Bonheur ASA — AGM Information 2015

May 28, 2015

Annual General Meetings

28 May 2015

2

Financial summary 1Q 2015

(1Q 2014 in brackets)

Bonheur ASA

• Operating revenues were NOK 3 707 million (NOK 2 700 million)
• Operating result before depreciation (EBITDA) was NOK 1 635 million (NOK 875 million)
• Operating result (EBIT) was NOK 724 million (NOK 346 million)
• Net result NOK 614 million (NOK 132 million)
• Earnings per share were NOK 8.7 (NOK 1.5)

Ganger Rolf ASA

• Net result after tax was NOK 208 million (NOK 39 million)
• Earnings per share were NOK 6.2 (NOK 1.1)

Offshore drilling

Fred. Olsen Energy ASA

Offshore drilling – Operating worldwide

Bolette Dolphin

• Ultra deep-water DP drill ship from Hyundai Heavy Industries
• Equipped for 10 000 feet, dual drilling and two BOPs
• Delivered from yard in February 2014 and commenced operations in May under a four-year contract with Anadarko Petroleum Corporation
• Currently working under a drilling campaign offshore Colombia
• Excellent start up of the drillship and subsequent operations

Bollsta Dolphin

• Harsh environment ultra deepwater semi-submersible under construction
• Moss Maritime CS 60 E (Enhanced) design from Hyundai Heavy Industries
• Delivery is scheduled to 3Q 2015
• Mechanical completion continues
• Has secured a five-year contract with Chevron for operations West of Shetland in the UK sector

Offshore drilling - Contract overview as per 28 May 2015

Global market – floating units

• The market continues to be challenging in all segments
• The contracting and tender activity is low, while further newbuilds are entering the market
• The imbalance between demand and supply is expected to prevail through 2015 and into 2016
• Increased stacking and scrapping is materializing

Average dayrates Norway

Renewable energy

Fred. Olsen Renewables AS

Renewable energy - Overview

• Total production capacity of 504.1 MW
• Six operating wind farms in Scotland (432.8MW)
• One operating wind farm in Norway (71.3 MW)
• Construction:
• Fäbodliden (78 MW) in Sweden. The construction has commenced with expected completion in 1Q16

Consented and development:

• 636 MW consented onshore in Scotland, Sweden and Norway
• Approx. 500 MW consented offshore Ireland
• Development pipeline of 700 1 280 MW onshore in Norway, Sweden and UK
• Approx. 500 MW under development offshore Ireland

Business Model and Project Portfolio

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To l p fo l io ta t or On ho fo l io t s re p or	1 2 0 0– 1 8 0 M W 7 7 0 0 – 1 2 8 0 M W	1 1 3 6 M W 6 3 6 M W	7 8 M W M W 7 8	0 4, 1 M W 5 5 0 4, 1 M W

Projects in Scandinavia

Shipping / Offshore wind

Fred. Olsen Ocean Ltd. - Fred. Olsen Windcarrier AS - Universal Foundation Norway AS

Shipping / Offshore wind - Overview

Fred. Olsen Windcarrier

• Two transport and installation jack-up vessels for offshore wind turbines; "Brave Tern" (2012) and "Bold Tern" (2013)
• Contracts:
  • Commissioning support contract for Brave Tern at the «Global Tech I» wind farm for Areva in the German exclusive economic zone (EEZ) commenced in February 2015 and were completed in April 2015.
  • Maintenance contract for Brave Tern at the "Global Tech I" and "Borkum West" wind farms for Adwen (former Areva) commenced May 2015 and is expected to be completed in July 2015.
  • Transport & Installation contract for 80 (3.6 MW) turbines at the "Butendiek" offshore wind park off Germany's North Sea coast for Siemens AG. Bold Tern commenced the work in September 2014 – planned completion in June 2015.
  • Installation contract for 5 (6 MW) Alstom Haliade wind turbines at «Block Island» offshore of Rhode Island, United Stated for Deep Water Wind Llc. Commencing 3Q 2016.
  • Transport & Installation contract for 67 (6 MW) turbines at the «Veja Mate» offshore wind park in the German Bight for Siemens AG. Commencing 1Q 2017.
• 76% ownership in Fred. Olsen Windcarrier A/S, Denmark with a fleet of eight crew transfer vessels (CTVs). Currently all boats are employed on a T/C basis in the UK, Germany and Denmark, respectively.
• 51% ownership of Global Wind Service A/S, Denmark, a leading international provider of qualified and skilled personnel to the global wind turbine industry onshore and offshore. Currently employing a staff of more than 500 people operating world-wide.

Universal Foundation

82% ownership of Universal Foundation A/S, Denmark, which has developed the design of a foundation ("The Mono Bucket Foundation") for offshore wind turbines. Successfully completed a «Trial Installation Project» in the UK North Sea supported by Statoil, Statkraft, E.ON and Dong with 28 installations and retrievals of sample foundations. Currently working on several leads and tenders for commercial developments.

Shipping / Offshore wind - Vessels

Cruise

Fred. Olsen Cruise Lines Ltd.

Cruise - Overview

• Owns and operates four cruise ships;
• MV Black Watch
• MV Braemar
• MV Boudicca
• MV Balmoral
• Offers a diverse range of cruise holidays from long round the world trips to ex UK cruises to Scandinavia, Mediterranean and Canary Island
• Total passenger capacity: 3 700

Cruise – Ships

Other Investments

NHST Media Group AS - Koksa Eiendom AS - Various

Other investments - Overview

NHST Media Group AS (54.0%)

• Comprising four main business segments; Dagens Næringsliv, Digital & Nordic (New Media, Europower, TDN), Global (Tradewinds, Upstream, Intrafish and Recharge) and Nautical Charts
• Fully consolidated in BON as from second quarter 2014.

Koksa Eiendom AS (previously IT Fornebu Properties AS) (12.6%)

• Development of office property (mainly) at Fornebu.
• Occupancy to customers within information technology/hightech/telecom

www.bonheur.net www.ganger-rolf.com

Fred. Olsen Windbase – Built on bucket foundations

Flexible deck layout – Client adapted solutions

Example ¹ Example ²

• Accommodation for 85 pax in 2 modules
• Service deck for 10 containers (2 indoor)
• Hanging deck for daughter craft launch

• Separate heli platform with fuelling facility

• Accommodation for 50 pax

• Service deck for 10 containers (2 indoor)
• Hanging deck for daughter craft launch
• Separate heli platform with fuelling facility