Nr. 22007

2 LINJEN NR. 2 - 2007

InnholdOffisersfortegnelse .......... side 2

«Linjen» Hvilket språk?”Linjen” – The Line -What language? .............. side 3

Fellesberetning 2006for Bonheur ASA ogGanger Rolf ASA ............. side 4

Joint Report 2006for Bonheur ASA andGanger Rolf ASA ............. side 4

Fred. Olsen AgenciesLimited changes name to Fred. Olsen Freight Limited ............................ side 6

Fred. Olsen Productiongoes public..................... side 6

Fryd for Fred. Olsen –Tusenfryd ........................ side 7

Varsler kjempesmell ........ side 8

Årsmøte i Fred. Olsen & Co.’sPensjonistforening .......... side 8

Pilot boat – unusualcargo to Tenerife ............. side 9

”Cutty Sark” .................... side 9

Vinddoktorene pålandsbygda.................... side 10

Fred. Olsen Cruise Linesexpanding with”Balmoral” .................... side 12

Forlengelse av cruise-skipet «Balmoral» ........ side 14

Fred. Olsen inSingapore...................... side 15

First quarter 2007results forThe Bonheur Group....... side 16

Pensjonistenes skipskostmiddag24. april 2007................ side 17

Olsen Cup 2007 ............ side 18

Skarverennet 2007 ........ side 19

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.

LINJEN NR. 2 - 2007 3

Linjen er utgitt av Fred. Olsen & Co.og sendes alle medarbeiderne iFred. Olsen & Co.-selskapene,tidligere medarbeidere, kunder,forbindelser og andre spesieltinteresserte.

Redaktør:Fridthjov Haavardsson.

Redaksjonsutvalg:Harald Andresen, Ketil Arvesen,Knut Klippenberg, Mats Sjøberg,Jan Petter Valheim.

Adresse, telefon etc.:Fred. Olsen & Co.Postboks 1159 - Sentrum0107 OSLOTelefon 22 34 10 00Telex 71360 - Telefax 22 41 24 15

Besøksadresse:Fred. Olsensgt. 2,0152 OSLO

Medarbeidere i dette nummer:Ketil Arvesen, Harald Berglihn,Lars Magnus Günter, FridthjovHaavardsson, Asbjørn Krogsmyr,Bjørn Segrov, Mats Sjøberg,Malcolm Stafford, Astrid S. Steen,John A. Sydness, Hanne C. A. Wong.

Sats, repro, trykk og innbinding:Worums Trykkeri A/SPostboks 20045504 Haugesund

Redaksjonen avsluttetjuni 2007.

Forsidebildet viser:FPSO «Knock Adoon».

LINJEN var fra starten skrevet kun på norsk. Alle ansatte på sjø og land var for50 år siden enten norske eller forsto norsk. Over tid er dette bildet helt forandret -vår drift er internasjonalisert og LINJEN på norsk når nok ikke ut til mange "i fel-ten". Engelsk er også i økende grad blitt arbeidsspråket på huset. En god del avstoffet i våre siste årganger har da også vært på engelsk. Selskapenes informa-sjon til aksjemarkedet har i de senere år foregått både på norsk og engelsk,mens Fred. Olsen Production - det siste skudd på børsnoteringsstammen - barevil bruke engelsk.Så det er naturlig å reise spørsmålet om tiden er kommet for å legge LINJENhelt over til engelsk? Redaksjonen er i tvil. Mange av våre eldre lesere vil neppe ha glede av et bladskrevet bare på engelsk. Noe av stoffet er nokså lokalt preget og vil ikke ha inter-esse utenfor landet. Og selv om vi har bidragsytere som skriver utmerket engelsker det ikke å vente at alle og enhver vil gjøre det.

Vi vil derfor - i hvert fall på det nåværende stadium - fortsatt ha norsk som primær-språk, men gradvis øke det engelske innhold og kjøre to-språklig der dette erpraktisk og interessant, som her og på de neste sidene. Vi mottar gjerne syns-punkter og kommentarer fra våre lesere om saken.

LINJEN - "THE LINE" – WHAT LANGUAGE?This publication was from the outset written in Norwegian only. 50 years ago all employees at sea and ashore were either Norwegian or could understand the language. Over time the scenery has changed quite a bit - our operations have lagely been internationalised and LINJEN will not have reached many of our colleagues "in the field". English has also increasingly become the working language inhouse. A good portion of the contents in recent issues have been in English. Information to the stock market has been in both Norwegian and English, while Fred Olsen Production - our most recently listed company - haselected to use English only.

So it is natural to ask if the time has come for LINJEN to be written fully in English? The editor and the editorial committee are in doubt. Many of our present Norwegian readers, including our pensioners, will probably not have full benefit of a pure English publication. Some of the contents are also fairly parochial - reports from the pensioners club and the sports club - and will not be of a wider interest. And even if we have contributors who write excellent Englishnot everybody can be expected to do so.

We therefore intend - at least for the present - to maintain Norwegian as a prime language, but gradually increase the contents in English and use both langua-ges where this is practical and interesting. We hope this will increase the read-ability of LINJEN for our friends abroad and welcome comments - and maybeeven more frequent contributions - from you.

Fridthjov Haavardsson

Linjen – hvilket språk?

4 LINJEN NR. 2 - 2007

Trykket i den globale økonomien fortsat-te med styrke også i 2006, godt hjulpetav strukturelle skift av produksjon til Asia,stadige teknologiske forbedringer og fort-satt markedsliberalisering. Dette har resul-tert i en rekordartet prising av metaller,anleggsaktiva og eiendom på bred inter-nasjonal basis. Amerikansk økonomi fort-satte å overraske på den positive sidenmed en vekst på 3,3 % i 2006 til tross foret tildels dramatisk fall i huspriser motslutten av året. Den positive utviklingen iverdensøkonomien har bidratt til at våreselskaper også i 2006 oppnådde goderesultater.

