Ganger Rolf Asa News

First Olsen Ltd., which is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, is advising of a Letter of Intent for newbuilding contracts for two suezmax tankers to be built at Bohai Shipbuilding Heavy industries C. Ltd. in China. If concluded, delivery will be due in December 2009 and April 2010, respectively and the price is agreed at $73.7m per vessel.

Fred. Olsen Cruise Lines Singapore which is 50 percent owned by each of Ganger Rolf ASA and Bonheur ASA, has entered into an agreement with a subsidiary of Star Cruises Ltd. to purchase the 1988 built 34242 grt. cruise vessel MV Norwegian Crown, with delivery late August 2006. The vessel will upon delivery be chartered back to the sellers for a 14 months' period until around 1 November 2007. The vessel will be re-named at re-delivery. commence operations for Fred. Olsen Cruise Lines in early 2008. Total project costs amount to about USD 130 million. Upon completion of this acquisistion Fred. Black Watch, MV Braemar and MV Boudicca.