Financial information

The operating result (EBIT) which mainly reflects the holding company costs, was negative NOK 11 million (negative NOK 43 million). All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Net result from associates accounted for using the equity method in the quarter, was NOK 163 million (NOK 104 million). The net result includes share of results from Fred. Olsen Energy ASA (FOE) of NOK 146 million (NOK 170 million), Fred. Olsen Production ASA (FOP) of NOK 11 million (negative NOK 10 million) and the cross ownership contribution from Bonheur ASA of NOK 34 million (NOK 10 million). The cruise activities reported a net result of NOK 18 million (negative NOK 22 million). First Olsen Ltd. (shipping) had a negative net result of NOK 52 million (negative NOK 26 million) and Fred. Olsen Renewables AS had a net result of negative NOK 12 million (negative NOK 23 million).

Compared with the same period last year operating revenues within all segments have been positively impacted by higher USD and GBP rates against NOK.

Net financial items in the quarter were NOK 35 million (negative NOK 9 million), including a gain of NOK 58 million from the sale of 0.5 million shares in FOE at a price of NOK 235 per share. Net result before tax in the quarter was NOK 186 million (NOK 53 million). Net result after estimated tax was NOK 196 million (NOK 54 million).

EBIT year to date were negative NOK 34 million (negative NOK 62 million). Net result from associates accounted for using the equity method year to date was NOK 404 million (NOK 391 million). Net financial items year to date were negative NOK 8 million (negative NOK 56 million), and net result after tax year to date was NOK 350 million (NOK 294 million).

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