Innenfor offshore boring fortsatte detsterke markedet i 2006. Fred. OlsenEnergy (FOE) opererte dypvannsenhet-en «Belford Dolphin», syv Aker H3 halvtnedsenkbare borerigger og en halvt ned-senkbar boligrigg. Det sterke markedetmedførte at selskapet fikk en betydeligresultatfremgang i forhold til foregåendeår. Utsiktene er gode for at de positivemarkedsforholdene innen offshore bor-ing vil fortsette. Imidlertid har en rekkeselskaper tatt mange nye posisjoner inybygg gjennom året, og ordreboken om-fattet ved årsslutt rundt 55 flytendeboreenheter. De fleste av disse levering-ene vil komme i 2009/2010, og omlag entredjedel av disse har fortsatt ikke kon-trakt. Samtidig bidrar nybyggene til øktpress på utdannet og erfarent personellinnenfor offshore boring.

Innenfor flytende produksjon gjennom-førte vi vårt foreløpig mest omfattendeprosjekt da VLCC-skipet «Knock Adoon»ble bygget om til FPSO og erstattet«Knock Taggart» på Antanfeltet utenforNigeria i 4. kvartal. Bakgrunnen for byttetvar at operatøren av feltet, AddaxPetroleum, økte produksjonen og der-med hadde behov for økt prosesserings-og lagringskapasitet. Bytte av FPSO-fartøy ble effektivt gjennomført med enstengningstid på feltet på bare 5 dager.Både «Knock Dee» og «Knock Taggart»avsluttet sine kontrakter i løpet av året ogblir markedsført mot nye prosjekter.Også de andre operasjonene forløp til-fredsstillende. I februar 2007 ble detbesluttet å skille ut den flytende produk-sjonsvirksomheten og å gjøre en rettetemisjon i kapitalmarkedet.

Etter salget av tre suezmax tankskip idesember 2005, har First Olsen Ltd.gjennom året eid og operert to enkelt-skrog suezmax tankskip, «Knock Allan»og «Knock Stocks». I løpet av året bledet investert i en nyere suezmax-flåtemed dobbeltskrog gjennom kontraheringav to nybygg i Kina og kjøpet av den

1998-bygde «Knock Sheen». Totalt settbetyr dette nyinvesteringer på USD223,9 millioner. Nybyggene vil bli levert i2009/2010. «Knock Sheen» ble overtatt inovember og ble umiddelbart sluttet for 3år til USD 39 000 per dag. «Knock Allan»ble sluttet på et certepati til august 2007,og skipet vil deretter bli ombygd for enFPSO-operasjon for Fred. Olsen Produc-tion. «Knock Stocks» ble solgt i januar2007.

Fremgangen fortsatte for cruisevirk-somheten med bakgrunn i økt kapasitetog et stadig voksende marked. Opera-sjonen omfattet de 4 skipene MS «Bra-emar», MS «Black Watch», MS «BlackPrince» og MS «Boudicca». I løpet avåret ble det investert i ytterligere kapa-sitet gjennom kjøpet av MS «NorwegianCrown». Skipet leies tilbake til selgerfrem til november 2007, og vil etter enoppgradering komme i operasjon forFred. Olsen Cruise Lines i første kvartal2008.

Innenfor fornybar energi arbeidet Fred.Olsen Renewables videre med sineprosjekter, primært i Skottland. Total pro-duksjon økte fra 74,1 GWh i 4. kvartal2005 til 136,6 GWh i tilsvarende kvartal2006, en økning på 84 %. Dette skyldesat vindkraftanlegget Paul’s Hill (64,4MW) ble ferdigstilt i henhold til planene i3. kvartal. Ved utgangen av året haddeselskapet 12,5 MW under bygging, samtkonsesjon på ytterligere 200 MW.Forberedelser for bygging av Crystal RigII på 120-156 MW har startet, og prosjek-tet forventes ferdigstilt i 2009/2010.Crystal Rig II vil nær doble den kapasitetvi hadde installert ved årsslutt og blirsåledes et viktig prosjekt i utviklingen avet større engasjement innen fornybarenergi.

De globale klimautfordringene har ende-lig kommet i fokus på bred internasjonalfront. På den politiske arena er det førstog fremst Tony Blair som har utvistdristighet og lederskap gjennom etambisiøst program for fornybar energi.Våre selskaper har i lang tid vært opptattav klimatrusselen og har arbeidet i merenn ett tiår med å utvikle vårt engasje-ment innenfor fornybar energi. Våre vind-kraftanlegg i Skottland er skånsomt ognøye plassert i terrenget. Vi opplever atpositive erfaringer lokalt fører til at detlegges aktivt til rette for utvidelse avanleggene. Norge har spesielt gunstigevindressurser i et europeisk perspektivsom må utnyttes i en aktiv og målrettetinnsats i utvikling av mer fornybar energi.Det må nå gjennomføres en klok ogskånsom utbygging som ikke forringer

våre strandsoner og vårt unike kystmiljø.I Fred. Olsen Renewables har vi kom-petanse og erfaring nettopp på å utformeløsninger som tilfredsstiller dette.

Styrene har i en rekke årsberetningerpåpekt den rolle norske rederier og off-shoreselskaper spiller i den nasjonalenæringsutviklingen og de ringvirkning-ene dette representerer over det ganskeland. Likeledes har vi understreket be-hovet av at disse næringene gis vekst-kraft og verdiskapningsevne i Norgegjennom rammebetingelser og skatte-vilkår som er både forutsigbare og ogsåinternasjonalt konkurransedyktige. Detpolitiske miljø har hittil ikke synes villig tilå ta dette inn over seg, og selv ikke ram-mevilkår som er på linje med de flesteeuropeiske ordninger innenfor EU syneså få tilstrekkelig politisk tilslutning. Derforhar vi løpet av 2006 sett en tiltagendeutflytting av virksomheter innen shippingog offshore fra Norge. Vi venter nå ispenning på den nye skipsfartsmeldin-gen og kan bare håpe at politikerenedenne gangen er villig til å gjennomførenødvendige tiltak.

