Report for the second quarter and the first half year 2008

The Group accounts for the second quarter 2008 and the first half year 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 2007 in brackets.

Highlights 2Q08:
o Operating revenues were NOK 1 735 million (NOK 1 723 million)
o EBITDA were NOK 669 million (NOK 842 million)
o Operating profit (EBIT) was NOK 458 million (NOK 619 million)
o Result after tax was NOK 811 million (NOK 661 million)
o Majority’s share of net result was NOK 451 million (NOK 349 million)
o Earnings per share were NOK 13.9 (NOK 10.8)
o Continued strong markets within offshore drilling
o Upgrade and lengthening of MV Braemar
o Sale of shareholding in Comarit for NOK 488 million

Financial information
As a consequence of Bonheur ASA´s ownership of Ganger Rolf ASA above 50%, 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.
Operating revenues amounted to NOK 1 735 million (NOK 1 723 million) in the quarter, an increase of NOK 12 million. The increase in revenues compared with the 2nd quarter last year is mainly related to increased revenues within the offshore drilling segment, partly offset by lower revenues within floating production, renewable energy and the tanker segment. Revenues in the quarter were negatively impacted by lower USD and GBP exchange rates.

EBITDA in the quarter were NOK 669 million (NOK 842 million). After depreciation of NOK 211 million (NOK 223 million), operating result (EBIT) was NOK 458 million (NOK 619 million).

Net financial items were positive in the quarter with NOK 400 million (positive NOK 38 million). The increase in net financial items from last year is mainly due to gain on sale of shares in Comarit of NOK 409 million, lower USD interest rate and unrealized currency gain on interest bearing debt, as a consequence of lower USD and GBP exchange rates at the end of the quarter compared with the beginning of the quarter.

The Group of companies’ result after estimated tax was NOK 811 million (NOK 661 million), of which NOK 451 milion relate to the majority interests.

Minority interests’ share of net result in the quarter was NOK 360 million (NOK 312 million).

Revenues year to date were NOK 3 521 million (NOK 3 370 million) while EBITDA year to date were NOK 1 328 million (NOK 1 482 million). Net financial items were positive with NOK 363 million (negative NOK 8 million). Net result before tax year to date was NOK 1 294 million (NOK 1 031 million) while net result after estimated tax was NOK 1 193 million (NOK 1 000 million), of which NOK 554 million (NOK 526 million) accrued to majority interests.