REPORT SECOND QUARTER 2007

Result after tax in the quarter was 292.2 million
(137.8 million)
Result per share was NOK 8.1 (NOK 3.8)

For full information see attachment on:
www.newsweb.noFINANCIAL INFORMATION
Figures in NOK unless otherwise stated. The
figures for the corresponding period 2006 in
parenthes.

The operating result (EBIT) witch in principle
reflects the holding company costs, was negative
with 4.3 million (negative 6.7 million). All
important companies and investments have been
consolidated as associated companies, so that the
parent company emerges as a pure holding company.

Associated companies were consolidated with an
aggregate result of 267 million (168 million). Of
this, Fred. Olsen Energy ASA (FOE) contributed
with a result of 109 million (91 million), First
Olsen Ltd (FOL) excl. Fred. Olsen Cruise Lines
with a result of 83 million (45 million) inclusive
sales gain of 54 million. Fred. Olsen Cruise Lines
(FOCL) contributed with a result of 33 million (11
million), Tusenfryd with 3 million (4 million),
and Bonheur with 50 million (22 million).

Fred Olsen Renewables AS (FORAS) was consolidated
with a negative result in the quarter amounted to
8 million (negative 1 million), and Comarit with a
negative result of 5 million (negative 5 million).

Net financial result in the quarter was 31 million
(negative 37 million). The improvement in net
finance items is mainly due to foreign exchange
losses related to
USD receivables last year, and higher cash
deposits resulting in higher interest income
during the quarter.

Group result after estimated tax was 292 million
(138 million).

EVENTS AFTER 30 JUNE 2007
On 3rd July First Olsen Ltd., which is owned 50%
by Ganger Rolf ASA and 50% by Bonheur ASA, sold
its shares in the floating production company Sea
Production Ltd. The sale resulted in a gross gain
before tax of about 150 million which will be
accounted for in the third quarter 2007.

On 18 July the Court Of Justice Of The European
Union published a ruling regarding cross border
group contribution stating that `a company in one
member state giving group contribution to a group
company in another member state can not claim
deduction in taxable income.` As a consequence of
this ruling a cross border group contribution
within First Olsen Ltd in 2006 may be reversed
resulting in a tax expense of 32 million. Subject
to further consideration of the basis for the
ruling and the implied consequences, the tax
expense may be booked in third quarter 2007.