REPORT FOR 1 QUARTER 2014

Highlights 1Q 2014:

• Net result was NOK 39 million (NOK 65 million)
• Earnings per share were NOK 1.1 (NOK 1.9)
• Proposed dividend payment for 2013 is NOK 8.40 per share

Post quarter events:

• Sale of suezmax tanker Knock Clune
• Ganger Rolf ASA and Bonheur ASA increased their shareholding in NHST Media Group. Combined shareholding after the purchase is 54.0%, of which Ganger Rolf’s share is 27.0%
• Ganger Rolf ASA and Bonheur ASA each purchased 180 000 shares in Ganger Rolf ASA

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 17 million (NOK - 11 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Following Yinson Production Ltd.’s acquisition of Fred. Olsen Production ASA on 20 December 2013, the business segment Floating Production is presented as discontinued operations in the comparable 2013 figures in the income statement.

Net result from associates accounted for using the equity method, was NOK 73 million (NOK 97 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 38 million (NOK 116 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK 40 million (NOK 10 million), from Fred. Olsen Ocean Ltd. (previously named First Olsen Ltd.) (Shipping /Offshore wind) of NOK 3 million (NOK - 25 million), from the cruise acitivities NOK - 23 million (NOK - 23 million) and the cross ownership effect from Bonheur ASA of NOK 8 million (NOK 12 million).

Net financial items in the quarter were NOK - 18 million (NOK - 32 million). The deviation compared to the corresponding quarter last year is mainly due to lower loss on currency.

Net result from continuing operations in the quarter was NOK - 39 million (NOK 55 million) and net result was NOK 39 million (NOK 65 million).

Other information

Subsequent events

On 2 April 2014, Fred Olsen Ocean Ltd, which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, entered into an agreement for sale of the suezmax tanker “Knock Clune”. The vessel was delivered to the buyer 2 May 2014. The sale will produce a book gain estimated at approximately USD 2.5 million, which will be recognized in the second quarter.

On 8 May, Bonheur ASA and Ganger Rolf ASA each purchased 180 000 shares in Ganger Rolf ASA at a price of NOK 111 per share. Following the purchase, Bonheur ASA own 21 212 197 shares in Ganger Rolf ASA, representing 62.7% of the issued shares in the company. Ganger Rolf ASA’s stock of treasury shares following the purchase is 0.53% of the issued shares in the company.

On 9 May, Bonheur ASA and Ganger Rolf ASA acquired 116 430 and 120 558 shares, respectively, in NHST Media Group AS (NHST) from Citypassagen AS at a price of NOK 382 per share. Their new shareholdings are now 347 693 shares each, taking their total combined shareholding to 695 386 shares, representing 53.99% of the total shares in NHST.

 Dividend / Annual General Meeting in Ganger Rolf ASA

With regard to the Annual General Meeting in 2014, the board will propose the payment of a dividend of NOK 8.40 per share.

The Annual General Meeting is scheduled for Wednesday 28 May 2014