REPORT FOR THE FIRST QUARTER 2009

Highlights 1Q 09:

o Net result after tax was positive with NOK 262 million (NOK 84 million)
o Earnings per share were NOK 7.80 (NOK 2.30)
o Continued strong markets within offshore drilling and renewable energy
o Cruise segment influenced by low season, the economic downturn and increased competition
o Proposed dividend payment of NOK 8.40 per share.

Comments to the accounts for Ganger Rolf ASA

The Group accounts for the first quarter 2009 comprise Ganger Rolf ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates.

Comparable figures for the same period in 2008 in brackets.

Financial information
The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 9.9 million (negative NOK 10.9 million). All significant share holdings have been consolidated as associated companies. Consequently, the parent company is a pure holding company.

Net result from associates accounted for using the equity method, was positive NOK 292.4 million (NOK 104,3 million) in the quarter. The net result comprises share of results from Fred. Olsen Energy ASA (FOE) with NOK 304.1 million (NOK 145.1 million), Fred. Olsen Production ASA (FOP) with negative NOK 8.2 million (negative NOK 3.7 million) and the cross ownership contribution from Bonheur ASA of positive NOK 44.8 million (NOK 14.1 million). The cruise activities reported a negative net result of NOK 43.3 million (negative NOK 50.7 million). First Olsen Ltd (tankers) had a positive net result of NOK 2.2 million (NOK 0.9 million) and Fred. Olsen Renewables with subsidiaries had a positive net result of NOK 3.8 million (NOK 2.7 million).

Net financial items were negative in the quarter with NOK 29.2 million (negative NOK 2.7 million). The decrease in net financial items is partly due to lower interest income, and higher net foreign exchange loss.

Net result before tax in the quarter was NOK 253.3 million (NOK 90.7 million). Net result after estimated tax in the quarter was NOK 262.4 million (NOK 83.6 million).

Other information

Dividend / Annual General Meeting
With regard to the Annual General Meeting in 2009, the board will propose the payment of a dividend of NOK 8.40 per share.

The Annual General Meeting is scheduled for Thursday 28 May 2009.

Events after 31 March 2009
Sale of MV Black Prince
Black Prince Cruise Ltd., indirectly owned 50% each by Bonheur ASA and Ganger Rolf ASA, has signed a Memorandum of Understanding with a Venezuelan company for the sale of the cruise vessel MV Black Prince at a net price of approximately USD 2.4 million. The vessel is scheduled for delivery to the new owners in October 2009 after a season of farewell cruises for Fred. Olsen Cruise Lines.