REPORT FOR SECOND QUARTER 2015 AND FIRST HALF YEAR 2015

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 13 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 29% higher in 2 quarter 2015 compared to 2 quarter 2014 while GBP and EUR was 18% and 4% higher, respectively.

Net result from associates accounted for using the equity method, was NOK - 743 million (NOK 29 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK - 671 million (NOK 11 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK 12 million (NOK - 19 million), from Fred. Olsen Ocean Ltd. (FOO) of NOK 19 million (NOK 51 million), from the cruise segment NOK 12 million (NOK - 28 million) and the cross ownership effect from Bonheur ASA of NOK - 121 million (NOK 4 million). The share of net result in associates in the 2 quarter includes Ganger Rolf ASA’s share of impairment within FOE of NOK 1 032 million.

Net financial items in the quarter were NOK - 4 million (NOK - 4 million). Compared to the corresponding quarter last year interest expenses are lower and revaluation of financial instruments was - 1 million in 2Q15 (NOK 14 million). Dividend of NOK 6 million was received in 2Q15 (NOK 0).

Net result in the quarter was NOK - 707 million (NOK 6 million).

EBITDA year to date were NOK - 28 million (NOK - 33 million). Operating result (EBIT) year to date was NOK - 29 million (NOK - 34 million). Share of result from associates were NOK - 518 million (NOK 101 million), net financial items were NOK - 6 million (NOK - 22 million) and net result after estimated tax was NOK - 499 million (NOK 44 million).