REPORT SECOND QUARTER 2007

Revenues in the quarter were 1,723.3 million
EBITDA were 842.0 million
EBIT was 619.4 million
Net profit after tax and minorities was 349.1
million
Earnings per share were NOK 10.8

For full information see attachment on:
www.newsweb.noCOMMENTS TO THE ACCOUNTS FOR BONHEUR ASA
As a consequence of Bonheur ASA`s increased
ownership of Ganger Rolf ASA from 49.67% to 51.28%
in the fourth quarter 2006, the accounts of Ganger
Rolf ASA were consolidated as a subsidiary of
Bonheur ASA. As Bonheur and Ganger Rolf have a
joint ownership of their most important
investments, the increased ownership entailed full
consolidation of a number of companies which
previously had been treated as associated
companies. In addition, some companies which
previously were accounted for at cost are now
consolidated according to the equity method.

The accounting standards require that Bonheur also
presents comparable accounts for previous periods
as they were actually submitted (not restated).
Consequently, Bonheur´s official accounts for the
second quarter 2007 are presented as follows:

- Second quarter and as per 30 June 2007
with full consolidation of subsidiaries.

- Second quarter and as per 30 June 2006
with consolidation according to the equity method.

- Full year 2006, of which the fourth
quarter is based upon full consolidation
and the first three quarters are in
accordance with the equity method.

Proforma comparable accounts for the second
quarter 2006, the first half of 2006 and full year
2006 with full consolidation of Ganger Rolf and
other subsidiaries are included in Note 9 to the
accounts

FINANCIAL INFORMATION
The figures are in NOK, unless otherwise
indicated. Comparable figures from the
corresponding period in 2006 are in brackets.

The Group´s operating revenues amounted to 1,723.3
million in the quarter and earnings before
interest, tax, depreciation and amortization
(EBITDA) were 842.0 million. Operating result
(EBIT) was 619.4 million. Net financial result in
the quarter was 38.1 million.

Associated companies (NHST Media Group AS,
TusenFryd AS, Oceanlink Ltd, Genomar AS and
Comarit SA) were consolidated with a profit of
11.9 million during the quarter.

Result after tax and minority interests amounted
to 349.1 million. The minority interests in the
consolidated accounts for Bonheur ASA with
subsidiaries (`Group`) consist of ownership of
46.01% in Fred. Olsen Energy ASA, 46.87% in Ganger
Rolf and 38.46% in Fred. Olsen Production ASA.

The Group`s main business segments consist of
Energy services, Renewable energy, Shipping and
Other investments. The results for the individual
business segments are included in Note 5. The
business segment Energy services is divided into
Offshore drilling and Floating production, while
Shipping is divided into Tankers, Cruise and Other
shipping activities.

OTHER INFORMATION
Events after 30 June 2007
On 3rd July First Olsen Ltd., which is owned 50%
by Bonheur ASA and 50% by Ganger Rolf ASA, sold
its shares in the floating production company Sea
Production Ltd. The sale resulted in a gain of
about 150 million which will be accounted for in
the third quarter 2007.

On 18th of July the Court Of Justice Of The
European Union published a ruling regarding cross
border group contribution stating that `a company
in one member state giving group contribution to a
group company in another member state can not
claim deduction in taxable income.` As a
consequence of this ruling a cross border group
contribution within First Olsen Ltd in 2006 may be
reversed resulting in a tax expense of 32 million.
Subject to further consideration of the basis for
the ruling and the implied consequences, the tax
expense may be booked in third quarter 2007.