REPORT FOR THE SECOND QUARTER 2012 AND THE FIRST HALF YEAR 2012

Highlights 2Q 12:

• Net result after tax was NOK 121 million (negative NOK 148.2million)
• Earnings per share were NOK 3.6 ( NOK 4.4)
• Sale of the Suezmax tanker Knock Sheen

Financial information
The operating result (EBIT) which mainly reflects the holding company costs, was negative NOK 10 million (negative NOK 8 million). 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 147 million (NOK 170 million) in the quarter. The net result comprises share of results from Fred. Olsen Energy ASA (FOE) of NOK 170 million (NOK 158 million), from Fred. Olsen Production ASA (FOP) of negative NOK 3 million (positive NOK 2 million) and the cross ownership contribution from Bonheur ASA of NOK 21 million (NOK 26 million). Further the share of result from the cruise activities was negative NOK 18 million (positive NOK 13 million), from First Olsen Ltd (Shipping /Offshore wind) negative NOK 1 million (negative NOK 16 million) and from Fred. Olsen Renewables with subsidiaries negative NOK 27 million (negative NOK 14 million).

Net financial items were in the quarter negative NOK 19 million (negative NOK 18 million). The decrease in net financial items is mainly due to higher interest expenses in the same quarter last year.

Net result before tax in the quarter was NOK 117 million (NOK 144 million). Net result after estimated tax in the quarter was NOK 121 million (negative NOK 148 million).

EBIT year to date were negative NOK 23 million (negative NOK 19 million). Net result from associates accounted for using the equity method was NOK 241 million (NOK 287 million) year to date. Net financial items year to date were negative NOK 43 million (negative NOK 47 million), and net result after tax year to date was NOK 154 million (NOK 240 million).

Other information

Risks
The main risk items which may affect the results negatively for the remainder of the year comprise adverse market, energy prices, developments, operational issues related to income, operating costs and HSE incidents within the various business segments, negative foreign exchange developments and increased interest rates.

Annual General Meeting / Dividend
At the Annual General Meeting in Ganger Rolf ASA on 30th May 2012, the proposed dividend payment of NOK 6.00 per share was approved. The dividend was paid on 22 June, amounting to NOK 203 million in total.