REPORT THIRD QUARTER 2006

The operating result (EBIT) in the quarter was
negative with 6.1 million (negative 5.0
million). Associated companies were consolidated
with an aggregate result of 271.3 million (162.3
million). Net financial items in the quarter
were positive with 8.8 million (6.0 million).
The consolidated result after tax for continuing
operations were 272.0 million (173.4 million).
For full information see www.newsweb.noThe Group accounts have been prepared according
to the International Financial Reporting
Standards (IFRS). The interim report for the
third quarter 2006 has been prepared according
to IAS 34, based upon accounting standards,
statements and interpretations valid at the time
of preparing the accounts.

The figures are expressed in NOK, unless
otherwise indicated. The figures for the
corresponding period 2005 are given in
parenthesis.

FINANCIAL INFORMATION

The operating result (EBIT), which in practice
consists of the parent company`s costs, was
negative in the quarter with 6.1 million
(negative 5.0 million). All important companies
have as before been consolidated as associated
companies.

Associated companies were consolidated with a
total quarterly result of 271.3 million (162.3
million). Of this, Fred. Olsen Energy ASA (FOE)
contributed with 110.7 million (41.9 million)
and First Olsen Ltd. (FOL) with 64.2 million
(27.9 million) from their activities within
tankers, floating production and the Bulford
Dolphin drilling rig. The cruise segment was
consolidated with a result of 29.6 million (28.7
million), Comarit with 19.9 million (21.9
million) and Tusenfryd with 9.7 million (10.5
million). Fred. Olsen Renewables (FOR) was
consolidated with a negative result of 9.0
million (negative 2.3 million), while Bonheur
ASA was consolidated with 44.2 million (28.0
million).

As per the third quarter, associated companies
were consolidated with a total result of 554.3
million (122.8 million), an improvement of 431.5
million.

Net financial items in the quarter were 8.8
million (6.0 million), of which 7.8 million was
net unrealized and realized exchange gains in
connection with a First Olsen Ltd. dividend of
USD 48.9 million relating to 2005, provided for
but not paid out.

As per the third quarter, net financial items
amounted to 28.3 million (26.8 million),
including a gain of 54.1 million from the sale
of Munch paintings. Forward exchange contracts
and interest rate instruments have been valued
at fair value as per 30 September 2006.

The quarterly after tax result was 272.0 million
(173.4 million), an improvement of 98.6 million.
The result after tax for the first nine months
of the year was 559.2 million (260.0 million).

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