Norway: Bonheur ASA Reports Operating Profit of USD 79 Million

Bonheur ASA has today announced the results of 4 quarter 2011 and preliminary result for 2011.

Highlights 4Q 11:

• Operating revenues were NOK 2 620 million (NOK 2 480 million)
• Operating result before depreciation (EBITDA) was NOK 1 186 million (NOK 954 million)
• Operating profit (EBIT) was NOK 544 million (NOK 446 million)
• Net result after tax was NOK 176 million (NOK 399 million)
• Majority’s share of net result was NOK 3 million (NOK 187 million)
• Earnings per share were NOK 0.10 (NOK 5.80)
• Bonheur ASA successfully completed NOK 1.000 million unsecured bond issues with Ganger Rolf ASA as guarantor in January 2012
• Proposed dividend payment of NOK 5.00 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 major 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 / Offshore wind and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 620 million (NOK 2 479 million) in the quarter. The increase in revenues compared with the 4thquarter last year is related to higher income in the Offshore Drilling and Renewable Energy segments. Offshore Drilling generated operating revenues of NOK 1 682 million (NOK 1 531 million) and Renewable Energy generated operating revenues of NOK 199 million (NOK 142 million). Segments with decreased revenues compared to the 4th quarter 2010 include Floating Production with revenues of NOK 160 million (NOK 170 million), Cruise with revenues of NOK 375 million (NOK 399 million), and the Shipping/Offshore wind segment with revenues of NOK 195 million (NOK 227 million). Compared to the 4th quarter last year, revenues in the quarter were negatively impacted by lower USD and GBP exchange rates against NOK.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 186 million (NOK 954 million) in the quarter. The increase in EBITDA compared with the 4th quarter 2010 of NOK 232 million is mainly due to increased EBITDA within Offshore Drilling of NOK 145 million, Renewable Energy of NOK 55 million and Floating production of NOK 12 million. EBITDA within the Cruise segment decreased by NOK 3 million. Depreciation and impairment in the quarter were NOK 642 million (NOK 508 million), including NOK 161 million in impairment. Within Offshore drilling an impairment of NOK 15 million was made on stored equipment, while Floating Production made an impairment of NOK 144 million /USD 25 million related to FPSO Knock Allan.

Operating result (EBIT) for the quarter was NOK 544 million (NOK 446 million).

Net financial items were negative NOK 146 million (negative NOK 12 million). Net interest costs in the quarter were NOK 135 million and net currency gains were NOK 15 million. Net unrealised losses related to revaluation of financial instruments amounted to NOK 17 million. The Group of companies´ result after estimated tax in the quarter was NOK 176 million (NOK 399 million), of which NOK 3 million relate to the majority interests (NOK 187 million). The minority interests´ share of net result in the quarter was NOK 174 million (NOK 212 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.

Revenues for the year were NOK 9 884 million (NOK 9 341 million) while EBITDA for the year were NOK 4 317 million (NOK 4 154 million). Net financial items were negative NOK 564 million (negative NOK 540 million), while net result after estimated tax was NOK 1 391 million (NOK 1 457 million), of which NOK 416 million (NOK 500 million) relate to the majority interests.

Dividend / Annual General Meeting in Bonheur ASA

With regard to the Annual General Meeting in 2012, the board will propose the payment of a dividend of NOK 5.00 per share.

The Annual General Meeting is scheduled for Wednesday 30 May 2012.

Events after 31 December 2011

On 25thJanuary Bonheur ASA completed aNOK700 million unsecured bond issue with maturity in 2017 and a NOK 300 million bond issue with maturity in 2019. Ganger Rolf ASA is guarantor for both issues. Settlement dates were 10thFebruary 2012. Net proceeds from the bond issues are to be used for general corporate purposes.

446 million Norwegian kroner = 79.016482 million U.S. dollars

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Offshore Wind Staff, February 23, 2012.