Norway: Bonheur Announces Results for First Three Months

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 2 543 million (NOK 2 318 million) in the quarter. The increase in revenues compared with the correspondingquarter last year is mainly related to higher income in the Offshore Drilling, Renewable Energy and Shipping/Offshore wind segments. Offshore Drilling generated operating revenues of NOK 1 606 million (NOK 1 479 million), Renewable Energy had operating revenues of NOK 183 million (NOK 143 million) and the Shipping/Offshore wind segment had operating revenues of NOK 122 million (NOK 76 million). Other segments had revenues more or less at the same level as last year. Floating Production had revenues of NOK 156 million (NOK 155 million) and revenues within Cruise were NOK 448 million (NOK 440 million).

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 040 million (NOK 930 million) in the quarter. The increase in EBITDA compared with the 1st quarter 2011 of NOK 110 million is mainly due to increased EBITDA within Offshore Drilling of NOK 81 million and Renewable Energy of NOK 30 million. EBITDA within the Cruise segment decreased by NOK 6 million. Depreciation and impairment in the quarter were NOK 487 million (NOK 469 million).

Operating result (EBIT) for the quarter was NOK 553 million (NOK 461 million).

Net financial items were negative NOK 214 million (negative NOK 117 million). Net interest costs in the quarter were NOK 117 million and net currency loss were NOK 136 million. Net unrealized gain related to revaluation of financial instruments amounted to NOK 50 million. The Group of companies´ result after estimated tax in the quarter was NOK 227 million (NOK 334 million), of which NOK 46 million relate to the majority interests (NOK 121 million). The minority interests´ share of net result in the quarter was NOK 181 million (NOK 213 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.

 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.

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Offshore WIND staff, May 10, 2012; Image: fpso