2Q 2008 INTERIM REPORT Unaudited

2Q 2008 INTERIM REPORT Unaudited HIGH UTILISATION AND STRONG CASH FLOW IN 2Q 2008 Ocean HeavyLift ASA (OHL) continues to deliver strong results in the second quarter of 2008. TC equivalent revenues came to about USD 67,000/day and the utilisation rate was 92%. Year to date, the EBITDA result was USD 19.0 million and net profit USD 9.8 million. Delivery of HeavyLift Ancora took place on 17 June 2008 with total capital expenditure of USD 90.3 million. HIGHLIGHTS 2Q EBITDA of USD 9.0 million (USD 10 million in 1Q 08) Net profit of USD 7.1 million (USD 2.7 million in 1Q 08) Order backlog of USD 114 million (USD 119 million after 1Q 08) HeavyLift Ancora was delivered 17 June at USD 90.3 million HeavyLift Hawk estimated to be delivered early September 2008 at abt. USD 92 million KEY FIGURES USD million 2Q 08 Unaudited 1Q 08 Unaudited 2Q 07 Unaudited YTD 08 Unaudited YTD 07 Unaudited 2007 Audited Gross freight revenue 19.3 19.9 7.4 39.2 14.2 38.1 Operating revenue / TC revenue 13.2 13.8 5.4 27.0 10.9 27.3 Operating profit before depreciation 9.0 10.0 2.9 19.0 5.1 14.3 Operating profit 7.5 8.6 1.5 16.0 3.1 9.5 Net profit 7.1 2.7-1.7 9.8-0.8-2.5 Earnings per share (USD) 0.23 0.09-0.06 0.32-0.03-0.08 Cash and cash equivalents 27.7 15.0 7.1 27.7 7.1 11.7 Interest bearing debt 105.9 73.2 70.3 105.9 70.3 73.1 RESULTS For the second quarter of 2008 OHL recorded gross freight revenues of USD 19.3 million and operating/tc revenues of USD 13.2 million. EBITDA amounted to USD 9.0 million. And EBIT was 7.5 million. Net profit came to USD 7.1 million. Page 1 of 4

The fleet utilisation was 92% in the second quarter, a strong compared to the 97% achieved in the first quarter. Average fleet utilisation for the first half of 2008 was 94%. For the second quarter of 2007 the fleet utilisation was 55% and for the full year 2007 it was 66%. The EBIT of USD 7.5 million was significantly better than the USD 1.5 million EBIT of the second quarter last year. This is due to the improved fleet utilisation, where both vessels were sailing under contract close to all days, favourable mobilisation and satisfactory commercial rates. The company has been able to cope with the rising bunker oil prices due to favourable bunker escalation clauses in most of the heavy lift transportation contracts. The group recorded a net profit of USD 7.1 million after net financial items of USD -0.3 million in the second quarter. A part of the financial items is a mark-to-market gain of USD 0.9 million on the forward exchange rate contract. See financing section below. For the first half of 2008 the gross freight revenue amounted to USD 39.2 million; operating/tc revenue was USD 27.0 million. EBITDA came to USD 19.0 million; EBIT was USD 16.0 million and net profit came to USD 9.8 million. The group s condensed financial statements for the second quarter of 2008 are enclosed. SHARE CAPITAL ISSUES On 17 June 2008, a private placement share issue of 8,750,000 shares at a price of NOK 36 per share for total proceeds of NOK 315 million took place. The share issue was directed towards parties related to the sellers of HeavyLift Ancora and HeavyLift Hawk, according to an agreement dated 20 February 2007 to acquire these vessels. The share issue was dependent on, and took place at the same time as the delivery of HeavyLift Ancora. Based on the last closing price of NOK 41.50 prior to the share issue, the immediate dilution caused by the share issue was 3.0%, corresponding to NOK 1.25. FINANCING In March 2007, the company entered into a loan agreement with Calyon S.A. for a USD 225 million term loan facility for the financing of the company s vessels. As part financing of HeavyLift Ancora, USD 33 million was drawn on the facility on 17 June 2008, and in total USD 109 million is currently drawn. With the loan facility and the private placement, OHL has fully financed the acquisition of HeavyLift Ancora and HeavyLift Hawk. The company entered into a forward exchange rate contract in March 2007, to hedge the exposure related to the NOK 315 million equity issue. The forward contract has been renewed several times because of the delayed delivery of HeavyLift Ancora. The contract was finally settled on 17 June 2008. Due to the increase in the USD/NOK exchange rate in the second quarter 2008, a realised gain of USD 0.9 million was recorded related to the forward exchange rate contract. For the first half of 2008 the net realised loss on the contract was USD 3.4 million. MAJOR EVENTS OHL took delivery of HeavyLift Ancora on 17 June 2008 at a price of USD 90.3 million. Page 2 of 4

