REPORT FOR THE FIRST QUARTER 2010

Highlights 1Q 10: (1Q 09 in brackets) o Operating revenues were NOK 1 925 million (NOK 2 919 million) o EBITDA were NOK 747 million (NOK 1 550 million) o Operating profit (EBIT) was NOK 375 million (NOK 1 141 million) o Net result after tax was NOK 165 million (NOK 944 million) o Majority’s share of net result was NOK 35 million (NOK 363 million) o Earnings per share were NOK 1.10 (NOK 11.20) o Proposed dividend payment of NOK 7.00 per share 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, Shipping and Other Investments. The Group of companies´ operating revenues amounted to NOK 1 925 million (NOK 2 919 million) in the quarter. The decrease in operating revenues compared with the 1st quarter last year is mainly related to lower revenues within Offshore Drilling, Cruise, and Renewable Energy, partly offset by higher operating revenues within Floating Production. Four drilling units were off contract during the quarter, of which two due to class renewal surveys, Revenues in the quarter were also negatively impacted by lower average USD exchange rate against NOK compared to the 1st quarter 2009. Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 747 million (NOK 1 550 million) in the quarter. The decrease is mainly related to Offshore Drilling which reported a decrease in EBITDA of NOK 825 million compared with the 1st quarter 2009, while Cruise and Floating Production reported an increase in EBITDA of NOK 44 million and NOK 18 million, respectively, compared to the same period last year. Renewable Energy and Shipping both reported a decrease in EBITDA of NOK 24 million and NOK 10 million, respectively. Operating result (EBIT) for the quarter was NOK 375 million (NOK 1 141 million). Net financial items were negative NOK 213 million (negative NOK 163 million).The increase is mainly due to higher unrealized losses following revaluation financial instruments at fair value compared to 1st quarter 2009. Associates(NHST Media Group AS and Eurowind AB) were consolidated for accounting purposes with an aggregated positive result of NOK 1 million (negative NOK 5 million) during the quarter. The Group of companies´ result after estimated tax in the quarter was NOK 165 million (NOK 944 million), of which a positive result of NOK 35 million relates to the majority interests (NOK 363 million). The minority interests´ share of net result in the quarter was NOK 130 million (NOK 581 million). Minority interests are higher due to the minorities’ share of the result in FOE. Dividend / Annual General Meeting With regard to the Annual General Meeting in 2010, the Board will propose the payment of a dividend of NOK 7.00 per share. The Annual General Meeting is scheduled for Thursday 27 May 2010.