REPORT SECOND QUARTER 2006

The operating result (EBIT) in the quarter was
negative with 6.7 million (negative 5.0
million). Associated companies were consolidated
with an aggregate result of 202.9 million (92.9
million). Net financial items were negative
with 39.3 million (positive 8.5 million). The
consolidated result after tax for continuing
operations were 171.3 million (75.9 million).The Group accounts have been prepared according
to the International Financial Reporting
Standards (IFRS). The interim report for the
second quarter 2006 has been prepared according
to IAS 34, based upon accounting standards,
statements and interpretations valid at the time
of preparing the accounts.

The figures are expressed in NOK, unless
otherwise indicated. The figures for the second
quarter of 2005 are given in parenthesis.

FINANCIAL INFORMATION

The operating result (EBIT), which normally
reflects the holding company`s costs, was
negative in the quarter with 6.7 million
(negative 5.0 million). As before, all important
companies and investments have been consolidated
as associated companies.

Associated companies have been consolidated with
a total quarterly result of 202.9 million (92.9
million), including First Olsen Ltd. (FOL)
contributed a result of 46.4 million (50.5
million) from its activities within tankers,
floating production and the Bulford Dolphin
drilling rig. Fred. Olsen Energy ASA (FOE) was
consolidated with a result of 91.4 million
(negative 6.0 million) and Ganger Rolf ASA with
57.1 million (88.6 million). The cruise segment
was consolidated with a result of 9.7 million
(negative 21.2 million), wind power with a
negative result of 0.4 million (negative 16.2
million) and Comarit with a negative result of
5.2 million (negative 7.3 million).

For the first half of the year, associated
companies were consolidated with a total result
of 365.2 million (negative 20.2 million).

Net financial items were negative in the quarter
with 39.3 million (positive 8.5 million), of
which 35.1 million was related to an unrealized
exchange loss in connection with an outstanding
claim in USD on First Olsen Ltd. for 2005
dividends provided for but not paid out. As of
the second quarter, net financial items amounted
to 38.5 million (18.7 million).

Forward exchange contracts and interest
instruments have been valued at fair value as
per 30 June 2006.

The quarterly consolidated result after tax was
171.3 million (75.9 million), an improvement of
95.4 million as compared to the corresponding
quarter in 2005.

Fred. Olsen Energy ASA (FOE) has in the quarter
offered the bondholders in its convertible bond
loan (FOE 02 4.5% 2004/09) to participate in a
rights issue subject to such bondholders waiving
their conversion rights under the terms of the
said bond loan. Bonheur has accepted the offer
for its share of the bond loan of NOK 149.8
million. The rights issue will be based on a
price of NOK 68 per share, equal to the
conversion price under the terms of the bonds.
The 4.5% bond loan will mature on the original
maturity date of 30 March 2009.

This implies that Bonheur ASA will participate
in FOE`s rights issue with a subscription for
2.202.882 shares, representing a subscription
amount of NOK 149.8 million. The rights issue
has a scheduled completion in July and following
the rights issue, Bonheur will own a total of
20.314.382 shares in FOE, approximately 30.2%
assuming full conversion.

OTHER INFORMATION
The Annual General Meeting on 31 May 2006
resolved to split the existing shares in the
company in the proportion four shares for every
share held. After this, the number of shares
outstanding will be 40.789.308 The calculation
of the result per share for the different
periods has been based on this number. The
figures for periods preceding shares split have
been adjusted in order to be comparable.

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