SUBSEQUENT EVENTS The 8,750,000 new shares to Spencer Energy AS and other parties related to sellers of HeavyLift Ancora were listed on Oslo Stock Exchange on 7 July 2008, upon completion of a listing prospectus. VESSEL OPERATION During the second quarter 2008 HeavyLift Eagle transported two jack-up barges from Singapore to Rotterdam and delivered a jack-up rig and a lifeboat for Hercules in Sharjah from US Gulf, being her eleventh transported cargo since delivery in November 2006. HeavyLift Falcon transported a river cruise vessel from Rotterdam to Marseille, a floating crane from Amsterdam to Constantza and a jack-up rig for Premium Drilling from Singapore to Malta. The vessel is currently enroute with a floating dock from the Mediterranean to West Africa, being the eighth heavy lift cargo since delivery in April 2007. Both vessels have performed satisfactory during the quarter, with only HeavyLift Falcon undergoing a scheduled stop for exhaust gas boiler upgrading works, which will improve vessel operating efficiency and reduce fuel consumption. Both vessels have been running slightly above budget during the quarter, mainly due to increased crew expenses and some up-storing of lube oil and provisions. HeavyLift Ancora was delivered on 17 June 2008 and loaded its first cargo in Singapore in July for Atlantia Offshore Ltd. The semi-submersible production unit Thunderhawk was skidded onboard the vessel and is currently under way to US Gulf. DELIVERY OF HEAVYLIFT HAWK Delivery of the last vessel from Songa Ancora Ltd (Songa), HeavyLift Hawk, which is being converted at the Huarun Dadong Dockyard in China, has been further delayed and is expected early September. The purchase price of the vessel is reduced by a daily penalty of USD 60,000 starting 15 days after scheduled delivery. After penalties and other agreed adjustments with Songa, OHL estimates that the final price of HeavyLift Hawk will be approximately USD 92 million, which is USD 15 million below the initially agreed purchase price of USD 107 million. The total estimated acquisition price for the two vessels is USD 182 million, which is about USD 32 million lower than initially agreed. The reduction in price equates to approximately NOK 4.3 per diluted OHL share. MARKET CONDITIONS AND OUTLOOK The market for semi-submersible heavy lift transportation is a niche market of the oil service industry and is characterised by few operators where OHL is now positioned as the second largest player in the world. Semi-submersible heavy lift vessels are used to carry cargoes such as jack-up rigs, semi-submersible rigs, floating production units, offshore modules and other cargoes such as floating docks, barges, dredgers, pre-fabricated industrial assets, offshore modules and military equipment. The higher level of activity in the offshore petroleum industry and the significant number of newbuildings in the jack-up and semi-submersible rig markets are boosting demand for heavy lift transportation. Page 3 of 4

The company has noted that many of the jack-up rigs being delivered in 2008-2010 have not yet contracted heavy lift transportation. The heavy lift market was active in the first half of 2008 and the company experienced satisfactory contract rates and a high fleet utilisation of 94%. Operating profit for 2008 is expected to be considerably higher than in 2007 as the market firms, the fleet utilisation improves and the addition of HeavyLift Ancora and HeavyLift Hawk to the fleet. The improved utilisation is a result of improved scheduling of the fleet and better ability to capitalise on the strong demand for heavy lift vessels. The company has a total order backlog, including letters of intent, of USD 114 million (USD 119 million at the end of 1Q 2008). Offshore Heavy Transport AS, the commercial manager of OHL s vessels, is making good progress in securing further heavy lift contracts. There are approximately 87 jack-up rigs and 54 semi-submersible rigs to be delivered from shipyards in the second half of 2008, 2009, 2010 and 2011. More than 50 jack-up rigs have not secured heavy lift transportation, however not all of the rigs will need dry transportation. With an increasing demand for other types of heavy lift cargoes, the market for semi-submersible heavy lift vessels is expected to stay firm the next couple of years. The high oil prices are boosting drilling activity globally, which again will increase installation of production units later in the cycle. The demand for heavy lift services is thus expected to remain strong for transportation of existing and new drilling rigs, production rigs and offshore modules as well as for other specialised heavy lift cargoes. RESPONSIBILITY STATEMENT We confirm that, to the best of our knowledge, the condensed set of financial statements for the first half of 2008 which has been prepared in accordance with IAS 34 Interim Financial Statements gives a true and fair view of the Company s consolidated assets, liabilities, financial position and results of operations, and that the interim management report includes a fair review of the information required under the Norwegian Securities Trading Act section 5-6 paragraph four. The interim condensed financial report should be read in conjunction with the annual financial statements for the year ended 31 December 2007. Oslo, 19 August 2008 The Board of Directors Erik Gløersen Chairman Synne Syrrist Deputy chairman Heidi M. Petersen Jon C. Syvertsen Sigurd E. Thorvildsen Board member Board member Board member Cato Hellstenius CEO Page 4 of 4