Styrene valgte i september å legge fremet ekstraordinært utbytteforslag på kr.7,90 i Ganger Rolf og kr. 7,00 i Bonheur.Som behørig omtalt i fjorårets beretning,ble det ikke foreslått utbetalt utbytte vedfjorårets ordinære generalforsamlinger imai grunnet den spesielt ugunstige skat-tesituasjonen som norske, private aksjo-nærer sto overfor i 2006 ved overgangentil et nytt skattesystem med fritaksmodellog utbytteskatt.

Når det gjelder den ordinære generalfor-samlingen i 2007 vil styrene foreslå atdet utbetales et utbytte på kr. 10,00 iGanger Rolf og kr. 8,90 i Bonheur.Styrene har understreket at de veddenne anledning har funnet det naturligå anbefale et uvanlig høyt utbyttenivåhensyntatt selskapenes gode resultat-utvikling og generelt sterke markedsfor-hold innen hovedsegmentene.

Joint report 2006 forBonheur ASA and GangerRolf ASAThe pressure in the global economy con-tinued with strength also in 2006, rein-forced by a structural shift of manufactur-ing towards Asia, constant technologicalimprovements and continued market lib-eralization. This has resulted in recordhigh prices for metals, fixed assets andproperty on an international scale. The

Forts. neste side

Fellesberetning 2006 for Bonheur ASAog Ganger Rolf ASA

Forts. fra forr. sideAmerican economy continued to surpriseon the positive side with a growth rate of3.3 % in 2006, despite a partly dramaticfall in housing prices towards the end ofthe year. The positive development ofthe world economy has contributed toour companies achieving good resultsalso in 2006.

Within offshore drilling, the strong marketcontinued in 2006. Fred. Olsen Energy(FOE) operated the deep water unit«Belford Dolphin», seven Aker H3 semi-submersible drilling rigs and one semi-submersible accommodation rig. Thestrong market brought about a consider-able improvement in company results ascompared to last year.

The prospects for continued positivemarket conditions within offshore drillingare good. However, a number of compa-nies have acquired many new positionsin newbuildings during the year, and bythe end of the year, the order books con-tained about 55 floating drilling units.Most of these deliveries will take place in2009/2010, and about one third of theseis still without a contract. In addition, thenewbuildings contribute to exert pres-sure on skilled and experienced person-nel within offshore drilling.

Within floating production, we carried outour most wide-ranging project so far,when transforming the VLCC vessel«Knock Adoon» into an FPSO, replacing«Knock Taggart» on the Antan field off-shore Nigeria in the fourth quarter. Thebackground for the replacement was thefact that the operator for this field, AddaxPetroleum, increased the production andtherefore required more processing andstorage capacity. The replacement of theFPSO vessel was efficiently carried out,limiting the field closure period to only sixdays. Both «Knock Dee» and «KnockTaggart» concluded their contracts dur-ing the year and are now being marketedfor new projects. Other projects werealso functioning satisfactorily. In February2007, it was decided to spin off the float-ing production activity and a private equi-ty offering was completed in February2007.

After the sale of three suezmax tankersin December 2005, First Olsen Ltd.owned and operated two single hullSuezmax tankers, «Knock Allan» and«Knock Stocks», through the year. In thecourse of the year, investments weremade in a more modern double hullSuezmax fleet by contracting two new-buildings in China, and purchasing the

1998 built «Knock Sheen». In total, thisrepresents new investments amountingto USD 223.9 million. The newbuildingswill be delivered in 2009/2010. «KnockSheen» was delivered in November andimmediately employed for three years atUSD 39 000 per day. «Knock Allan»operates on a charter party until August2007, after which date the vessel will beconverted for an FPSO operation forFred. Olsen Production. «Knock Stocks»was sold in January 2007.

The positive development for the cruiseactivity continued based on increasedcapacity and a constantly growing mar-ket. The operation included the four ves-sels MS «Braemar», MS «Black Watch»,MS «Black Prince» and MS «Boudicca».In the course of the year, investmentswere made in additional capacity throughthe purchase of MS «NorwegianCrown». The vessel is chartered back tothe seller until November 2007 and willcome into operation for Fred. OlsenCruise Lines in the first quarter of 2008,after an upgrading.

Within renewable energy, Fred. OlsenRenewables continued its work withinprojects, primarily in Scotland. Total pro-duction increased from 74.1 GWh in thefourth quarter of 2005 to 136.6 GWh inthe corresponding quarter of 2006, anincrease of 84 %. This increase was dueto the fact that the Paul’s Hill windfarm(64.4 MW) was completed according toplan in the third quarter. By the end ofthe year, the company had 12.5 MWunder construction, with concessions foran additional 200 MW. The preparationsfor the construction of Crystal Rig II with120-156 MW have started and the pro-ject is expected to be completed by2009/2010. Crystal Rig II will almost dou-ble our installed capacity by year endand will thus be an important project inthe further development within renew-able energy.

The global climate challenges have final-ly been focused on a wide internationalfront. On the political arena, Tony Blair inparticular has been showing boldnessand leadership through an ambitiousprogramme for renewable energy. Ourcompanies have for a long time beenfocused on the climate challenge andhave been working to develop ourinvestment within renewable energythroughout more than a decade. Ourwindfarms in Scotland have been care-fully placed in the landscape. We arelearning that positive local experiencewith our wind farms support plans forexpanding existing plants. In a European

perspective, Norway has got particularlyfavourable wind resources which shouldbe exploited in an active and determinedeffort for the development of more rene-wable energy. It is now the time to carryout a wise and careful developmentwhich does not depreciate our sea-shores and our unique coastal environ-ment. In Fred. Olsen Renewables wehave got the necessary qualificationsand experience to find solutions whichsatisfy these requirements.

