Bonheur ASA — Earnings Release 2013

Feb 27, 2014

Report for 4 quarter 2013 and Preliminary result for 2013

Report for 4 quarter 2013 and Preliminary result for 2013

Highlights 4Q 2013:

· Operating revenues were NOK 2 740 million (NOK 2 234 million)

· Operating result before depreciation (EBITDA) was NOK 880 million

(NOK 799 million)

· Impairment of cruise vessels of NOK 411 million

· Operating result (EBIT) was NOK - 51 million (NOK 294 million)

· Net result after tax from continuing operations was NOK - 113

million (NOK 194 million)

· Completed sale of shares in Fred. Olsen Production ASA

· Fred. Olsen Windcarrier:

· Awarded a 170 days contract at the German Global Tech 1 wind farm

· Post quarter: Awarded its first US Water Offshore Wind Installation

contract

· Proposed dividend payment for 2013:   Bonheur  ASA:  NOK 7.00 per

share

Financial information

Following the Yinson Production Ltd.'s acquisition of Fred. Olsen

Production ASA on 20 December 2013, the business segment Floating

Production is presented as discontinued operations in the consolidated

income statement. Comparable figures for last year's corresponding

periods have been restated for the income statement.

The Group of companies´ operating revenues amounted to NOK 2 740 million

(NOK 2 234 million) in the quarter. The increase in revenues compared

with the correspondingquarter last year is mainly due to higher revenues

within the segments Offshore Drilling, Renewable Energy and Shipping /

Offshore wind, while the Cruise segment reported revenues at same level

as last year. Offshore Drilling had operating revenues of NOK 1 805

million (NOK 1 628 million), Renewable Energy NOK 297 million (NOK 161

million), Cruise NOK 349 million (NOK 337 million) and Shipping /

Offshore wind NOK 299 million (NOK 121 million). Revenues have been

positively impacted by higher USD, GBP and EUR against NOK compared with

the corresponding quarter last year.

Operating result before depreciation (EBITDA) in the quarter was NOK 880

million (NOK 799 million). The increase from last year of NOK 81 million

is mainly due to higher EBITDA within Renewable Energy. Renewable Energy

achieved EBITDA of NOK 225 million (NOK 108 million) in the quarter.

Shipping /Offshore wind had EBITDA of NOK - 3 million (NOK - 15

million). EBITDA within Offshore Drilling were NOK 704 million (NOK 756

million) and EBITDA within the Cruise segment were NOK - 9 million (NOK

15 million). Depreciation and impairment in the quarter were NOK 931

million (NOK 505 million) of which NOK 411 million were impairment of

the cruise vessels. The write down of book values for the cruise vessels

to estimated market values at year-end is a consequence of the current

weak market conditions within the UK cruise industry.

Operating result (EBIT) in the quarter was NOK - 51 million (NOK 294

million).

Net financial items in the quarter were NOK - 19 million (NOK - 76

million). Net interest expenses in the quarter were NOK 104 million (NOK

60 million) and net currency loss was NOK 22 million (gain NOK 4

million). Net unrealized gain related to fair value adjustment of

financial instruments amounted to NOK 52 million (NOK 23 million).

Net result in the quarter was NOK - 94 million (NOK 188 million), of

which NOK - 152 million relate to the majority interests (NOK 48

million). The minority interests´ share of net result in the quarter was

NOK 58 million (NOK 140 million).

Revenues year to date were NOK 10 258 million (NOK 9 605 million) while

EBITDA year to date were NOK 4 013 million (NOK 3 880 million).

Operating result (EBIT) year to date was NOK 1 557 million

(NOK 2 025 million). Net financial items were NOK 19 million (NOK - 562

million), and net result after tax from continuing operations was NOK 1

475 million (NOK 1 368 million).

Result from discontinued operations year to date was NOK - 205 million

inclusive a loss of NOK 365 million as the booked equity value of FOP

was higher than the offered sales price for the shares. For further

details see note 7.

Net result was NOK 1 270 million (NOK 1 382 million), of which NOK 409

million (NOK 404 million) relate to the majority interests.

Floating Production

Following the announced voluntary offer in June 2013 from Yinson

Production Ltd. to acquire all shares of Fred. Olsen Production ASA

(FOP), the business segment Floating Production was reclassified as an

investment held for sale in Bonheur ASA's consolidated financial

position, and accordingly presented as discontinued operations in the

income statement. The settlement of the voluntary offer was completed on

20 December 2013. Bonheur ASA and Ganger Rolf ASA received in total NOK

612.8 million for their 65 191 200 shares, representing 61.54% of the

total issued shares in FOP.

Dividend / Annual General Meeting in Bonheur ASA

With regard to the Annual General Meeting in 2014, the board will

propose the payment of a dividend of NOK 7.00 per share.

The Annual General Meeting is scheduled for Wednesday 28 May 2014.