382 million), of which a positive result of NOK 362 million relates to the majority interests (positive NOK 103 million). The minority interests´ share of net result in the quarter was NOK 581 million (NOK 279 million). Minority interests are higher due to the minorities’ share of the result in FOE.

Other information
Capital and financing
As per the end of the first quarter, investments during the quarter are mainly related to Offshore Drilling (FOE), Floating Production (FOP) and Renewable Energy (FOR).

Within FOE, capital expenditures amounted to NOK 140 million, related to general upgrades.

FOP had capital expenditures of NOK 267 million in the quarter, mainly related to conversion to an FPSO of Knock Allan.

FOR had capital expenditures of NOK 84 million in the quarter, mainly related to the construction of Crystal Rig II.

Within the cruise segment capital expenditures as per first quarter amounted to NOK 2 million.

In total the Group of companies’ investments net of intra-group eliminations, amounted to NOK 462 million.

Gross interest bearing debt of the Group of companies as per 31 March 2009 was NOK 14 863 million, a decrease of NOK 697 million since year end 2008. Cash and cash equivalents amounted to NOK 6 921 million, a decrease of NOK 785 million since year-end 2008. Net interest bearing debt of the Group of companies at the end of the quarter was NOK 7 942 million, an increase of NOK 89 million since year-end 2008. Equity to asset ratio was 40% at the end of first quarter, compared with 36.8% at the beginning of the quarter.

Events after 31 March 2009
Sale of MV Black Prince
Black Prince Cruise Ltd., indirectly owned 50% each by Bonheur ASA and Ganger Rolf ASA, has signed a Memorandum of Understanding with a Venezuelan company for the sale of the cruise vessel MV Black Prince at a net price of approximately USD 2.4 million. The vessel is scheduled for delivery to the new owners in October 2009 after a season of farewell cruises for Fred. Olsen Cruise Lines.


Dividend / Annual General Meeting
With regard to the Annual General Meeting in 2009, the board will propose the payment of a dividend of NOK 7.00 per share.

The Annual General Meeting is scheduled for Thursday 28 May 2009.