In a number of yearly reports, the boardshave called attention to the importanceof Norwegian shipowners and offshorecompanies in the national industrial deve-lopment and the spin-off benefits ofthese activities all over the country.Furthermore, we have emphasized thenecessity for these industries getting theability to grow and add value in Norwayby general taxation and taxation termswhich are both predictable and alsointernationally competitive. Political cir-cles so far do not seem to recognize thissituation, and even general operatingterms in line with most European arran-gements within the EU, do not seem toattract sufficient political support. Wehave, therefore, in the course of 2006seen an increasing relocation of opera-tions within shipping and offshore out ofNorway. We are now looking forward tothe new parliamentary report on ship-ping, hoping that the politicians this timeare willing to take the necessary steps.

In September, the boards decided topropose an extraordinary dividend ofNOK 7.90 for Ganger Rolf and NOK 7.00for Bonheur. As properly commentedupon in last year’s report, no dividendwas proposed paid-out at last year’sannual general meetings in May, due tothe particularly unfavourable taxation sit-uation for Norwegian private sharehold-ers in 2006, when changing to a new tax-ation system with an exemption modeland dividend tax.

As regards the annual general meetingin 2007, the boards will propose the pay-ment of a dividend of NOK 10.00 forGanger Rolf and NOK 8.90 for Bonheur.The boards have commented that at thisjuncture they have seen it appropriate torecommend an unusually high level ofdividends, in view of the good companyresults and generally strong market con-ditions within the main market segments.

The above forms the introduction to theannual reports of Bonheur and GangerRolf. The full about 100 page reports areavailable at respective internet pages.

LINJEN NR. 2 - 2007 5

6 LINJEN NR. 2 - 2007

Fred. Olsen Agencies Limited changes nameto Fred. Olsen Freight Limited

To better portray the current businessactivities and the emphasis on GlobalFreight Forwarding, Fred. Olsen Agen-cies Limited in Ipswich will changename to Fred. Olsen Freight Limited.

However the Company will retain theirsignificant Liner Agency business andrecently welcomed the arrival of theXPress Container Line vessel ”VegaStockholm” to the Rotterdam - Gothen-burg - Felixstowe - Bilbao - Gijon ser-vice. This is one of the many serviceshandled by Fred. Olsen Freight andoperated by XPress throughout NorthEurope, The Baltics, Scandinavia andthe Iberian Peninsular.

XPress are owned by Sea ConsortiumPte Sinagpore and have been repre-sented by Fred. Olsen in the UnitedKingdom, since expanding their activi-ties into North Europe in 2001.

Sea Consortium have a significantglobal role as a Common Carrier,offering the principal Ocean Carriers,slots for their containers to ”out” portsform the ”hub” ports that they serve.

M/V «Vega Stockholm».

The picture was taken by Fred. OlsenFreight man Nick Allen, who assistsLine Manager Kieran Hallinen, with

the substantial XPress documentationand operations.

Malcolm Stafford

✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩

Fred. Olsen Production goes publicIn LINJEN no.1 we wrote about theformation of Fred. Olsen ProductionASA as a separate, listed entitywithin the Fred. Olsen family of com-panies. The second step towardsfull listing has now been complet-ed. We mark this event by showingthe FPSO ”Knock Adoon” on ourfront page.

Fred. Olsen Production ASA was app-roved by the Oslo Stock Exchange onApril 25th 2007. The subsequent list-ing on the main board was subject tothe fulfilment of the requirement ofmore than 500 shareholders. This re-quirement is supposed to secure a mini-mum of liquidity and trading in the share.

Although most of the stipulated capitalplanned for Fred. Olsen Production –USD 190 million – was raised in theprevious private placement in Febru-ary, only 170 new shareholders partici-pated then. The share was quoted onthe OTC list (“over the counter”), butthis form of “listing” has very little liq-

uidity and the share price don’t moveup or down much.

In order to increase the number ofshareholders by about 350 an addi-tional trance of USD 10 million waslaunched subsequent to the approvalfrom the Stock Exchange with sub-scription period to May 10th 2007.This tranche (the IPO placement) wasdirected towards retail investors and inaddition to ABG Sundal Collier, DnBMarkets was engaged as co-lead.DnB Markets has a wide network ofretail outlets and is thus able to attractthe necessary number of smallerinvestors

The process for the Stock Exchangelisting was in direct continuation of theprivate placement and based on theinformation given to the large Norwe-gian and international investors. Theinformation about the Fred. OlsenProduction’s business was collected,verified by lawyers and auditors andproduced in a “prospectus” – a formal

document necessary to obtain a stockexchange approval.

In the period up to May 10th an exer-cise (“road show”) similar to the pri-vate placement was conducted toattract new investors. DnB Marketsrepresented a slight change to themeeting sequence as they sell mostlythrough brokers and sales outletdirectly to smaller investors and thusonly one meeting was necessary toinform DnB’s sales network.

We used this meeting scheduled inOslo and London also to call on manyof the existing investors to updatethem on the status of the company aswell as attracting some new accounts.

The IPO placement was successfuland a total of 839 new investors sub-scribed for 1,93 million new sharesand as a result of this Fred. OlsenProduction today has more than 1.000shareholders. Bonheur and Ganger

Forts. neste side

LINJEN NR. 2 - 2007 7

TOPP. Fjoråret ble rekordartet for fornøyelsesparken Tusenfryd.

FRA DAGENS NÆRINGSLIV.

Forts. fra forr. side

Rolf through First Olsen Ltd. now owns56,7 % of the company.

The issue price to large investors inFebruary was NOK 27,- per share, butin the IPO placement it was set atNOK 25.50 per share. The reason forthis stems most likely from the stockmarket development and lack of anymajor positive news flow from thecompany. Following the private place-ment the stock market went through asharp downturn in early March fol-lowed by a similar uplift again. Fred.Olsen Production drifted downwards inthe market unrest and did not reallyrecover. In addition, there was notenough news to support any uplift inthe share price. It was reported thatKnock Nevis was to expand thecapacity and receive an additionalbonus payment of USD 3-5 millionover two years and that the companyhad entered into a joint venture agree-ment with Marubeni to market FPSOproject in 4 countries in Asia, but obvi-ously this was not sufficient. The mar-ket awaited news about new con-tracts, especially on ”Knock Taggart”and ”Knock Dee”. This has yet tomaterialize.

