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REPORT FOR THE FIRST QUARTER 2013

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Highlights 1Q 13:

  • Net result after tax was NOK 65 million (NOK 33 million)

  • Earnings per share were NOK 1.90 (NOK 1.00)

  • Proposed dividend payment for 2012 is NOK 8.40 per share.

The operating result (EBIT) which mainly reflects the holding company costs, was negative NOK 11 million (negative NOK 13 million). All significant share holdings in associates are accounted for under the equity method. Consequently, the parent company is a pure holding company.

Net result from associates accounted for using the equity method, was NOK 107 million (NOK 95 million) in the quarter. The net result includes share of net results from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 116 million (NOK 104 million), Fred. Olsen Production ASA with subsidiaries (FOP) of NOK 10 million (NOK 1 million), Fred.Olsen Renewables with subsidiaries (FOR) of NOK 10 million (NOK 28 million), the cruise segment of negative NOK 23 million (negative NOK 21 million). First Olsen Ltd (Shipping/Offshore wind) of negative NOK 25 million (negative NOK 34 million) and the cross ownership contribution from Bonheur ASA amounted to NOK 12 million (NOK 6 million).

Net financial items in the quarter were negative NOK 32 million (negative NOK 24 million).

Net result before tax in the quarter was NOK 65 million (NOK 58 million). Net result after estimated tax was NOK 65 million (NOK 33 million).

Dividend / Annual General Meeting in Ganger Rolf ASA
With regard to the Annual General Meeting in 2013, the Board will propose a dividend of NOK 8.40 per share for 2012. The Annual General Meeting is scheduled for Thursday 30 May 2013. Subject to approval, the shares will be quoted ex. dividend from 31stMay 2013.

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