REPORT FOR THIRD QUARTER 2014

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 17 million

(NOK – 10 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Following the acquisition of Fred. Olsen Production ASA on 20 December 2013 by Yinson Production Ltd., the business segment Floating Production is presented as discontinued operations in the comparable 2013 figures in the income statement.

Net result from associates accounted for using the equity method, was NOK 7 million (NOK 192 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK -13 million (NOK 125 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK - 43 million (NOK 11 million), from Fred. Olsen Ocean Ltd. (FOO) of NOK 39 million (NOK 26 million) and from the cruise segment NOK 21 million (NOK - 6 million). In addition the net result from other investments (inclusive the cross ownership effect from Bonheur ASA) was NOK 3 million (NOK 35 million).

NHST Media Group has from May 2014 been consolidated as an associate, following the increase in ownership from 17.6% to 27%. A net result of NOK - 3 million is included in the segment Other investments in the 3 quarter. For further information see note 6.

Net financial items in the quarter were NOK - 5 million (NOK - 21 million). The deviation compared to the corresponding quarter last year is mainly due to received dividend of NOK 22 million partly offset by higher interest expenses. The major part of the dividends received in the quarter was from Koksa Eiendom AS (previously IT Fornebu Properties AS).

Net result from continuing operations in the quarter was NOK - 14 million (NOK 154 million). Net result including discontinued operations was NOK - 14 million (NOK 154 million).

EBITDA year to date were NOK - 49 million (NOK - 28 million). Operating result (EBIT) year to date was NOK - 51 million (NOK - 29 million). Share of result from associates were NOK 109 million (NOK 567 million), net financial items were NOK - 27 million (NOK - 34 million), and net result including discontinued operations was NOK 30 million (NOK 385 million).