On May 11th the share started tradingunder the ticker symbol “FOP”. A “tick-er” is a code or short form used tolabel the company in the stockexchange systems and on the com-puter screens. FOP has since thelaunce price of NOK 25.50 drifteddown to NOK 23 and up to NOK 25again. It is expected that more ana-lysts will follow the share and produceresearch on Fred. Olsen Production inthe near future. Hopefully, this and anypositive news about new contracts willcreate more interest and biggertradingin the share again.

K.A.

8 LINJEN NR. 2 - 2007

Styret:Asbjørn Krogsmyr – lederJan Erik Kristiansen – nestlederEivind Dahle – sekretær/referentBjørg Rakkestad – Kasserer/regnskapOle Einang – Leder aktiviteterEllen Nilssen – Styremedlem

Revisor:Leif Chrisstophersen

Valgkomité:Knut T. RøedKnut Klippenberg ogSyver Sønsterby

A. K.

Årsmøte i Fred. Olsen & Co.’s PensjonistforeningPensjonistforeningens årsmøte ble holdt 15. mars 2007 i Fred. Olsen & Co.’s kantine.Tilstede var 32 medlemmer.Hele styret og øvrige medlemmer med tillitsverv ble enstemmig gjenvalgt.På styremøtet 29. mars 2007 ble arbeidsoppgaver i styret fordelt som følger:

✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩

DAGENS NÆRINGSLIV fredag 1. juni 2007..

LINJEN NR. 2 - 2007 9

✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩

Pilot boat - unusual cargo to Tenerife

Earlier this year, Caron Henshaw ofFred. Olsen Agencies, received an en-quiry to ship a 12.8 mtr long, typeNelson 42 MK11 Pilot boat, fromPortsmouth, United Kingdom to theTenerife Pilots and together with theFOCS Container Service Line Mana-ger, Kieran Hallinan, figured the bestway to ship the craft was by road toFelixstowe and on to deck of theweekly FOCS sailings to the CanaryIslands.

Our picture shown the boat beingloaded on a grey, damp March morn-ing in Felixstowe, to the m.v. ”OPDRLas Palmas”, where the boat wasstowed on a specially designed cradle,which in turn was secured to 2 x 40’Platform Flats. The documentation washandled by Agencies, Simon Curtisand the shipper, the UK’s leadingcommercial and military boat builderVT Halmatic, expressed full satisfac-tion with the professional way the ship-ment had been handled. VT Halmatic,better known as Vosper and Thorny-croft, have been building boats sincethe late 19th century.

Malcolm Stafford

”Cutty Sark”The ”Cutty Sark” has recentlybeen in the news for all thewrong reasons, but that do weknow about this historic shipthat was recently severely dam-aged by fire, whilst ”berthed” atGreenwich on the Thames,where she has been on publicdisplay since 1954?

The ship was built in 1869 atDumbarton, Scotland, to a de-sign known as a ”clipper”.

The ship type ”clipper” got itsname from the 17th centuryverb ”clip” which was appliedto the rapid wing beats of fastmoving birds, with wing beatsthat resembled scissors andthe ”Cutty Sark” was the last ofthis type to be built.

The ship itself, gets her namefrom where she was built, ”cut-ty” meaning cut short or cur-tailed and ”sark”, in Scotlandmeaning shirt, chemise or shift.

So, you ask ”short shirt”?

Let med explain further. Thename comes from the garmentworn by the witch Nannie in thepoem ”Tom O’Shanter” byRobert Burns - ”in longtitudetho’ sorely scanty”.

Malcolm Stafford

PS. Our correspondent cannot beexpected to be aware that sark mustbe the same word as the Norwegian”serk”, a slightly oldfashioned name forfemale nightgowns. In other words wemay be talking about an interestingcase of indecent exposure here!And another example of the commonlinguistic heritage between Scotlandand Norway.

F.H.

10 LINJEN NR. 2 - 2007

Som vi skrev i forrige nummerav «Linjen», har Lista vind-møllepark fått konsesjon avNorges vassdrags- og energi-direktorat (NVE). I mai månedble en ny viktig milepæl nåddda kommunestyret i Farsundgodkjente prosjektet. Somtidligere nevnt er prosjektetanket til Miljøverndepartement-et og Olje- og energideparte-mentet, og det er uklart hvorlang tid ankeprosessen vil ta.

Vi er i avslutningsfasen når detgjelder installasjon av ytterlig-ere fem 2,5 MW turbiner fraNordex på Crystal Rig, hvilketinnebærer at prosjektet kom-mer opp i 25 turbiner med entotalt installert effekt på 62,5MW. Disse fem ekstra turbin-ene vil etter planen bli satt idrift i juni. Samtidig pågår for-beredelsene til et nytt prosjektmed bygging av ytterligere 51turbiner i det samme området.

I mai ble Natural Power Con-sultants (NPC) intervjuet avEuroPower som en del av enstørre reportasje om Storbri-tannia. NPC er en del avFred. Olsen-gruppen, og harutviklet de prosjektene somFred. Olsen Renewables har idrift i Skottland. Hele artikke-len er gjengitt i «Linjen», og viønsker dere god lesning!

M. S.

LINJEN NR. 1 - 2007 11

DAGENS NÆRINGSLIV 16. mai 2007.

