Annual General Meeting

24 May 2017

Bonheur ASA Group - Highlights 1Q 2017

Operating revenues were NOK 2 353 million (NOK 3 289 million)

(1Q 16 in brackets)

Operating result before depreciation (EBITDA) was NOK 689 million (NOK 1 286 million)
Operating result (EBIT) was NOK 7 million (NOK 400 million)
Net result NOK -148 million (NOK 211 million)

51.9%Fred. Olsen Energy ASA

EBITDA NOK 345 mill. (NOK 1 205 mill.)
New 50 days drilling contract for BidefordDolphin
Borgholm Dolphin to be decommissioned

100% Fred. Olsen RenewablesAS

EBITDA NOK 248 mill. (NOK 202 mill.)
Like-for-like generation 13% higher
16% weakening of NOK/GBP

Fred. Olsen Ocean Ltd.100%

EBITDA NOK 96 mill. (NOK -97 mill.)
Utilization for installation vessels 100% (40%)
Contract pipeline into year end 2019 covered by 41% firm contracts
100% Fred. Olsen Cruise Lines Ltd.
EBITDA NOK 19 mill. (NOK 30 mill.)
16% weakening of NOK/GBP
13% weakening of GBP/USD
Net ticket income per diems up 7.5%

Offshore drilling

Bonheur ASA main shareholder with a total stake of 51.9% in Fred. Olsen Energy ASA
The Fleet:
2 Ultra deepwater DP Drillships
1 Deepwater semi-submersible Drilling Rig
4 Medium Water Semi-submersible Drilling Rigs
1 Semi-submersible Tender Support Rig

Fred. Olsen Energy ASA Harland & Wolff Shipyard

Offshore drilling - Contract overview

U i t n	2 0 1 7	2 0 1 8
B l t t o e e	A d k n a a r o
f B l d e o r	P d d i i d t r e s e r e a n m a n a n e v
B l k f d a c o r	S k d t t C h m a r s a c e e r o n v
f B i d d e o r	S i l t t S i l t t a o a o
B l d o r g a n	S k d t t m a r s a c e
B d f d r e o r	P d d i i d t r e s e r v e a n m a n a n e
f B d o r y	S k d t t m a r s a c e
B t o r g s e n	C l d k d t o s a c e
B h l o r g o m	C l d k d t o s a c e
	O F i i t t t r m c o n r a c p o n

Offshore Drilling - Dayrates- worldwide

Source: Clarksons Platou Offshore

Offshore drilling - Main priorities

O i l t p e r a o n a l l e x c e e n c e	D l i i f d f f i i i t t t t e e r c o n s s e n p e r o r m a n c e a n e c e n o p e r a o n s v F i d d i i l i d l t t o c u s o n c o n n u e c o s s c p n e a n o w o p e x P i i i i l d i h i h l i t t t t t t r o r e c a p a e p e n r e s o s p p o r g r e g a r z x u u u y
N t t e w c o n r a c s	P i i f i i i t t t t t u r s u e n e w c o n r a c s o p p o r u n e s o r r g s n o p e r a o n s S f h i i l b l d d i l l t t t t t t t e c r e c o n r a c s o r e n s n a p a a c c e p a e a r a e s a n c o m m e r c a a e u u y u y v u
M i i i t a n a n n g i f d t u n s r e a y o r i t o p e r a o n s	S S k d i d d i i d i h l i d i t t t t t t t t t m a r a c e r g s a r e p r e s e r v e a n m a n a n e w r e g u a r s y s e m n e g r a e e s n g G C S U d h D N V L i f l d i l h l i d i f l d t t t t t t t n e r e r e g m e o p r o o n g e s r e n e r a s e a o a s s a n a o r u v y v v y u y f i i d d l h k i i d t t t t t t t c e r c a e s a r e e e n e e q a o e s m a r s a c n g p e r o x u D l d d l f h l i f i t t t e a y e c a p e x a n r e n e w a o e c a s s c e r c a e
i i K h h t t e e p n g e r g t c o m p e e n c e	T d d i d f i i d i f h k d i t t t t t t t t o e c a e e a m s o r n s p e c o n a n m a n e n a n c e o e s m a r s a c e n s w u C O f i b i d i i d F E t t t o m m o n m a n a g e m e n e a m o r o p e r a n g s u s a r e s a n

Renewable energy

Total installed production capacity of 595.9 MW

Seven operating wind farms in Scotland (446.6 MW) (*)
One operating wind farm in Norway (71.3 MW)
One operating wind farm in Sweden (78 MW)

(*) FOWL, 51% ownership of 432.8 MW after sale of 49% to TRIG in 2015

Construction:

Windy Standard II in Scotland (61.5 MW) – expected completion 4Q17

Renewable energy

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( La ke Er ie )	Sc lan d t o Cr l R ig M W ta 6 2. 5 y s – Cr l R ig I I - 1 3 8. 0 M ta y s Ro he 0. 6 M W t 5 s – Ro he I I – M W t 4 1. 4 s Pa l 's H i l l – 6 4. 4 M W u M i d H i l l – 9 M W 7 5, Cr ta l R ig I I I – 1 3, 8 M W y s No rw ay L is 7 1. 3 M W ta – Sw de e n F ä bo d l i de 7 8 M W n -	W		Ice br ke 2 0, 7 M W f fs ho ea r – o re
fo To l p l io ta t 1 0 9 9, 5 M W 6 1, 5 M W or 1 1 1 0 – 1 4 4 0 M W	5 9 5, 9 M W

Renewable energy

Power prices in UK, Norway and Sweden were on average £48 (£35), €31 (€22) and €32 (€23), respectively, in 1Q17 (1Q 16).
Green certificate prices in Scandinavia have come down materially from SEK 115.5/MWh as at year end 2016 to an average in 1Q17 of SEK 75/MWh

Powerprices (quarterly average)

Shipping / Offshore wind

Fred. Olsen Windcarrier

Two transport and installation jack-up vessels for offshore wind turbines; "Brave Tern" and "Bold Tern".
Both vessels upgraded in 2016 legs and crane extensions

Fred. Olsen Windcarrier Denmark

87.5% ownership with a fleet of 7 crew transfer vessels (CTV)'s

Global Wind Service

75.5% ownership. International provider of qualified and skilled personell to the global wind turbine industry, offshore and onshore

Universal Foundation

100% owned as from April 2017. 12