REPORT FIRST QUARTER 2007

The operating result (EBIT) was negative in the
quarter with 11.8 mill (neg. 7.6 mill) Associated
companies were consolidated with an aggregate
result in the qtr of 139.3 mill (115.0 mill).Net
financial items were positive in the qtr with 14.1
million (56.7mill) Result after tax in the qtr was
140.9 million (149.4 mill)
For full report see attachment on www.newsweb.noFINANCIAL INFORMATION
Figures in NOK unless otherwise stated. The
figures for the corresponding period 2006 in
parenthesis.

The operating result (EBIT) which in principle
reflects the holding company costs, was negative
with 11.8 million (negative 7.6 million). The
negative change in the figures is mainly caused by
growth in administration costs connected to
accruels regarding bonus and pensions. All
important companies and investments have been
consolidated as associated companies, so that the
parent company emerges as a pure holding company.

Associated companies were consolidated with an
aggregate result of 139.3 million (115.0
million). Of this Fred.Olsen Energy AS (FOE)
contributed with a result of 66.4 million,
corresponding to 1.quarter 2006 result of 60.2
million. Fred. Olsen Renewables (FORAS) showing
considerable progress, contributed with a result
of 12.4 million (negative 2.8 million). The cruise-
segment contributed with a result of 16.0 million
(1.5 million), and First Olsen Ltd (excl.
Fred.Olsen Cruise Lines) contributed with 27.2
million inclusive sales gain of 47.2 million from
the sale of the Ro-Ro vessel Norcliff .

Comarit was consolidated with a negative result of
3.4 million (negative 6.4 million), and TusenFryd
with negative 3.4 million (negative 3.5 million).

Net financial items were positive in the quarter
with14.1 million (56.7 million). The
deterioration was due to the fact that last years
corresponding quarter included a sales gain of
54.1 million from sale of paintings. Forward
exchange contracts and interest instruments were
valued at fair value by the end of the quarter.

Group result after estimated tax was 140.9 million
(149.4 million).

The Groups business areas consist of Energy
services, Renewable energy, Shipping and Other
investments.




EVENTS AFTER 31 MARCH 2007
On 10 April, Fred. Olsen Cruise Lines Pte. Ltd
entered into an agreement with Blohm + Voss Repair
GmbH, Hamburg, for the lengthening of the
vessel `Norwegian Crown` by roughly 30 metres,
which will increase the passenger capacity by
about 35%. The total project, including the
purchase of the vessel, upgrading and lengthening,
amounts to about USD 210 million.

On 20 April, the associated company Dolphin
Drilling Ltd, a company in the Fred. Olsen Energy
group, entered into an agreement for a 60 days
extension of the charter contract concerning
Borgholm Dolphin. The value of the contract
amounts to USD 12 million.

The board of the Oslo Stock Exchange resolved on
25 April to list the shares of Fred. Olsen
Production ASA on the Stock Exchange provided the
company meet the requirement as to the number of
lots / shareholders before the first day of
listing. It is expected that the trading in the
share will start around 11 May 2007.

The Annual General Meeting will be held on 31 May
2007 at 1400 hours in the company´s premises in
Fred. Olsens gate 2, Oslo.