12 LINJEN NR. 2 - 2007

In May 2006 Fred. Olsen Cruise Lines(FOCL) announced the purchase ofthe ”Norwegian Crown”, a 34,232 grtcruise ship built at Meyer Werft,Papenberg, Germany in 1988. Theship will be renamed ”Balmoral” ( afterthe Scottish home of the British RoyalFamily) when entering FOCL servicein January 2008. With a planned pas-senger capacity of just under 1,000this would make her the largest in theFOCL 5 ship fleet. However, as can beseen from the April press releaseenclosed, a year later FOCL hasdecided to increase capacity further bylengthening ”Balmoral” with a new30.4 meter section. The lengtheninghas a cost budgeted at USD 70 mil-lion, so that the total project cost isgrowing to no less than USD 210 mil-lion. By far the largest investment in asingle ship (other than in drilling units)by the Fred. Olsen companies and wetake this opportunity to have a conver-sation with Mike Rodwell, ManagingDirector of FOCL in Ipswich:

Congratulations on the ”Balmoral”,Mike. By past standards you areexpanding very fast now. ”Brae-mar” and ”Boudicca” came with 5year intervals after ”Black Watch”.”Balmoral” will be introduced onlytwo years after ”Boudicca” – whyso soon?

The UK cruise market is growing atsuch a rate that in order to maintainour market share we need add to ourcapacity at the same rate. Further-more, we have reached a size that hasenabled us to benefit from “economiesof scale”, and this has enabled us toproduce a strong financial returnwhich we envisage will increase byadding further capacity.

I understand the planned passen-ger capacity for ”Balmoral” is nowincreased from 1000 to about 1350,nearly the double of the previous 3ships – not to mention ”BlackPrince”. You are not worried thatthis takes FOCL into another mar-ket segment and that it can changethe style and atmosphere onboard– the feeling of relative exclusivitywith just 700 fellow passengersaround you?

Even at 1,350 passengers we are stillregarded as a ‘small ship’ operatorand so this increase in size will not

Forts. neste side

Fred. Olsen Cruise Linesexpanding with ”Balmoral”

LINJEN NR. 2 - 2007 13

Forts. fra forr. side

change our perceived product posi-tioning. In fact, total occupancy on ourfive ships will range from 412 (”BlackPrince”) up to 1,350 (”Balmoral”)which is still extremely low comparedto the megaships being launchedtoday. For our existing loyal passen-gers they will certainly notice that thisis a bigger vessel than the rest of ourships, however once on board thefamiliar Fred. Olsen atmosphere willbe apparent. Of course, economies ofscale are an important factor as wellwith resulting benefits spreadingthroughout the fleet.

How will the ship be marketed –what new customer groups are youtargeting?

The Fred. Olsen cruise product hastraditionally been a mainly British cus-tomer base with 95% of our passen-gers coming from this country. Theremaining 5% are from either Englishspeaking countries such as the USand Canada, or from European coun-tries that are closely aligned to Britainin terms of understanding our culturesuch as Holland or Norway. One of thehuge advantages now of having alarge fleet is that we can deploy ourships in other parts of the world suchas Miami and Rome, and operate aseason of cruises from those ports.The biggest change to our marketingconcept will therefore be to encouragemore passengers from English speak-ing countries such as the US and evenas far away as Australia.

How do you expect ”Balmoral” toimpact the other ships?

”Balmoral” gives us great flexibility asher size will allow her to operate longvoyages, such as round the world, andso our range of itineraries both longand short will continue to increase.With the existing ships we have foundthat whilst some passengers willswitch vessel according to itinerary,the majority feel very loyal to theirfavourite and only reluctantly move be-cause of availability of desired accom-modation, or a particular itinerary.

The sailing schedule for the firstmonths of 2008 has been announ-ced. Which will be the main theatresof operation?

Our five ship fleet will continue tooperate mostly from the UK through-

out the summer months to the areasthat have proved so popular and suc-cessful with our passengers – thefjords and Arctic, Baltic, AtlanticIslands, Mediterranean, Africa. In win-ter we will now double our presence inthe Caribbean with fly/cruise pro-grammes operating out of both Miamiand Barbados. Additionally we cannow offer more long ‘voyage’ type ofitinerary, for instance in early 2009both ”Black Watch” and ”Balmoral” willoperate round the world cruises.

How is the reception in the market/bookings so far?

Bookings have been steady since theannouncement of the first itinerariesand especially since the ship featuredin the 2007/08 main brochure. Oncewe publicise the new deck plans weare confident that bookings will reallytake off.

Is it not brave and risky to investUSD 210 million in a 20 year oldship? Would it not have made moresense to go for a newbuilding?

A new-build would have taken a mini-mum of two years to complete at acost per lower berth of more than dou-ble this investment. Additionally ”Nor-wegian Crown” was built to extremelyhigh specifications and so the qualityof the product will be as good as if wehad built it from new.

The other international cruise com-panies have many newbuilds onorder. How do you see this impactFOCL – and who do you see as yourmain competitors down the road?

Because our market is the over-50age group, and our family business isvery small, we do not see the big newsuper-liners with the latest in sportingfacilities and children’s areas beingour main competition! However, P &O’s small child-free ship Artemis, andSaga are in direct competition, alongwith all the P & O and Cunard fleetsbecause of their very ‘Englishness’and their traditional place with theBritish cruising public.

We see from the annual reports thatthe FOCL gross revenue increasedby no less than 50% in 2006 – to120 million pounds – and that theoperating result came in at 12 mil-lion pounds, up from 9 million in

the previous two years. This isquite impressive and obviously partof the background for the expan-sion plans. Is progress continuingthis year?

With the ”Boudicca” settled in for herfirst full year of operation we areexpecting another improvement in ourfinancial results for 2007. Although2007 has begun with very competitiveprice pressures from the major opera-tors, our forward booking positionthrough to 2008 is very strong. And wedid manage a 3 million pounds profit inthe first quarter, which normally is partof the low season.

How is management coping withthis increasing volume?Are you increasing the staff?

Economies of scale are reflected atoffice level, with less than 20% extrastaff needed to handle 40% more vol-ume; much of this efficiency is attrib-uted to enhanced internet booking sy-stems. The growth of the business hasenabled us to review our organisation,and as a result a new position ofDirector of Logistics has been createdto take responsibility for vessel sched-uling, port operations, tours and con-tracting. We have appointed MattGrimes to take on this role, and he willjoin us at the end of June.