Consolidated financial statements Consolidated income statement in USD thousand, unless otherwise indicated 2Q 2008 2Q 2007 YTD 2008 YTD 2007 2007 Gross freight revenues 19 271 7 452 39 198 14 154 38 093 Voyage related expenses -6 080-2 029-12 199-3 246-10 744 Operating revenues 13 191 5 423 26 999 10 909 27 348 Operating expenses vessels 2 140 1 365 3 770 3 214 7 685 Employee benefit expenses 1 212 131 2 373 131 1 450 Administrative expenses 824 1 075 1 865 2 465 3 835 Depreciation 1 561 1 368 2 971 2 043 4 846 Operating expenses 5 737 3 939 10 978 7 853 17 816 Operating profit 7 455 1 484 16 021 3 056 9 532 Interest income 162 88 274 139 359 Interest expense -1 361-1 384-2 742-1 903-4 810 Other financial items 865-2 504-3 713-2 344-7 571 Net financial items -334-3 800-6 181-4 107-12 022 Profit/-loss before tax 7 121-2 316 9 840-1 052-2 489 Taxes 627 273 Net profit/-loss 7 121-1 689 9 840-779 -2 489 Basic earnings per share (USD) 0.2279-0.0563 0.3213-0.0260-0.0830 Diluted earnings per share (USD)* 0.2194-0.0563 0.3092-0.0260-0.0798 * Dilution caused by share options to board and management

Consolidated financial statements Consolidated balance sheet in USD thousand 30.06.2008 30.06.2007 31.12.2007 NON-CURRENT ASSETS Deferred tax benefit 273 Vessels and other fixed assets 187 836 102 237 99 817 Total non-current assets 187 836 102 510 99 817 CURRENT ASSETS Other current assets 7 582 5 694 8 613 Cash and cash equivalents 27 698 7 104 11 727 Total current assets 35 279 12 798 20 341 TOTAL ASSETS 223 115 115 308 120 158 EQUITY Share Capital 12 446 9 079 9 079 Share premium reserve 84 988 29 176 29 176 Other equity 9 982 222-734 Total equity 107 417 38 477 37 521 NON-CURRENT LIABILITIES Deferred tax liability Long-term interest-bearing debt 76 627 70 271 63 089 Net pension liabilities 125 35 Total non-current liabilities 76 752 70 271 63 124 CURRENT LIABILIITES Current portion of long-term debt 29 286 10 000 Income tax payable Other current liabilities and accruals 9 660 4 829 8 863 Debt to related party companies 1 731 649 Total current liabilities 38 946 6 560 19 512 TOTAL EQUITY AND LIABILITIES 223 115 115 308 120 158

Consolidated financial statements Consolidated cash flow statement in USD thousand Ytd 2Q 2008 Ytd 2Q 2007 2007 Net cash provided by operating activities 15 143 2 925 5 550 Net cash used in investing activities -90 990-19 823-20 206 Net cash provided by/-used in financing activities 91 817 20 799 23 180 Net change in cash and cash equivalents 15 970 3 901 8 524 Cash and cash equivalents at beginning of period 11 727 3 203 3 203 Cash and cash equivalents at the end of period 27 698 7 104 11 727

Consolidated financial statements Consolidated statement of changes in equity On 17 June 2008 a private placement share issue of 8,750,000 shares at a price of NOK 36 per share for a total proceeds of NOK 315 million took place. The share issue was directed towards parties related to the sellers of HeavyLift Ancora and HeavyLift Hawk according to an agreement dated 20 February 2007 to acquire these vessels. The share issue was dependent on, and took place at the same time as the delivery of HeavyLift Ancora. The share price was divided into NOK 2 per share in share capital and NOK 34 per share in additional paid-in capital. Net transaction cost of the share issue was NOK 7.4 million. Based on the last closing price of NOK 41.50 prior to the share issue, the immediate dilution caused by the share issue was 3.0%, corresponding to NOK 1.25. in USD thousand Issued capital Share premium Other paid-in equity Retained earnings Other reserves Total Equity per opening balance 1 January 2008 9 079 29 176 832-1 742 176 37 521 Share issue 17 June 2008 3 367 55 812 0 0 0 59 179 Share-based payment 877 877 Net profit/-loss 9 840 9 840 Equity per ending balance 30 June 2008 12 446 84 988 1 708 8 098 176 107 417 Equity per opening balance 1 January 2007 9 079 29 176 0 747 176 39 179 Share-based payment 832 832 Net profit/-loss -2 489-2 489 Equity per ending balance 31 Dec. 2007 9 079 29 176 832-1 742 176 37 521 Equity per opening balance 1 January 2007 9 079 29 176 0 747 176 39 179 Net profit/-loss 77-779 -702 Equity per ending balance 30 June 2007 9 079 29 176 77-31 176 38 477 Share capital million shares 30.06.2008 30.06.2007 Number of shares, beginning of period 30,00 30,00 Number of shares, end of period 38,75 30,00

