REPORT FOR THE FOURTH QUARTER 2009 AND PRELIMINARY RESULT FOR THE YEAR 2009

Comments to the accounts for Bonheur ASA The Group accounts for the fourth quarter 2009 and for the year 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. Highlights 4Q 09: o Operating Revenues were NOK 1 933 million (NOK 2 823 million ) o EBITDA were NOK 629 million (NOK 1 482 million) o Operating profit (EBIT) was NOK 115 million (NOK 923 million) o Net result after tax was NOK 195 million (negative NOK 9 million) o Earnings per share were NOK 2.50 (negative NOK 4.50) o A NOK 1 000 million unsecured Bonheur ASA bond issue, guaranteed by Ganger Rolf ASA, completed in December o The accounts include NOK 113 million of reversed tax due to Supreme Court ruling. 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 also entailed full consolidation for accounting purposes of a number of companies. The Group of companies´ operating revenues amounted to NOK 1 933 million (NOK 2 823 million) in the quarter and NOK 9 845 million (NOK 8 413 million) in the year. The decrease in revenues compared with the 4th quarter last year is mainly related to lower revenues within offshore drilling, renewable energy and cruise, partly offset by higher revenues within shipping. The decrease is mainly related to lower exchange rates for USD and GBP against NOK, lower utilization on drilling rigs in the quarter due to class renewal surveys and less wind resources within renewable energy. Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 629 million (NOK 1 482 million) in the quarter and NOK 4 582 million (NOK 3 691 million) for the year. Fred. Olsen Energy ASA (FOE) reported a decrease in EBITDA of NOK 832 million compared with the 4th quarter 2008. Other subsidiaries reported small decreases in EBITDA, except Fred. Olsen Production ASA which reported an increase of NOK 49 million. Operating result (EBIT) for the quarter was NOK 115 million (NOK 923 million) and for the year NOK 2 853 million (NOK 2 451 million). Net financial expenses were NOK 49 million (NOK 917 million). Net financial items in the same quarter last year included NOK 544 million as unrealized losses on financial instruments and revaluation of investments at fair value. Net financial expenses for the year were NOK 509 million (NOK 610 million). Associates (NHST Media Group AS, and Eurowind AB) were consolidated for accounting purpose with an aggregated result of NOK 1 million (NOK 24 million) during the quarter. For the year associates were consolidated for accounting purpose with negative NOK 7 million (positive NOK 56 million). The Group of companies´ result after estimated tax in the quarter was NOK 195 million (negative NOK 9 million), of which a result of NOK 82 million relates to the majority interests (negative NOK 145 million). For the year the result was NOK 2 357 million (NOK 1 727 million), of which NOK 895 million relates to the majority interests (NOK 643 million). Minority interests´ share of net result in the quarter was NOK 113 million (NOK 136 million). Minority interests are higher due to the minorities’ share of the result in FOE. For the year minority interests´ share of net result amounted to NOK 1 462 million (NOK 1 084 million). Events after 31th December 2009 On 9th February Fred. Olsen Windcarrier AS, which is indirectly owned 50/50 by Bonheur ASA and Ganger Rolf ASA, entered into agreements with Lamprell Energy Ltd. for the construction of two transport -and installation vessels for offshore wind turbines with option for additional two vessels. The vessels will be built at the Jebel Ali yard in Dubai with contracted deliveries in 2nd and 3rd quarter 2012, respectively. The contract price is about USD 160 million per vessel. On 12th February 2010 the Norwegian Supreme Court ruled that a retroactive change in the tax rules from 2007 regarding tonnage tax, was unconstitutional. Based on this ruling a subsidiary of Bonheur ASA has reversed a previous tax expense charged in 2007. The effect is a tax income of NOK 113 million which has been included in the accounts for 2009. The accounting treatment of other financial consequences for the Group of companies of the above ruling is pending further clarification from the Ministry of Finance. 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.