Contract for Wind Installation Vessel “Brave Tern” (Norway)

February 28, 2011

A subsidiary of Fred. Olsen Windcarrier AS, which is indirectly owned 50/50 by Bonheur ASA and Ganger Rolf ASA, has on certain subjects entered into a contract for the specialized transport and installation vessel for offshore wind turbines “Brave Tern” Vestas Offshore Germany Gmbh .

The firm contract period is six months with 3 x 1 months options. Scheduled commencement is May 2013. Brave Tern is currently under construction at the Lamprell ship yard in Dubai with scheduled delivery in 2nd quarter 2012.

About Ganger Rolf ASA:

The Company

Incorporated in 1895 Ganger Rolf ASA and affiliated companies are involved in a number of activities in Norway and internationally, based on shipping, offshore services and renewable energy. The investments, which are largely carried out jointly with the listed parent company Bonheur ASA, are related to the following main segments:

Offshore Drilling

26.7% ownership in Fred. Olsen Energy ASA (stocklisted).

Floating production:

30,8% ownership in Fred. Olsen Production ASA (stocklisted).

Renewable Energy

50% ownership in Fred. Olsen Renewables AS, Primarily engaged in wind farms.

Cruise:

50% indirect ownership in First Olsen (Holdings) Ltd. which through the subsidiary Fred. Olsen Cruise Lines Ltd. operates cruise vessels.

Shipping:

50% ownership in First Olsen Ltd. with 1 suezmax tanker, 50% indirect ownership in OceanLink Ltd. and 50% indirect ownership Fred. Olsen Windcarrier AS.

Other Investments

Media: 17.4% in NHST Media Group AS, which publishes i.a. the business newspaper Dagens Næringsliv.

Property: 50% of the office building in Fred. Olsens gate 2, Oslo and of Stavnes Byggeselskap AS and a shareholding of 6.3% in IT Fornebu Holding AS.

Fish Farming: 26.0% of the shares in Genomar AS, a company developing brood stock of Tilapia.

[mappress]

Source: ganger-rolf, February 28, 2011