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REPORT FOR THE THIRD QUARTER 2010

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Highlights 3Q 10:

  • Net result after tax was NOK 170.9 million (NOK 61.0 million)
  • Earnings per share were NOK 5.00 (NOK 1.80)
  • Delivery of first newbuilding suezmax tanker from Bohai Shipbuilding Industry

 

The operating result (EBIT) which mainly reflects the holding company costs, was negative NOK 7 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 208 million (NOK 90 million) in the quarter.  The net result comprises share of results from Fred. Olsen Energy ASA (FOE) of NOK 205 million (NOK 144 million),  Fred. Olsen Production ASA (FOP) of NOK 12 million (negative NOK 4 million) and the cross ownership contribution from Bonheur ASA of NOK 30 million (NOK 11 million). The cruise activities reported a net result of NOK 19 million (NOK 5 million). First Olsen Ltd. (tankers) had a negative net result of NOK 23 million (positive NOK 3 million) and Fred. Olsen Renewables AS had a net result of negative NOK 23 million (negative NOK 45 million).

 Net financial items in the quarter were negative NOK 39 million (negative NOK 30 million).

Net result before tax in the quarter was NOK 162 million (NOK 52 million).  Net result after estimated tax  was NOK 171 million (NOK 61 million).

 EBIT year to date were negative NOK 24 million (negative NOK 25 million).  Net result from associates accounted for using the equity method year to date was NOK 225 million (NOK 677 million).  Net financial items year to date were negative NOK 23 million (negative NOK 51 million), and net result after tax year to date was NOK 187 million (NOK 614 million).

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