Financial and operating highlights 4Q22 (4Q21 in brackets):

  · Operating revenues were NOK 3 361 million (NOK 2 713 million)
  · EBITDA was NOK 1 285 million (NOK 1 108 million)
  · EBIT was NOK 1 010 million (NOK 902 million)
  · Net result after tax was NOK 732 million (NOK 637 million)
  · Dividend proposal of NOK 5.00 per share, (NOK 213 million)
  · Equity in parent company post proposed dividend NOK 8 071 million (NOK 6 843
million)

Segment highlights 4Q22 (4Q21 in brackets):

Renewable Energy

  · EBITDA NOK 1 016 mill. (NOK 1 060 mill.)
  · Continued high power prices, but declining prices in the UK and Norway
  · Generation 11% lower than P50 forecast due to low wind speed
  · Significant taxation and fees announced for renewable energy in Norway, the
EU and the UK with effect from 1 January 2023

Wind Service

  · EBITDA NOK 405 mill. (NOK 147 mill.)
  · Tern vessels with 99% utilization (31% mainly due to upgrade of Bold Tern)
  · Solid backlog of EUR 553 mill. up from EUR 473 mill. in previous quarter
  · GWS with difficult operational quarter with project delays
  · UWL with good operational quarter

Cruise

  · EBITDA NOK -85 mill. (NOK -85 mill.)
  · High bunker costs
  · Two of three ships partly out of service in the quarter
  · Occupancy of 64% (51%)
  · Braemar was made available for sale in the quarter
  · Improved booking numbers for 2023 and 2024

Other Investments

  · EBITDA NOK -51 mill. (NOK -14 mill.)
  · EBITDA for NHST NOK 13 mill. (NOK 21 mill.)
  · Fred. Olsen 1848, progressing several technologies and innovations within
floating wind and floating solar in the quarter
  · Fred. Olsen Investments, undertaken smaller investments within renewable
energy related companies

Financial information

The unaudited Group accounts for 4Q22 comprise Bonheur ASA (the "Company") and
its subsidiaries (together the "Group of companies") and the Group of companies'
ownerships in associates.

The main business segments of the Group of companies are Renewable Energy, Wind
Service, Cruise and Other investments.

The Group of companies' operating revenues in the quarter amounted to NOK 3 361
million (NOK 2 713 million). Renewable Energy had operating revenues of NOK 1
326 million (NOK 1 268 million), Wind Service    NOK 1 293 million (NOK 844
million), Cruise NOK 472 million (NOK 310 million). Other investments had
operating revenues of NOK 271 million (NOK 292 million).

EBITDA in the quarter was NOK 1 285 million (NOK 1 108 million). Renewable
Energy achieved EBITDA of       NOK 1 016 million (NOK 1 060 million), Wind
Service NOK 405 million (NOK 147 million), Cruise NOK -85 million (NOK -85
million). Within Other investments EBITDA was NOK -50 million (NOK -14 million).

Depreciation was NOK -261 million (NOK -206 million). In Renewable Energy the
depreciation was lower last year because of the extension of the lifetime of the
wind farms was booked as reduction in depreciation in the fourth quarter last
year.

An impairment charge was made of NOK 14 million. The impairment is related to
cancellation of four small development projects in Renewable Energy.

EBIT was NOK 1 010 million (NOK 902 million).

Net financial items in the quarter were NOK -167 million (NOK 14 million). Net
interest expenses were NOK -96 million (NOK -145 million). In addition, net
unrealized financial loss of NOK 90 million was recorded (gain of NOK 23
million), which mainly consists of i) unrealized loss of NOK 109 million (gain
of NOK 66 million) from interest swaps related to long term loans in Fred. Olsen
Renewables (FOR), ii) exchange rate differences of NOK -3 million (NOK -27
million) and iii) unrealized gain on investments of NOK 22 million (loss of NOK
-16 million). Other financial items amounted to NOK 19 million (NOK 133 million)
which is mainly due to updated assumptions of provision for decommissioning cost
for windfarms.

The Net Result for the quarter was NOK 732 million (NOK 637 million) of which
NOK 334 million (NOK 313 million) is attributable to the shareholders of the
parent company. The non-controlling interests' share of the net result was NOK
398 million (NOK 324 million).

Annual General meeting / Dividend

With regard to the Annual General Meeting 2022 the board will, subject to
considering views of the Shareholders' Committee, propose a dividend of NOK 5.00
per share. For the company NOK 213 million.

The annual general meeting is scheduled for Wednesday 25 May 2023.