REPORT FOR THE SECOND QUARTER 2009 AND THE FIRST HALF YEAR 2009

The Group accounts for the second quarter 2009 and the first half 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 2Q 09: o Operating revenues were NOK 2 685 million (NOK 1 735 million) o Operating result before depreciation (EBITDA) was NOK 1 355 million (NOK 669 million) o Operating profit (EBIT) was NOK 937 million (NOK 458 million) o Net result after tax was NOK 886 million (NOK 811 million) o Majority’s share of net result was NOK 389 million (NOK 451 million) o Earnings per share were NOK 12.0 (NOK 13.9) o FPSO Knock Allan commenced oil production under its 10 years contract in Gabon o Cruise segment influenced by increased competition and economic downturn o Sale of MV Black Prince 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 2 685 million (NOK 1 735 million) in the quarter. The increase in revenues compared with the 2nd quarter last year is related to higher revenues within all main business segments, mainly within Offshore Drilling, Floating Production and Cruise. Offshore Drilling generated operating revenues of NOK1 873 million (NOK 1 207 million), operating revenues within Floating Production amounted to NOK 177 million (NOK 96 million) and Cruise generated operating revenues of NOK 451 million (NOK 347 million) . Revenues in the quarter were positively impacted by higher USD exchange rate against NOK. Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 355 million (NOK 669 million) in the quarter. The increased EBITDA compared with the 2nd quarter 2008 of NOK 686 million, includes an increase in EBITDA within Offshore Drilling with NOK 531 million. Operating result (EBIT) for the quarter was NOK 937 million (NOK 458 million). Net financial items were negative with NOK 5 million (positive NOK 400 million). The reduction compared to last year is mainly due to gain on sale of shares in Comarit S.A. of NOK 409 million, booked in the 2nd quarter 2008. The Group of companies´ result after estimated tax in the quarter was NOK 886 million (NOK 811 million), of which NOK 389 million relates to the majority interests (NOK 451 million). The minority interests´ share of net result in the quarter was NOK 496 million (NOK 360 million). Minority interests´ share of the results are higher than the share of majorities, as a consequence of the minorities’ share of the positive result in FOE. The majority in addition owns a major share of the companies with negative results. Revenues year to date were NOK 5 604 million (NOK 3 521 million) while EBITDA year to date were NOK 2 905 million (NOK 1 328 million). Net financial items were negative NOK 168 million (positive NOK 363 million), while net result after estimated tax was NOK 1 829 million (NOK 1 193 million), of which NOK 752 million (NOK 554 million) relates to the majority interests. Other information Capital and financing As per the end of the second quarter, investments are mainly related to Offshore Drilling (FOE), Floating Production (FOP) and Renewable Energy (FOR). Within FOE, capital expenditures during the first half of the year amounted to NOK 506 million, related to the scheduled five years class Renewal Survey of Borgny Dolphin and general upgrades of the fleet. FOP had capital expenditures of NOK 245 million during the first half year, mainly related to conversion of Knock Allan to an FPSO. FOR had capital expenditures of NOK 155 million during the first half year, mainly related to the construction of Crystal Rig II. Within the cruise segment capital expenditures per first half year amounted to NOK 5 million. In total the Group of companies’ investments net of intra-group eliminations, amounted to NOK 1 101 million. Gross interest bearing debt of the Group of companies as per 30 June 2009 was NOK 14 783 million, a decrease of NOK 777 million since year end 2008. Cash and cash equivalents amounted to NOK 6 372 million, a decrease of NOK 1 335 million since year-end 2008. Net interest bearing debt of the Group of companies at the end of the quarter was NOK 8 411 million, an increase of NOK 557 million since year-end 2008. Equity to asset ratio was 39% at the end of second quarter, compared with 37% at the year-end 2008. Annual General Meeting At the Annual General Meeting in Bonheur ASA on May 28th, the proposed dividend payment of NOK 7.00 per share was approved. The dividend was paid on 11th June, amounting to NOK 285.5 million in total.