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Jet Reports is failing to load

We have tried to open Excel with the Jet Reports Add-in enabled and the program closes with the following fail message

An unexpected error has occurred:

 The remote procedure call failed. (Exception from HRESULT: 0x800706BE)

  System.Runtime.InteropServices.COMException

   at Microsoft.Office.Interop.Excel.ApplicationClass.RegisterXLL(String Filename)

   at Jet.Excel.ExcelApplication.LoadAddins()

   at Jet.Application.ApplicationProgram.LaunchExcel()

   at Jet.Application.ApplicationProgram.Main(String[] args)

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