REPORT FOR THE FOURTH QUARTER 2009 AND PRELIMINARY RESULT FOR THE YEAR 2009

Comments to the accounts for Ganger Rolf ASA The Group accounts for the fourth quarter 2009 and for the year 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. Highlights 4Q 09: o Net result after tax was NOK 42 million (negative NOK 172 million) o Earnings per share were NOK 1.25 (negative NOK 5.02) o A NOK 1 000 million unsecured Bonheur ASA bond issue, guaranteed by Ganger Rolf ASA, completed in December o The accounts include NOK 69 million of reversed tax due to Supreme Court ruling o Proposed dividend payment of NOK 8.40 per share. Financial information Operating result (EBIT), which mainly reflects the holding company costs, was negative NOK 12 million (negative NOK 9 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company. Net result from associates accounted for using the equity method, was NOK 58 million (negative NOK 151 million) in the quarter. The net result comprises share of results from Fred. Olsen Energy ASA with subsidiaries (FOE) with NOK 72 million (NOK 169 million), Fred. Olsen Production ASA with subsidiaries (FOP) with NOK 1 million (negative NOK 120 million) and the cross ownership contribution from Bonheur ASA of NOK 5 million (negative NOK 34 million). The share of results from the cruise activities was a negative net result of NOK 10 million (negative NOK 17 million), from the shipping segment a negative net result of NOK 76 million (positive NOK 1 million) and from Fred. Olsen Renewables with subsidiaries (FOR) a negative net result of NOK 7 million (negative NOK 75 million). Net financial items in the quarter were negative NOK 15 million (negative NOK 3 million). The decrease in net financial items is mainly due to lower interest income and higher foreign exchange losses compared to 4th quarter 2008. Net result before tax in the quarter was NOK 32 million (negative NOK 162 million). Net result after estimated tax in the quarter was NOK 42 million (negative NOK 172 million). EBIT year to date were negative NOK 36 million (negative NOK 36 million). Net result from associates accounted for using the equity method was NOK 735 million (NOK 311 million) per year to date. Net financial items year to date were negative NOK 66 million (positive 256 million), and net result after tax year to date was NOK 656 million (NOK 458 million). Other information Events after 31 December 2009 On 9 th February Fred. Olsen Windcarrier AS, which is indirectly owned 50/50 by Bonheur ASA and Ganger Rolf ASA, entered into agreements with Lamprell Energy Ltd. for the construction of two transport -and installation vessels for offshore wind turbines with option for additional two vessels. The vessels will be built at the Jebel Ali yard in Dubai with contracted deliveries in 2nd and 3rd quarter 2012, respectively. The contract price is about USD 160 million per vessel. On 12th February 2010 the Norwegian Supreme Court ruled that a retroactive change in the tax rules from 2007 regarding tonnage tax, was unconstitutional. Based on this ruling an associate of Ganger Rolf ASA has reversed a previous tax expense charged in 2007. The effect is a tax income of NOK 113 million which has been included in the accounts for 2009. The net effect of Ganger Rolf ASA is a tax income of NOK 69 million. The accounting treatment of other financial consequences for the Group of companies of the above ruling is pending further clarification from the Ministry of Finance. Dividend / Annual General Meeting With regard to the Annual General Meeting in 2010, the board will propose the payment of a dividend of NOK 8.40 per share. The Annual General Meeting is scheduled for Thursday 27 May 2010.