REPORT FOR 1 QUARTER 2015

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 16 million

(NOK - 17 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Results have been impacted positively by higher USD, GBP and EUR against NOK compared with the corresponding quarter last year. USD was on average approximately 27% higher in 1 quarter 2015 compared to 1 quarter 2014, while EUR and GBP was 16% and 5% higher, respectively

Net result from associates accounted for using the equity method, was NOK 225 million (NOK 73 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 143 million (NOK 38 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK 70 million (NOK 40 million), from Fred. Olsen Ocean Ltd. (FOO) of NOK - 23 million (NOK 3 million) and from the cruise segment NOK - 3 million (NOK - 23 million). In addition net result from other investments (including cross ownership effect from Bonheur ASA) was NOK 38 million (NOK 15 million).

NHST Media Group has from May 2014 been consolidated as an associate, following the increase in ownership from 17.6% to 27%. A net result of NOK 1 million is included in the segment Other investments in 1 quarter 2015.

Net financial items in the quarter were NOK - 2 million (NOK - 18 million). The deviation compared to the corresponding quarter last year is mainly due to lower net interest costs of NOK 11 million and received dividends of NOK 5 million.

Net result in the quarter was NOK 208 million (NOK 39 million).

Other information

Dividend / Annual General Meeting in Ganger Rolf ASA

With regard to the Annual General Meeting in 2015, the board has proposed a dividend of NOK 3.00 per share.

The Annual General Meeting is scheduled for Thursday 28 May 2015.