Notes to the consolidated financial statements Note 1 Corporate information Ocean HeavyLift ASA is a public limited liability company incorporated and domiciled in Norway. The address of the main office is Bolette Brygge 1 Tjuvholmen, 0252 Oslo. Note 2 Significant accounting policies The consolidated condensed financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting. The interim financial statements are unaudited. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2007. This interim report should be read in conjunction with the 2007 annual financial statements, which include a full description of the group's accounting principles. Note 3 Vessels and fixed assets On 17 June 2008 the delivery of the vessel HeavyLift Ancora from the seller Songa Ancora Pte Ltd took place. The fully owned subsidiary Awillift III AS was nominated owner of the vessel. Capital expenditure related to the acquisition amounted to USD 90,3 million. The HeavyLift Ancora is registered in the Norwegian International Ship register (NIS) and will be entered into the new Norwegian tonnage tax system. Ytd 2Q 2008 Vessels Other assets in USD thousand 2008 2007 2008 2007 Acquisition cost, opening balance 1 January 105 790 85 600 0 0 Acquisition upgrades and reconstruction 90 887 19 704 102 119 Acquisition cost, ending balance 30 June 196 678 105 304 102 119 Accumulated depreciation, opening balance 1 January 5 974 1 143 0 0 Depreciation 2 957 2 031 13 12 Accumulated depreciation, ending balance 30 June 8 931 3 174 13 12 Net carrying amount, ending balance 30 June 187 746 102 130 89 107 2007 Vessels in USD thousand 2007 2006 Acquisition cost, opening balance 1 January 85 600 11 355 Acquisition upgrades and reconstruction 20 190 74 245 Acquisition cost, ending balance 31 December 105 790 85 600 Accumulated depreciation, opening balance 1 January 1 143 556 Depreciation 4 830 587 Accumulated depreciation, ending balance 31 December 5 974 1 143 Net carrying amount, ending balance 31 December 99 817 84 457 Ytd Q2 2007 Vessels Other assets in USD thousand 2007 2006 2007 2006 Acquisition cost, opening balance 1 January 85 600 11 355 0 0 Acquisition upgrades and reconstruction 19 704 23 825 119 0 Acquisition cost, ending balance 105 304 35 180 119 0 Accumulated depreciation, opening balance 1 143 556 0 0 Depreciation 2 031 278 12 0 Accumulated depreciation, ending balance 3 174 834 12 0 Net carrying amount, ending balance 30 June 102 130 34 346 107 0 Note 4 Commitments and contingencies Capital commitments contracted for at the balance sheet date, but not recognised in the interim financial statements are as follows: in USD million Estimated Estimated delivery cost HeavyLift Hawk 3Q 08 92

Notes to the consolidated financial statements Note 5 Segment information - Business segments For management purposes, the group has one operating segment: the heavy lift segment. The group owns and operates heavy lift vessels for transport operations. The main cargoes are jack-up rigs, semisubmersible rigs and other offshore equipment for major companies in the oil and offshore sector. The segment for heavy lift is comprised of three units, HeavyLift Eagle, HeavyLift Falcon and HeavyLift Ancora. HeavyLift Eagle was delivered from the yard after conversion to heavy lift vessel in November 2006, HeavyLift Falcon was delivered in April 2007 and HeavyLift Ancora was delivered in June 2008. Vessels and other assets There have been no transactions between the segments. in USD thousands Heavy lift Other Total YTD 30.06.2008 Operating revenue 26 999 0 26 999 Operating expenses - vessels (3 770) 0 (3 770) Depreciation (2 957) (13) (2 971) Administrative expenses (1 024) (3 213) (4 237) Operating profit/ (loss) 19 247 (3 227) 16 021 Assets 187 746 89 187 836 Mortgage debt (including one year installment) 105 913 0 105 913 Investments 90 887 102 90 990 2Q 2008 Operating revenue 13 191 0 13 191 Operating expenses - vessels -2 140 0-2 140 Depreciation -1 554-8 -1 561 Administrative expenses -511-1 524-2 036 Operating profit/-loss 8 987-1 532 7 455 Assets 187 746 89 187 836 Mortgage debt (including one year instalment) 105 913 0 105 913 Investments 90 870 33 90 903 2007 Operating revenue 27 348 0 27 348 Operating expenses - vessels -7 685 0-7 685 Depreciation -4 830-16 -4 846 Administrative expenses -1 706-3 578-5 284 Operating profit/-loss 13 126-3 594 9 532 Assets 99 817 0 99 817 Mortgage debt (including one year instalment) 73 089 0 73 089 Investments 20 190-103 20 087

