Bonheur ASA — Interim / Quarterly Report 2018

May 4, 2018

1 quarter 2018 4 May 2018

Highlights 1Q 2018

Bonheur ASA Group of companies

100%Fred. Olsen Renewables AS

• EBITDA NOK 283 mill. (NOK 248 mill.)
• Total generation 3 % higher «Like for like» generation
• down 9 % Brockloch Rig I (21.6MW) in full production in 1Q18
• Increasing electricity prices in all markets

Fred. Olsen Ocean Ltd.100%51.9%

• EBITDA NOK -77 mill. (NOK 96 mill.)

• Utilization for installation vessels 7 % (100 %)

• Contract pipeline into end 1Q 2020 covered by 41 % firm contracts

• Agreement with Falcon Global
• Installation of turbines in USA
• Charter of O&M vessel to Europe
• Both vessels dry-docked in 4Q17 and 1Q18

Fred. Olsen Energy ASA

• EBITDA NOK 247 mill. (NOK 345 mill.)
• The remaining part of termination fee for Bolette Dolphin was booked in the quarter

100% Fred. Olsen Cruise LinesLtd.

• EBITDA NOK 35 mill. (NOK 19 mill.)
• Net ticket income per diems up 6.5 %
• Passenger days decreased with 6 %
• 12% strengthening of GBP/USD
• All cruise vessels are nowupgraded

Highlights Group level

• Operating revenues were NOK 1 968 million (NOK 2 353 million)
• Operating result before depreciation (EBITDA) was NOK 439 million (NOK 689 million)
• Operating result (EBIT) was NOK – 249 million (NOK 7 million)
• Net result NOK 503 million (NOK -148 million)

Post quarter event:

Fred. Olsen Renewables – divestment of 49% of two UK wind farms

Consolidated summary

Bonheur ASA Group of companies

( O ) N K i l l io m n	Q 1 1 8	Q 1 1 7	C ha in ng e N K O
R e e n e s v u	1 9 6 8	2 3 3 5	3 8 4 -
E B I T D A	4 3 9	6 8 9	2 1 5 -
D i i t e p r e c a o n	-6 8 8	6 8 2 -	6 -
I i t m p a r m e n	0	0	0
E B I T	-2 4 9	7	2 5 7 -
N f i d l f i t t t e n a n c e a n r e s u r o m a s s o c a e s	2 3 7 -	1 2 5 -	1 1 2 -
E B T	4 8 6 -	1 1 8 -	3 6 9 -
N l t t e r e s u	-5 0 3	1 4 8 -	3 5 5 -
S f *) h h l d h t t a r e o e r s o e p a r e n c o m p a n y	4 0 7 -	1 0 5 -	3 0 2 -
O Ea ing ha ( N K ) rn s p er s re	-9 6	2. 5 -	7. 1 -
Ne in be ing de b ( N I B D ) t ter t t es ar	9 9 9 5	3 8 7 5	1 3 9 5 -
Eq i io ty t u ra	3 8 %	4 1 %

*) The non-controlling interests mainly consist of 47.74% of Fred.Olsen Energy ASA, 44.06% of NHST Media Group AS and 49% in Fred. Olsen Wind Limited (UK).

Segment analysis – Revenues

Bonheur ASA Group of companies

( N O K i l l io ) m n	1 Q 1 8	1 Q 1 7	C h a n g e
R b l e n e a e e n e r g w y	4 2 5	3 4 2	8 3
S / O f f h i i h i d p p n g s o r e w n	1 4 5	3 6 4	2 1 9 -
O f f h d i l l i s o r e r n g	5 5 7	8 3 1	2 7 4 -
C i r u s e	5 3 3	4 8 0	5 3
O h t e r	3 0 9	3 3 6	2 8 -
T l R t o a e e n e s v u	1 9 6 8	2 3 5 3	3 8 4 -
O / N K E U R ( ) a e r a g e v	9 6 3	8 9 8	7 2 %
O / G ( ) N K B P a v e r a g e	1 0 9 0	1 0 4 5	4 3 %
G / S B P U D ( ) a e r a g e v	1 3 9	1 2 4	1 2 4 %

Segment analysis – EBITDA

Bonheur ASA Group of companies

O ( N K i l l io ) m n	Q 1 1 8	Q 1 1 7	C h a n g e
R b l e n e a e e n e r g w y	2 8 3	2 4 8	3 5
S / O f f h i i h i d p p n g s o r e w n	7 7 -	9 6	1 3 7 -
O f f h d i l l i s o r e r n g	2 4 7	3 4 5	9 8 -
C i r u s e	3 5	1 9	1 6
O h t e r	4 9 -	1 8 -	3 1 -
T l E B I T D A t o a	4 3 9	6 8 9	2 1 5 -

