REPORT FOR THE SECOND QUARTER 2009 AND THE FIRST HALF YEAR 2009

The Group accounts for the second quarter 2009 and the first half 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 2Q 09: o Net result after tax was NOK 290 million (NOK 359 million) o Earnings per share were NOK 8.6 (NOK 10.1) o FPSO Knock Allan commenced oil production under its 10 years contract in Gabon o Cruise segment influenced by increased competition and economic downturn o Sale of MV Black Prince Financial information The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 5.9 million (negative NOK 7,1 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 NOK 295 million (NOK 189 million) in the quarter. The net result comprises share of results from Fred. Olsen Energy ASA (FOE) with NOK 238 million (NOK 125 million), Fred. Olsen Production ASA (FOP) with NOK 6 million (NOK 7 million) and the cross ownership contribution from Bonheur ASA of NOK 32 million (NOK 63 million). The cruise activities reported a negative net result of NOK 23 million (negative NOK 20 million). First Olsen Ltd (tankers) had a positive net result of NOK 3 million (NOK 6 million) and Fred. Olsen Renewables with subsidiaries had a net result of NOK 26 million (negative NOK 11 million). Net financial items were in the quarter with NOK 8 million (NOK 226 million). The decrease in net financial items is partly due to lower interest income, and gain on sale of shares in Comarit S.A. of NOK 204 million booked in the 2nd quarter 2008. Net result before tax in the quarter was NOK 297 million (NOK 407 million). Net result after estimated tax in the quarter was NOK 290 million (NOK 359 million). EBIT year to date were negative NOK 16 million (negative NOK 18 million). Net result from associates accounted for using the equity method was NOK 587 million (NOK 293 million) per year to date. Net financial items year to date were negative NOK 21 million (positive 223 million), and net result after tax year to date was NOK 553 million (NOK 442 million). Other information Annual General Meeting At the Annual General Meeting in Ganger Rolf ASA on May 28th, the proposed dividend payment of NOK 8,40 per share was approved. The dividend was paid on 11th June, amounting to NOK 284 million in total