REPORT FOURTH QUARTER 2006 AND PREL ANNUAL REPORT

The operating result (EBIT) was negative in the
qtr with 23.2 mill (neg18.3 mil) Assoc.
companies have been consolidated with an
aggregate result in the qtr of 158.7 mill (408.1
mill).Net financial items were negative in the
qtr with 1.4 million (positive 97.3 milli) The
result after tax in the qtr was 135.8 mill
(502.1 mill)
The board will propose to the Annual General
Meeting to approve a dividend of 10.00 NOK per
share
Attachment on www.newsweb.noFINANCIAL INFORMATION

The figures are expressed in NOK unless
otherwise stated. The figures for the
corresponding period 2005 are shown in brackets.

Early in the quarter Bonheur ASA increased its
ownership in Ganger Rolf from 49.67% to 51.28%.
The transaction was accounted for as a business
combination under commom control by private
Fred. Olsen related companies. This is explained
in note 3 hereto.

The operating result (EBIT), which in practice
consists of parent company costs, was negative
in the quarter with 23.2 million (negative 18.3
million). The change is mainly due to increased
salary and pension costs, as well as some
increase in the use of consultants. All
important ownership interests have been
consolidated as associated companies, so that
the parent company emerges as a pure holding
company.

Associated companies have been consolidated with
an aggregate result in the quarter of 158.7
million (408.1 million). The positive
contributors in the quarter were Fred. Olsen
Energy ASA (FOE) with 83.2 million (14.3
million), First Olsen Ltd (FOL) with 34.5
million (327.9 million including a sales gain on
three suezmax vessels), cruise with 14.6 million
(25.2 million), Fred. Olsen Renewables AS
(FORAS) with 15.6 million (negative 6.0 million)
and Bonheur ASA (BON) with 23.6 million (68.5
million). Comarit has been consolidated with
negative 4.1 million (negative 8.3 million) and
TusenFryd with negative 5.1 million (negative
4.1 million).

For the full year, the associated companies have
been consolidated with a total result of 713.0
million (530.9 million), of which FOE and FOL
contributed with 345.6 million (28.4 million)
and 192.3 million (357.4 million), cruise with
55.4 million (34.2 million), FORAS with 3.3
million (negative 9.8 million), BON with 107.9
million (118.6 million), Comarit with 4.2
million (negative 2.3 million) and TusenFryd
with 4.6 million (4.5 million).

Net financial items were negative in the quarter
with 1.4 million (positive 97.3 million). As per
the fourth quarter, net financial items amounted
to 26.9 million (124.1 million). Forward
exchange contracts and interest instruments have
been estimated at fair value at 31 December 2006.

The result after tax in the quarter was 135.8
million (502.1 million), a reduction of 366.3
million. The corresponding quarter in 2005,
however, included a gain on the sale of three
suezmax vessels of 299.5 million.

The result after tax for the full year amounted
to 695.0 million (762.1 million).

In November, Ganger Rolf ASA sold a total of 2.5
million shares in Fred. Olsen Energy ASA (FOE).
After the sale, the company owns 27.1% of FOE.
The book gain from the sale amounted to 560
million. This was eliminated in Group accounts
and entered directly against equity as the
transaction was treated according to IFRS rules
concerning transactions under common control.
The sale provided a liquidity of about 700
million.

Other information

Events after 31 December 2006

In January 2007, M/T Knock Stocks, a single hull
suezmax tanker built in 1993 was sold. The sales
price was USD 32.75 million and delivery will
take place in the period 15 March to 15 May 2007.

On 19th January 2007, Ganger Rolf ASA reported
that the subsidiary First Olsen Ltd. had decided
to start a process aimed at separating and
listing its floating production activity
organized in Fred. Olsen Production AS (FOP) in
the course of the first half of 2007. In line
with this decision, FOP on 9 February 2007
carried out an issue of a total of 44 million
shares at a price of 27 NOK per share. This
issue produced total proceeds of roughly 1.2
billion.

The board will propose to the Annual General
Meeting to approve a dividend of 10.00 NOK per
share. In view of the positive development of
the financial results and the generally strong
market situation within the company`s main
business areas, the board has found it
appropriate to recommend an unusually high level
of dividend at this juncture.