Bonheur ASA Publishes First Quarter Results (Norway)

The Group accounts for the first quarter 2011 comprise Bonheur ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates.

Comparable figures for the same period in 2010 in brackets. The accounts are unaudited.

Highlights 1Q 2011

* Operating revenues were NOK 2 318 million (NOK 1 925 million)

* Operating result before depreciation (EBITDA) was NOK 930 million (NOK 747 million)

* Operating profit (EBIT) was NOK 461 million (NOK 375 million)

* Net result after tax was NOK 334 million (NOK 165 million)

* Majority’s share of net result was NOK 121 million (NOK 35 million)

* Earnings per share were NOK 3.70 (NOK 1.10)

* A subsidiary of Fred. Olsen Energy ASA awarded a 10 months contract for Borgholm Dolphin and a 6 months contract for Borgsten Dolphin

* Fred Olsen Windcarrier AS entered into a contract for the construction of four crewboats

* A subsidiary of Fred. Olsen Windcarrier AS was awarded a 6 months contract for the specialized transport and installation vessel for offshore wind turbines “Brave Tern”

* Proposed dividend payment for 2010 NOK 7.00 per share.

Financial information

As a consequence of Bonheur ASA holding more than 50% of the shares of Ganger Rolf ASA, Ganger Rolf ASA is fully consolidated for accounting purposes as a subsidiary of Bonheur ASA. As Bonheur ASA and Ganger Rolf ASA have a joint ownership of their most significant investments, the ownership structure entails full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Shipping and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 318 million (NOK 1 925 million) in the quarter. The increase in revenues compared with the 1st quarter last year is mainly related to NOK 282 million higher income in the Offshore Drilling segment due to higher utilization of the fleet. Offshore Drilling generated operating revenues of NOK 1 479 million (NOK 1 197 million), Renewable Energy generated operating revenues of NOK 143 million (NOK 66 million), Cruise generated operating revenues of NOK 440 million (NOK 404 million), and the Shipping segment generated operating revenue of NOK 76 million (NOK 71 million). Compared to the 1st quarter 2010, revenues in the quarter were negatively impacted by lower USD exchange rates against NOK in the Offshore Drilling and Floating Production segments.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 930 million

(NOK 747 million) in the quarter. The increase in EBITDA compared to 1st quarter 2010 of NOK 183 million is mainly due to an increase in EBITDA within Offshore Drilling of NOK 137 million and Renewable Energy of NOK 72 million. EBITDA within Floating Production decreased by NOK 8 million. Depreciation and impairment in the quarter were NOK 469 million (NOK 372 million).

Operating result (EBIT) for the quarter was NOK 461 million (NOK 375 million).

Net financial items were negative NOK 117 million (negative NOK 213 million).

The Group of companies´ result after estimated tax in the quarter was NOK 334 million (NOK 165 million), of which NOK 121 million relate to the majority interests (NOK 35 million). The minority interests´ share of net result in the quarter was NOK 213 million (NOK 130 million). Minority interests´ share of the results are higher than the share of majorities, as a consequence of the minorities’ share of the result in Fred. Olsen Energy ASA.

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Source: bonheur, May 11, 2011;