Cash, Debt and Guarantees as per 1Q 18

Bonheur ASA Group of companies

( ) i l l i N O K m o n	h C a s	l E t x e r n a d b t e	h f O W B N e r e o d t g a r a n e e u
( ) b l * R F O W L e n e w a e e n e r g y	6 1 7	3 7 0 8	3 5
b l ( l. ) O R F W L e n e w a e e n e r g y e x c	2 5 4	0	0
/ h f f h d ( ) i i i S O F O O p p n g s o r e n w	1 3 1	7 8 5	7 6 9
( ) C i F O C L r u s e	5 2 8	0	‐
( ) h B A S A t o n e u r p a r e n c o m p a n y	2 6 7 8	2 4 3 4	‐
( l. ) S O F W L u m e x c	3 8 6 0	3 2 2 0	6 9 7

Net cash position excl. FOWL and Offshore drilling at NOK 640 million.

• Guarantees relate to bank financing in Shipping / Offshore wind and minorleases within Renewableenergy.
• BON ASA parent company debt consist of unsecuredbond loans.

*) Ring fenced in a joint venture of Fred. Olsen Wind Limited (FOWL) with The Renewables Infrastructure Group Ltd. Note: Offshore drilling (FOE) is separately listed on OSE, thus excluded from table above. No guarantees from BON.

Capex per segment

Bonheur ASA Group of companies

Capex 1Q 18 mainly consist of:

• NOK 15 million related to interim class cost for one ofthe installation vessels
• NOK 70 million related to Offshore drilling
• NOK 108 million related to docking and upgrade of cruise vessel Boudicca

Equity split of portfolio investments as at 31 March 2018

Bonheur ASA Group of companies

• Majority of portfolio investments are within the Renewable energy and Shipping /Offshore wind segment (66%)
• Green footprint has increased over recent years

Book Equity for Cruise, Shipping / Offshore wind, Renewable energy and Other subsidiaries as per 31 March 2018 For Offshore drilling, equity = BON's 51.9% share of Fred. Olsen Energy's market capitalization as per 31 March 2018

Divestment of 49% of two windfarms and bank financing

Divestment of 49% of CRIII and BRW

• Transaction signed with Aviva on 30 April
• 49% of CRIII and BRW sold, proceeds of £117.3 mill.
• Reversion of wind farms in 2042

Bank financing

• Loan agreement for FOCB with three banks signed 3 May
• Loan proceeds of ~£65 mill., tenor of ~18 years, margin 1.8%-2.0%

Total proceeds to BON group of ~£182.3 mill.

• Seasonal generation pattern (1Q and 4Q higher, 2Q an 3Q lower)
• Rolling 12 months EBITDA increasing
• Power prices (per MWh) in UK, Norway and Sweden were on average £51 (£48), €37.5 (€31.4) and €38.9 (€31.7), respectively, in the quarter

Business Model and Project Portfolio

Sit e I tig ati nv es on	De lop nt ve me Sc otl d – 10 0-1 80 M W an Cr tal R ig sio ten ys ex n Ro the ion xte s e ns Pa ul's H ill e ion xte ns Bro ck loc h R ig III ( for rly W ind me y Sta ) nd ard III Fe tte res so No 20 0-4 00 M W rw ay – Po rtfo lio Ire lan d – 50 0 M W Co dli II M W off sh – 5 00 ng ore ( 50 % d; al 10 00 M W ) tot ow ne Fra 20 0-2 50 M W nc e –	Co ted ns en Ire lan d Co dli Ba nk 50 0 M W ng – off sh ( d; al 50 % tot ore ow ne 10 00 M W ) No rw ay Gi lja – 1 35 M W Gis rvi k 9 M W ( 60 % ma d o f to tal 15 M W ) ow ne Sw ed en Hö lid 82 .5 MW ga en Ve rka nli de n 9 0 M W FO RS CA oje cts 37 3 M W -pr	Co cti tru ns on	Op tio era n Sc otl d an Cr tal R ig M W – 6 2.5 ys Cr tal R ig II - 1 38 .0 MW ys Ro the 50 .6 MW s – Ro the s I I – 41 .4 MW Pa ul's H ill – 64 .4 MW Mi d H ill – MW 75 .9 Cr tal R ig III – 1 3.8 M W ys Bro ck loc h R ig W ind far ( for rly m me W ind Sta nd ard II) 61 .5 MW y – Bro ck loc h R ig MW 1 – 21 .6 No rw ay Lis 1.3 M W ta – 7 Sw ed en
	rtfo ( f to Po lio 51 % d o tal 40 0- ow ne 50 0 M W ) US A Ice bre ak – 2 0.7 M W off sh er ore ( La ke E rie )			Fä bo dli de 78 M W n -
	1 0 20 1 3 50 M W – 50 0 – 83 0 M W	MW 1 1 89 .5 M W 68 9.5	0 M W 0 M W	67 9 M W 67 9 M W

