Report for the second quarter and the first half year 2008

The Group accounts for the second quarter 2008 and the first half year 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 2007 in brackets.

Highlights 2Q08:
o Result after tax in the quarter was NOK 359 million (NOK 292 million)
o Earnings per share were NOK 10.1 (NOK 8.1)
o Continued strong markets within offshore drilling
o Upgrade and lengthening of MV Braemar
o Sale of shareholding in Comarit for NOK 244 million

Financial information
The operating result (EBIT) which in principle reflects the holding company costs, was negative with NOK 7.1 million ( negative NOK 4.3 million). All important companies and investments have been consolidated as associated companies. Consequently, the parent company emerges as a pure holding company.

Net result from associates accounted for using the equity method, was NOK 188.5 million (NOK 267.0 million). The net result includes Fred. Olsen Energy ASA (FOE) with NOK 125 million (NOK 109 million), Fred. Olsen Production ASA (FOP) with a result of NOK 7 million (NOK 7.9 million). Fred. Olsen Cruise Lines (Holding) Ltd. with subsidiaries (FOCL) had a negative result of NOK 20 million (positive NOK 33 million) and the cross-owner contribution from Bonheur ASA was NOK 63 million (NOK 59 million). Fred. Olsen Renewables AS with subsidiaries (FOR) had a net negative result of NOK 11 million (negative NOK 8 million) and Comarit S.A. a positive result of NOK 13 million (negative NOK 5 million).

Net finance result in the quarter was positive with NOK 226 million (NOK 31 million), due to sales gain on shares related to the sale of the shareholding in Comarit of NOK 204 million.