Report for the third quarter 2008

The Group accounts for the third quarter 2008 and as per the third quarter 2008 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 3Q 08:

o Result after tax was NOK 188.0 million (NOK 306.7 million)
o Earnings per share were NOK 5.40 (NOK 8.50)
o Continued strong markets within offshore drilling
o The upgrade and lengthening of MV Braemar successfully completed
o The cruise segment influenced by lower revenue yields per passenger and higher fuel costs
o Credit facility of GBP 303.5 million for Fred. Olsen Renewables successfully completed in October 2008


Financial information
The operating result (EBIT) which mainly reflects the holding company costs, was negative with NOK 8.5 million (negative NOK 9.5 million). All significant holdings of companies 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 168.9 million (NOK 318.5 million). The net result comprises share of results from Fred. Olsen Energy ASA (FOE) with NOK 140.1 million (NOK 135.3 million), Fred. Olsen Production ASA (FOP) with NOK 5.1 million (negative NOK 0.4 million), Oceanlink with NOK 4.7 million (negative NOK 2.4 million) and the cross ownership contribution from Bonheur ASA of NOK 32.4 million (NOK 52.3 million). The cruise activities reported a negative net result of NOK 2.6 million (positive NOK 20.4 million), First Olsen Ltd (tanker) had a negative net result of NOK 7.3 million (positive NOK 59.9 million) and Fred. Olsen Renewables with subsidiaries had a negative net result of NOK 4.9 million (positive NOK 6.9 million).

Net financial items were positive in the quarter with NOK 35.6 million (negative NOK 0.7 million). The increase in net financial items compared to the 3rd quarter last year is partly due to higher interest income and net foreign exchange gain. Net financial items in the 3rd quarter 2007 also included a loss on revaluation of financial instruments at fair value of NOK 17 million.

Net result before tax year to date was NOK 693.8 million (NOK 743.7 million) and net result after estimated tax was NOK 630.3 million (NOK 739.8 million).