Shipping / Offshore wind

Shipping / Offshore wind

• Growth industry, growth market
• Installed 15.8 GW as per 2017
• Forecasted to increase to 70.2 GW as per 2030

Shipping / Offshore wind

Agreement with Falcon Global

• Agreement 30th March 2018 with Falcon Global
• Exclusive use of two of their lift-boats as feeder jack-ups, in combination with a FOWIC Tern vessel
• Time charter of lift-boat "Jill"
• 2 ½ year + options to extend up to 2 ½ year for O&M work in Europe

30 March 2018

Offshore drilling

Offshore drilling

( ) ig in i l l io F N O K ur es m n	1 Q 1 8	1 Q 1
Op in t er a g re ve nu es	5 5 7	8 3
E B I T D A	2 4 7	3 4
l f Ne t t a te ta r es u r x	‐3 3 6	‐2
Ca p ex	7 0
i Eq ty u	4 2 9 6	0 9 7
in be in de b Gr te t t os s re s ar g	5 7 3 8	7 4
h d h le Ca iv ts s an ca s eq u a n ‐	1 9 7 2	2 8
be de b ( ) in in I Ne N B D t te t t re s ar g =	3 6 6 7	4 6
l e lo d ( ) Ca i Eq i N I B D ta ty + p m p y e u	8 0 6 2	1 1 7

Cruise

Cruise

• Passenger days were 254 710 in the quarter (271 634), a decline of 6%.
• Net Ticket Income per passenger day was GBP 123 in the quarter (GBP 116), an increase of 6.5%
• NOK/GBP and GBP/USD strengthened with 4% and 12% respectively compared to 1Q17
• All cruise vessels upgraded

( ill n) Fig s i NO K m io ure n	1 Q 1 8	1 Q 1 7
Op in t er a g re ve nu es	5 3 3	4 8 0
E B I T D A	3 5	1 9
E B I T D A in m ar g	7 %	4 %
E B T	‐4 1	‐5 5
Ca p ex	1	8
i Eq ty u	1 0 6 5	1 1 1 0
be de b Gr in in te t t os s re s ar g	0	0
h d h le Ca iva ts s an ca s eq u n ‐	5 2 8	5 7 5
( ) in be in de b Ne N I B D t te t t re s ar g =	2 8 ‐5	‐5 7 5
( ) l e lo d Ca i Eq i N I B D ta ty + p m p y e u	5 3 7	5 3 5

Highlights 1Q 2018

Bonheur ASA Group of companies

100%Fred. Olsen Renewables AS

• EBITDA NOK 283 mill. (NOK 248 mill.)
• Total generation 3 % higher
• «Like for like» generation down 9 %
• Brockloch Rig I (21.6MW) in full production in 1Q18
• Increasing electricity prices in all markets

Fred. Olsen Ocean Ltd.100%51.9%

• EBITDA NOK -77 mill. (NOK 96 mill.)

• Utilization for installation vessels 7 % (100 %)

• Contract pipeline into end 1Q 2020 covered by 41 % firm contracts

• Agreement with Falcon Global
• Installation of turbines in USA
• Charter of O&M vessel to Europe
• Both vessels dry-docked in 4Q17 and 1Q18

Fred. Olsen Energy ASA

• EBITDA NOK 247 mill. (NOK 345 mill.)
• The remaining part of termination fee for Bolette Dolphin was booked in the quarter

100% Fred. Olsen Cruise LinesLtd.

• EBITDA NOK 35 mill. (NOK 19 mill.)
• Net ticket income per diems up 6.5 %
• Passenger days decreased with 6 %
• 12% strengthening of GBP/USD
• All cruise vessels are nowupgraded

Highlights Group level

• Operating revenues were NOK 1 968 million (NOK 2 353 million)
• Operating result before depreciation (EBITDA) was NOK 439 million (NOK 689 million)
• Operating result (EBIT) was NOK – 249 million (NOK 7 million)
• Net result NOK 503 million (NOK -148 million)

Post quarter event:

Fred. Olsen Renewables – divestment of 49% of two UK wind farms