Fred Olsen House in Ipswich mustbe pretty crowded by now. What areyou doing about it?

We have just recently announced thepurchase of a 4.4 acre piece of landon the southern outskirts of Ipswich onwhich we are planning our own pur-pose built headquarters suitable forour growing needs. Although still atthe planning application stage, theproposed development will focus onbeing environmentally friendly and atthe same time balancing the needs ofa successful business with those of itsstaff and the local residents. Proposeddate to move in to the new premises isspring 2009.

Technical ship management is aswe know carried out by Fred. OlsenMarine Services (previously RedBand) in Oslo. How do you cooper-ate with them?

There is excellent co-operation with ourForts. side 14

14 LINJEN NR. 2 - 2007

Det vises til børsmelding 26. mai 2006 om kjøp og oppgradering av cruiseskipet ”Norwegian

Crown” (bygget i 1988 og som vil endre navn til ”Balmoral”) av Fred.Olsen Cruise Lines Pte.

Ltd., et selskap indirekte heleid av Bonheur ASA og Ganger Rolf ASA

Som et eget tiltak ved siden av oppgraderingen har Fred.Olsen Cruise Lines Pte. Ltd. nå

inngått avtale med Blohm + Voss Repair GmbH, Hamburg om en forlengelse av skipet med

omlag 30 meter. Forlengelsen vil øke passasjerkapasiten med omlag 35% og gi en høyere

andel lugarer med balkong.

Totalprosjektet som inkluderer kjøp av skipet, oppgradering og nå også forlengelse, beløper

seg til omlag USD 210 millioner.

Som meddelt 26. mai 2006 opererer skipet for tiden under en bareboat avtale med NCL.

Skipet vil bli levert tilbake til Fred.Olsen Cruise Lines Pte. Ltd. tidlig november 2007. Etter

gjennomført oppgradering og forlengelse vil skipet påbegynne cruiseaktiviteter for Fred Olsen

Cruise Lines i januar 2008.

Investeringene bekrefter Fred.Olsen Cruise Lines satsning på det britiske cruisemarkedet, som

nå har vokst kontinuerlig over en periode på 20 år.

Forlengelse av cruiseskipet «Balmoral»

Børsmelding 10. april 2007

Forts. fra side 13

colleagues in the FOMS Cruise Depart-ment who have responsibility for thetechnical management of the existingfleet as well as the project manage-ment for our new ventures.

You are taking over the ship inNovember and she is scheduled tosail on the first cruise already on 28January. You are not worried thatthe lengthening could mean a delay?

The lengthening of vessels is astraightforward operation for a profes-sional shipyard such as Blohm &Voss. The timescales have been care-fully though out and we are confidentthat the vessel will be delivered in timefor its introductory functions and inau-gural cruise.

What will be the main features ofthe new section?

The new mid-section will allow foraround 180 new cabins or suites, tak-ing passenger capacity up to 1,350.The ‘new’ ship will feature 100 suitesor cabins with balconies. Additionalpublic space will include two smallerrestaurants to cater for the extra pas-sengers; a new swimming pool and

sundeck area; and a ‘pub’ style bar tobe named ‘Morning Light’. Once againwe have been working on the planswith Mark Hilferty of Space: TheDesign Practice, with whom we havehad a relationship going back over tenyears.

After Norwegian Cruise Line wassold to Malaysians and RCCL be-came not only American managedbut also US majority owned, FOCLis the only remaining “Norwegian”cruise line (except Brynestad in thehigh luxury class and Hurtigruten).You have traditionally focused onthe UK market. What about trying toget Norwegian passengers?

The number of customers buying cru-ises in Norway is surprisingly low, andselling prices are not as good as insome other markets, but our col-leagues in Fred. Olsen Travel haveperformed well for us, achieving over300 passengers in 2006.

Norway is this year introducingquite substantial CO2 fees forcruise ships calling on Norwegianports. How does this affect FOCLand what are you doing to reduceemissions?

The new NOX tax in Norway, finalisedafter our 2007 budgets were set, willincur extra costs for us this year. As acompany we are supportive of all mea-sures to protect our planet, and favourthe extension of the tax to shippingoperations not currently included. Inconjunction with FOMS we are work-ing hard on projects to minimise emis-sions of all types – CO2, NOX andSulphur – across the fleet.

Thank you and good luck, Mike.

F.H.

LINJEN NR. 2 - 2007 15

Fred. Olsen in Singapore

Fred. Olsen related activities first cameto Singapore with TIMEX in the early70’s when mechanical plants wereestablished and local personnel trai-ned. This business ceased in the mid80’s following the introduction of theelectronic watch era, and on the sameland one of Singapore’s first modernreal estate developments called the‘New Tech Park’ was conceived in1985 and completed by Fred. Olsenrelated interests in 1989. The ‘New TechPark’ was later sold and still exists.

Since Fred. Olsen Energy opened theSingapore office in January 2004 FirstOlsen, Fred. Olsen Production, Fred.Olsen Marine Services and Fred. OlsenCruise Lines have established businesswith a Singapore base. The DolphinDrilling staff have been joined by peo-ple from Fred.Olsen Cruise Lines andFred. Olsen Production; and in Decem-ber 2006 all moved into new premisesin the heart of the Singapore Suntecbusiness area.

Singapore, The Lion or Garden City, isthe second most densely populatedcountry in the world and is among the20 smallest countries in the world.However, this small city state boaststhe worlds busiest port due mainly toits geographical position, and has fur-ther become the number one port forships to take on bunkers. The “numberones“ do not stop there, as Singaporeis said to have the number one airport(where else do you arrive on anInternational flight and are in a taxileaving the airport, with your bags,within 30 minutes of landing ?) andalso has the number one airline, com-monly known in Singapore as SQ.