Notes to the consolidated financial statements in USD thousands Heavy Transport Other Total YTD 30.06.2007 Operating revenue 10 909 0 10 909 Operating expenses - vessels -3 214 0-3 214 Depreciation -2 031-12 -2 043 Administrative expenses -923-1 673-2 596 Operating profit/ (loss) 4 741-1 685 3 056 Assets 102 130 107 102 237 Other segment assets 6 206 258 6 465 Other segments liabilities 3 890 2 312 6 201 Mortgage debt (including 1 year installment) 70 271 0 70 271 Investments 19 861 0 19 861 Q2-2007 Operating revenue 5 423 0 5 423 Operating expenses - vessels -1 365 0-1 365 Depreciation -1 362-6 -1 368 Administrative expenses -517-689 -1 206 Operating profit/ (loss) 2 179-695 1 484 Assets 102 130 107 102 237 Other segment assets 6 206 258 6 465 Other segments liabilities 3 890 2 312 6 201 Mortgage debt (including 1 year installment) 70 271 0 70 271 Investments 11 779 0 11 779 Note 6 Related parties Commercial management for the vessels is provided by Offshore Heavy Transport AS. Tecnical management forheavylift Eagle andheavylift Falcon is provided by Wilhelmsen Marine Services AS, a company in the Awilhelmsen group. Tecnical management for HeavyLift Ancora and HeavyLift Hawk will be provided by Offshore Heavy Transport AS. Awilhelmsen Management AS has provided business and administration services for 2007 and the first quarter of 2008. All transactions with related parties have been made on an arms length basis and are settled regularly. Transactions with related parties are specified as follows: in USD thousand YTD 2Q 2008 YTD 2Q 2007 2007 Purchases Awilhelmsen group 285 764 1 090 Purchases Offshore Heavy Transport AS 1 036 740 1 606 Payables 0 1 731 649 Entity with significant influence on the group: Spencer Energy AS owns 28.2% of the shares in Oceean HeavyLift ASA, and Awilco AS, which is a whollyowned subsidiary of the Awilhelmsen group, owns 26,5% of the shares.

Notes to the consolidated financial statements Note 7 Share based compensation On 7 June 2007 Ocean HeavyLift established an equity-settled, share-based compensation plan. Under the plan, the Board has been granted 600 000 options, which can be exercised during the period 7 June 2008 to 7 June 2009. The CEO has been granted 300,000 options, which can be exercised during the period 22 August 2008 to 22 August 2009. The administrative manager has been granted 100,000 options, which can be exercised during the period 19 September 2008 to 19 September 2009. The CFO has been granted 100,000 options, which can be exercised during the period 1 January 2009 to 1 January 2010. The technical manager has been granted 100,000 options, which can be exercised during the period 1 March 2009 to 1 March 2010. The exercise price for all options is NOK 45.5 per share. in USD thousand YTD 2Q 2008 YTD 2Q 2007 2007 Fair value per opening balance 832 0 0 Expensed during the period 877 77 832 Fair value per ending balance 1 708 77 832 Note 8 Subsequent events Delayed delivery of HeavyLift Hawk In February 2007 the group entered into an agreement to purchase two heavy lift vessels from Songa Ancora Pte. Ltd. The gross purchase price is USD 107 million per vessel, subject to certain adjustments. The main adjustment being a daily penalty for each vessel of USD 60,000 for delays after 15 July 2007 for HeavyLift Ancora and 15 October 2007 for HeavyLift Hawk. HeavLift Ancora was delivered 17 June 2008 at a price of USD 90,3 mill. Delivery of Hawk is estimated to take place in 3Q 2008. Adjusted purchase price for HeavyLiftHawk is estimated to about USD 92 million. OHL has fully financed the planned aquisition of HeavyLift Hawk. Oslo, 19 August 2008 The board of directors