Annual General Meetings

28 May 2015 Business segments as of 28 May 2015

62.7% Bonheur ASA (listed OSE) Ganger Rolf ASA (listed OSE) 20.7%

Offshore drilling Renewable energy Shipping/Offshore wind Cruise Other investments

51.9% 100% 100% 100%

Fred. Olsen Energy ASA Fred. Olsen Fred. Olsen Ocean Ltd. Fred. Olsen Cruise NHST Media (listed OSE) Renewables AS Lines Ltd. Group AS (54.0%)

Koksa Eiendom AS (12.6%)

Various 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)

3 Offshore drilling

Fred. Olsen Energy ASA Offshore drilling – Operating worldwide

Byford Dolphin Bideford Dolphin

Greenland Borgsten Borgland Dolphin Dolphin

Borgholm Bredford Dolphin Iceland Dolphin Russia Sweden

Finnland

Norway

Canada Blackford Latvia United Kingdom Denmark Dolphin Lithuania Belarus Ireland

Netherlands Poland Bollsta

Luxemburg Czech Republic

Slovakia Ukraine Kazakhstan Austria Hungaria Moldawia Mongolia Dolphin France Switzerland Slovenia Romania

Croatia Bosnia‐ Herzegovina

Serbia Italy Montenegro Bulgaria Usbekistan Georgia Macedonia Kirgistan

Portugal Albania Armenia Azerbaijan North Korea USA Turkmenistan Turkey Tadschikistan

South Korea Japan

Tunesia Cyprus Syria China Lebanon Afghanistan Iraq Marocco Iran Israel Jordan

Kuwait Nepal Algeria Pakistan Bhutan

Libya Egypt

Qatar West Sahara Mexico Bangladesh Taiwan United Arab Emirates India Cuba Saudi‐Arabia

Dominican Republic Oman Laos Haiti Mauretania Myanmar Mali Jamaica Puerto Rico Niger Belize

Yemen Thailand Guatemala BoletteHonduras Chad Eritrea Vietnam Senegal

El Salvador Gambia Sudan Nicaragua Burkina Faso Guinea‐ Bissau Dschibuti Cambodia Guinea Trinidad Benin Dolphin Philippines Costa Rica Somalia Nigeria Sri Lanka Sierra Leone Ivory Coast Ethiopia Venezuela Panama Guyana Ghana Central Africa Brunei Liberia French‐ Guayana Togo Columbia Surinam Cameroon Malaysia

Uganda Congo Kenya Gabun Ecuador

Rwanda Indonesia Zaire Burundi Papua‐New Guinea

Tanzania

Angola Peru

Malawi Sambia

Brazil Mozambique

Bolivia Madagascar Zimbabwe Namibia

Botswana Paraguay Belford Australia

Swaziland

South Africa

Lesotho Dolphin

Uruguay

Argentina Borgny Chile New Zealand Dolphin (idle – UK)

5 5 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

6 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

Ta inn nytt bilde

7 Offshore drilling - Contract overview as per 28 May 2015

2015 2016 2017 2018 2019 2020

Bolette Anadarko

Bollsta Chevron

Belford Anadarko1)

Blackford Chevron

Bideford Statoil

Borgland RMN consortium

Bredford AGR cons

Byford BP

Borgsten Total

Borgholm BG

Borgny Cold stacked

1) Terminated for convenience (termination fee of USD 52 million)

Option Mobilization Yard

Average contract length of ca. 19 months 8 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

9 Average dayrates Norway

10 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

12 Business Model and Project Portfolio

Site Investigation Development Consented Construction Operation

Scotland Scotland – 100-180 MW Scotland Sweden Scotland Crystal Rig extension Windy Standard II – 75 MW Crystal Rig – 62.5 MW Norway Fäbodliden 78 MW Rothes extension Crystal Rig II - 138.0 MW Sweden Paul’s Hill extension Ireland Rothes – 50.6 MW Windy Standard III Codling Bank – 500 MW Rothes II – 41.4 MW offshore (50% owned; total Paul’s Hill – 64.4 MW Norway – 300-600 MW 1000 MW) Mid Hill – 75,9 MW Portfolio Norway Norway Ireland – 500 MW Gravdal – 90 MW Lista – 71.3 MW Codling II – 500 MW offshore Gilja – 135 MW (50% owned; total 1000 MW) Gismarvik 9 MW (60% owned of total 15 MW) Sweden – 300-500 MW Kalvvatnan 225 MW FORSCA-projects Verkanliden Sweden Högaliden 102 MW

Total portfolio 1 200– 1 780 MW 1 136 MW 78 MW 504,1 MW

Onshore portfolio 700 – 1 280 MW 636 MW 78 MW 504,1 MW

13 Renewable energy - Projects in the UK and Ireland

14 Projects in Scandinavia

15 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. 17 Shipping / Offshore wind - Vessels

18 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

20 Cruise – Ships

Boudicca Braemar

Balmoral Black Watch 21 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

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

24 Fred. Olsen Windbase – Built on bucket foundations

Sealevel

Soil

25 Flexible deck layout – Client adapted solutions

Example 1 Example 2 . Accommodation for 85 pax in 2 modules . Accommodation for 50 pax . Service deck for 10 containers (2 indoor) . Service deck for 10 containers (2 indoor) . Hanging deck for daughter craft launch . Hanging deck for daughter craft launch . Separate heli platform with fuelling facility . Separate heli platform with fuelling facility

26