Report for the third quarter 2008

The Group accounts for the third quarter 2008 and as per the third quarter 2008 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 3Q 08:

o Operating revenues were NOK 2 070 million (NOK 1 737 million)
o EBITDA were NOK 881 million (NOK 825 million)
o Operating profit (EBIT) was NOK 628 million (NOK 596 million)
o Result after tax was NOK 543 million (NOK 735 million)
o Majority’s share of net result was NOK 234 million (NOK 378 million)
o Earnings per share were NOK 7.20 (NOK 11.70)
o Continued strong markets within offshore drilling
o The upgrade and lengthening of MV Braemar successfully completed
o The cruise segment influenced by lower revenue yields per passenger and higher fuel costs
o Credit facility of GBP 303.5 million for Fred. Olsen Renewables successfully completed in October 2008


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.

Operating revenues amounted to NOK 2 070 million (NOK 1 737 million) in the quarter, an increase of NOK 333 million. The increase in revenues compared with the 3rd quarter last year is mainly related to higher revenues within the offshore drilling segment and the cruise segment, respectively, partly offset by lower revenues within the renewable energy- and the tanker segments.

EBITDA in the quarter were NOK 881 million (NOK 825 million). Offshore Drilling and Floating Production reported an increase in EBITDA from same quarter last year of NOK 107 million and NOK 29 million respectively. Renewable Energy and Cruise reported a decrease in EBITDA of NOK 25 million and NOK 60 million respectively. After depreciation of NOK 252 million (NOK 229 million), operating result (EBIT) was NOK 628 million (NOK 596 million).

Net financial items were negative in the quarter with NOK 56 million (positive NOK 139 million). The decrease in net financial items from 3rd quarter last year is partly due to higher interest expenses and loss on revaluation of financial instruments at fair value. Net financial items in the 3rd quarter 2007 also included a gain from sale of shares in Sea Production Ltd. of NOK 146 million.

The Group of companies’ result after estimated tax was NOK 543 million (NOK 735 million), of which NOK 234 million (NOK 378 million) relate to the majority interests.

Minority interests’ share of net result in the quarter was NOK 309 million (NOK 357 million).

Revenues year to date were NOK 5 591 million (NOK 5 107 million) while EBITDA year to date were NOK 2 209 million (NOK 2 308 million). Net financial items were positive with NOK 307 million (NOK 131 million). Net result before tax year to date was NOK 1 866 million (NOK 1 809 million) while net result after estimated tax was NOK 1 736 million (NOK 1 735 million), of which NOK 788 million (NOK 903 million) accrued to majority interests. Minority interest are higher due to the minorities part of the result in FOE