REPORT FOR THE FIRST QUARTER 2013

Highlights 1Q 13

• Operating revenues were NOK 2 428 million (NOK 2 543 million)
• Operating result before depreciation (EBITDA) was NOK 908 million (NOK 1 040 million)
• Operating profit (EBIT) was NOK 406 million (NOK 553 million)
• Net result after tax was NOK 320 million (NOK 227 million)
• Majority’s share of net result was NOK 79 million (NOK 46 million)
• Earnings per share were NOK 2.40 (NOK 1.40)
• Proposed dividend payment for 2012 is 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 (50% / 50%) of their major investments, the ownership structure entails full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Shipping / Offshore wind and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 428 million (NOK 2 543 million) in the quarter. The decrease in revenues compared with the correspondingquarter last year is mainly related to lower income within the segments Offshore Drilling, Renewable Energy, Cruise and Other Investments. Offshore Drilling generated operating revenues of NOK 1 591 million (NOK 1 606 million), Renewable Energy had operating revenues of NOK 159 million (NOK 183 million), Cruise had operating revenues of NOK 386 million (NOK 448 million) and Other Investments had lower revenues of NOK 36 million. Floating Production had revenues of NOK 165 million (NOK 156 million) and revenues within Shipping / Offshore wind were NOK 122 million (NOK 122 million).

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 908 million (NOK 1 040 million) in the quarter. The decrease in EBITDA compared with the 1stquarter 2012 of NOK 132 million is mainly due to lower EBITDA within all segments except Floating Production. Offshore Drilling reported EBITDA of NOK 791 million, Renewable Energy of NOK 113 million, Cruise of NOK 1 million and EBITDA within Shipping / Offshore wind were negative NOK 33 million. EBITDA within Floating Production increased by NOK 9 million compared to the corresponding quarter last year to NOK 69 million. Depreciation in the quarter was NOK 502 million (NOK 487 million).

Operating result (EBIT) for the quarter was NOK 406 million (NOK 553 million).

Net financial items were negative NOK 47 million (negative NOK 214 million). Net interest costs in the quarter were NOK 109 million (NOK 117 million) and net currency gain were NOK 79 million (loss of NOK 136 million). Net unrealized gain related to revaluation of financial instruments amounted to NOK 25 million (NOK 50 million). The Group of companies´ result after estimated tax in the quarter was NOK 320 million (NOK 227 million), of which NOK 79 million relate to the majority interests (NOK 46 million). The minority interests´ share of net result in the quarter was NOK 241 million (NOK 181 million). Minority interests´ share of the results are higher than the share of majorities, mainly as a consequence of the minorities’ share of the result in Fred. Olsen Energy ASA.

Dividend / Annual General Meeting in Bonheur ASA
With regard to the Annual General Meeting in 2013, the Board will propose a dividend of NOK 7.00 per share for 2012. The Annual General Meeting is scheduled for Thursday 30 May 2013. Subject to approval, the shares will be quoted ex. dividend from 31stMay 2013.