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REPORT FOR THE FOURTH QUARTER 2017 AND PRELIMINARY RESULT FOR 2017

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Financial and operating highlights 4Q 2017 (4Q 2016 in brackets):

      • Operating revenues were NOK 2 064 million (NOK 2 629 million)
      • EBITDA (operating result before depreciation, impairment, result from associates, finance and tax) was NOK 484 million (NOK 1 065 million)
      • Year on year EBITDA improvement of NOK 145 million, apart from Offshore drilling
      • EBIT (operating result) was NOK - 205 million (NOK 92 million
      • Net finance was NOK - 106 million (NOK - 14 million).
      • Net result after tax was NOK - 477 million (NOK 48 million)

Post quarter event:

  • Proposed dividend for 2017: NOK 2.00 per share

Renewable energy

  • EBITDA NOK 336 mill. (NOK 212 mill.)
  • Total generation up 34%
  • Like-for-like generation up 23%
  • Brochloch Rig Windfarm in full production in 4Q17
  • Recycling Fund Income of 37 mill.

Shipping / Offshore wind

  • EBITDA NOK 32 mill. (NOK 35 mill.)
  • Utilization for installation vessels 59% (64%).
  • Contract pipeline to year end 2019 covered 39% by firm contracts

Offshore drilling

  • EBITDA NOK 84 mill. (NOK 810 mill.)
  • New contract for Blackford Dolphin
  • Increased tender activity

Cruise

  • EBITDA NOK 29 mill. (NOK 18 mill.)
  • Net ticket income per diems up 22%
  • Passenger days down 11%

Financial information

The unaudited Group accounts for 4 quarter 2017 comprise Bonheur ASA (“the Company”) and its subsidiaries (“the Group”) and the Group’s ownership of associates.

The main business segments of the Group are Renewable energy, Shipping / Offshore wind, Offshore drilling, Cruise and Other investments

The Group‘s operating revenues in the quarter amounted to NOK 2 064 million (NOK 2 629 million). Renewable energy had operating revenues of NOK 467 million (NOK 306 million), Shipping / Offshore wind NOK 364 million (NOK 264 million), Offshore drilling NOK 404 million (NOK 1 310 million) and Cruise NOK 476 million (NOK 401 million). Within Other investments NHST Media Group had operating revenues of NOK 349 million (NOK 337 million).

EBITDA in the quarter was NOK 484 million (NOK 1 065 million). All segments had positive EBITDA in the quarter. Renewable energy achieved EBITDA of NOK 336 million (NOK 212 million), Shipping/Offshore wind NOK 32 million (NOK 35 million), Offshore drilling NOK 84 million (NOK 810 million), while Cruise achieved EBITDA of NOK 29 million (NOK 18 million). Within Other investments EBITDA were NOK 2 million (NOK - 10 million).

Depreciation in the quarter was NOK 673 million (NOK 760 million).

Impairment was NOK 16 million (NOK 213 million).

EBIT was NOK - 205 million (NOK 92 million).

Net financial items in the quarter were NOK -106 million (NOK - 14 million). Net interest expenses were NOK 136 million (NOK 131 million) and net currency gain amounted to NOK 50 million (NOK 73 million). Net unrealized gain related to fair value adjustment of financial instruments were NOK 12 million
(NOK 62 million). Other financial items amounted to NOK - 25 million (NOK - 51 million).

Net result in the quarter was NOK - 477 million (NOK 48 million), of which NOK - 269 million are attributable to the shareholders of the parent company (NOK 20 million). The non-controlling interests´ share of net result in the quarter was thus NOK – 208 million (NOK 28 million).

Revenues year to date were NOK 8 633 million (NOK 12 415 million) while EBITDA year to date were NOK 2 441 million (NOK 5 072 million). Operating result (EBIT) year to date was NOK - 945 million
(NOK - 294 million). Net financial items were NOK - 497 million (NOK - 410 million), and net result after estimated tax was NOK - 1 775 million (NOK - 1 004 million), of which NOK - 863 million (NOK - 490 million) are attributable to the shareholders of the parent company.

Annual General meeting / Dividend

With regard to the Annual General Meeting in 2017, the board will propose a dividend of NOK 2.00 per share. For the company NOK 85.1 million.

The annual general meeting is scheduled for Wednesday 30 May 2018. Ex-date is 31 May 2018

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