Ganger Rolf Acquires Cruise 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. Following an upgrade the vessel is scheduled to 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. Olsen Cruise Lines will be operating a fleet of five vessels also including MV Black Prince, MV Black Watch, MV Braemar and MV Boudicca.