REPORT THIRD QUARTER 2007

Result after tax in the quarter was 306.7 million
(272.0 million)
Result per share was NOK 8.5 (NOK 7.5)

For full information see attachment on:
www.newsweb.noFinancial information

Figures in NOK unless otherwise stated. The
figures for the corresponding period 2006 in
brackets.

The operating result (EBIT) which in principle
reflects the holding company costs, was negative
with 9.5 million (negative 6.1 million). All
major companies and investments have been
consolidated for accounting purposes as associated
companies, so that the parent company emerges as a
pure holding company.

Associated companies were consolidated for
accounting purposes with an aggregate result of
318.5 million (271.3 million). Of this, Fred.
Olsen Energy ASA (FOE) contributed with a result
of 135.3 million (110.7 million), First Olsen Ltd.
(FOL) excl. Fred. Olsen Cruise Lines (FOCL) with a
result of 81.1 million (65.8 million), FOCL with
20.4 million (28.1 million), Tusenfryd with 9.8
million (9.7 million) and Bonheur with 52.3
million (44.2 million).
Fred. Olsen Renewables AS (FORAS) was consolidated
for accounting purposes with a positive result in
the quarter of 6.9 million (negative 9 million),
and Comarit with a positive result of 12.6 million
(19.9 million).

Net financial result in the quarter was negative
with 0.7 million (positive 8.8 million). The
negative development in net financial items is
mainly related to an unrealized gain on USD
receivables in 2006.

Group result after estimated tax was 306.7 million
(272.0 million).


Events after 30 September 2007

In September a subsidiary of First Olsen Ltd.,
which in turn is owned 50/50 by Bonheur ASA and
Ganger Rolf ASA, entered into an agreement for the
sale of the 1977 built semi-submersible Aker H3
rig Bulford Dolphin for a consideration of USD 211
million. Delivery is expected to take place in the
4th quarter 2007, and estimated net book sales
gain is approx USD 193 million which will be
accounted for in the 4th quarter 2007.

On 17th October Tinworth Pte Ltd (indirectly owned
50% by each of Fred. Olsen Production ASA and
Prosafe ASA) entered into an agreement with
Vaalco, Gabon to extend the contract for FPSO
Petróleo Nautipa with 4 years from September 2011
until September 2015 and with options for another
1+1 year. Also, the field operator will be
entitled to increase oil production beyond the
current contractual capacity of the FPSO against
the introduction of a new tariff element in the
compensation structure. Total EBITDA-contribution
from the tariff element in the compensation
structure and the additional 4 years to 2015 is
estimated at USD 40 million. The Etame partners
have an option to terminate the contract if
drydocking of Petróleo Nautipa is required in 2012.