The history of the country goes backto the 14th century, when the islandwas called Temasek (which happensto be the name of the Avenue whereFred. Olsen related companies havetheir new offices) and which translated

means ‘’sea town‘’. The name Singa-pore came from the Malay word‘’Singapura‘’ which means ‘’Lion City‘’.This comes from a legend where a vis-iting Prince saw an animal he thoughtwas a lion, but in all probability was atiger. This mythical creature is now acultural symbol, and the ‘’Merlion‘’ is amust see for the tourists. The symbol ofthe tiger is frequently used in relationto local product names, and many ofyou will know the local Singapore beer‘Tiger Beer’, and the well known Balm‘Tiger Balm’.

The country was in 1819 establishedas a Trading Station for the BritishEmpire by a British Civil Servantnamed Sir Stamford Raffles. The citycomprises one main island and over60 islets, and has been carefully plan-ned to include over 400 public parksand even boasts being one of only twocities in the world to have a significantarea of primary rainforest within isboundaries -the other being Rio deJaneiro.

The population of ethnic Chinese,Malays and Indians is just over 4,3million, and there are four official lan-guages, Chinese, Malay and Tamilwith English being the business andadministration language.

Most of the population live in govern-ment built apartments and there is nodoubt that Singapore has become oneof the most modern and sophisticatednations in the world. The public trans-port is certainly world class and cheap,and the over 21,000 taxis definitelyform part of ‘public transport’ with whatin relative terms must be the worldscheapest taxi fares. The air condi-tioned Mass Rapid Transport (MRT)and buses are punctual, clean andcheap. Of course Trishaws, the 3wheel bicycle transport for two pas-sengers, and River Taxis are alsoavailable. The roads have ElectronicRoad Pricing (ERP), similar to theLondon and Oslo road toll paymentsystems; but giving a glimpse into thefuture, all cars have a card readerwhich is activated by pre-paid cards,and the appropriate amount to pay isdeducted from the card as one drivesthrough an ERP area, or enters a carpark – like everything else in Singa-pore this system works very efficiently!

The Singapore offices sit on the 36thfloor giving employees a panoramicview over the city and views of Indo-nesia and Malaysia.

Malcolm Stafford and John A. Sydness

Office seen from boat quay over the river.

16 LINJEN NR. 2 - 2007

First quarter 2007 results forThe Bonheur Group

On 9 May, Bonheur announced its report for the first quarter, which now includesthe results of Ganger Rolf and all jointly held and affiliated companies. Due to for-mal requirements, the report is a full 20 page document, however the interestingfigures appear in note 9, from which we below quote the summary section.As you can see, the consolidated net result after tax improved by about 10%from last year, to NOK 339 million in the first quarter. This improvement stemslargely from the drilling services. The cruise segment and renewable energy alsoshowed good progress compared to last year, whereas floating production andtanker shipping came out with falling results.

First quarter 2007 (first quarter 2006)

• Result after tax and minorities was 176.4 million (154.3 million)

• Result per share was NOK 5.50 in the quarter (NOK 4.70)

• Continued strong markets within offshore drilling

• Sale of Knock Stocks with delivery in May

• The Norcliff ro-ro vessel delivered to new owners, sales gain USD 6.7 million

• Renewable energy showing progress, result before tax of 25.7 million (negative 6.5 million)

• Cruise segment growth. Result before tax 26.2 million (6.4 million)

Financial informationFigures in NOK unless otherwise stat-ed. The figures for the correspondingperiod in parenthesis.

During 2006, Bonheur increased itsownership in Ganger Rolf ASA to51.28% (previously 49.6%). Consequent-ly, Ganger Rolf was fully consolidatedin the accounts as a subsidiary ofBonheur as from the fourth quarter of2006. As Bonheur and Ganger Rolfhave a joint ownership of their mostimportant investments, the purchasealso entailed the full consolidation inthe accounts of a number of compa-nies previously recognized as associ-ated companies. In addition, someinvestments previously entered at cost,were now consolidated according tothe equity method.

When preparing the Bonheur proformaaccounts for the first quarter of 2007,the first quarter 2006 and the annualaccounts for 2006 were reworked inorder to show comparable results andbalances.

The operating revenue amounted to1,647 million (1,476 million) in thequarter. The revenue increase of 171million is mainly related to Offshoredrilling (31 million), Renewable energy(50 million) and Cruise (90 million).Tankers had a decrease of 26.5 mil-lion compared to the correspondingquarter of 2006.

The operating result before deprecia-tion (EBITDA) amounted to 640.2 mil-lion (552.8 million). After depreciation

of 221.9 million (190.5 million), the ope-rating result (EBIT) was 418.3 million(362.3 million).

Net financial items were negative inthe quarter with 46.2 million (negative6.7 million). The deterioration was dueto the fact that last year’s correspond-ing quarter included a sales gain of 54million from a sale of art in GangerRolf. Forward exchange contracts andinterest instruments were valued atfair value by the end of the quarter.

Group result after estimated tax was338.8 million (297.6 million), of which176.4 million (154.3 million) accured tomajority interests.

Minority interests amounted in thequarter amounted to 162.4 million (143.3million) and consisted of shares of

48.72% in Ganger Rolf, 46.00% inFred. Olsen Energy ASA and 42.30%in Fred. Olsen Production ASA.

Operating revenue 1 647.0 1 476.0 6 502.5EBITFA 640.2 552.8 2 602.6EBIT 418.3 362.3 1 792.0Net resul after tax 338.8 297.6 1 545.7Majority’s share of net result 176.4 154.3 822.1Average number of shares outstanding 40 789 308 40 789 308 40 789 308Basis result per share NOK 5.5 4.7 25.9Interest bearing liabilities 7 634.8 6 525.9 7 543.9

✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩✩

Financial key (figures in million NOK except for per share) 1Q.07 1Q.06proforma

2006proforma

«Linjens Redaksjon ønsker alle leserneen riktig god sommer»!

LINJEN NR. 2 - 2007 17

Pensjonistenes skipskostmiddag24. april 2007

Også i år ble pensjonistforening-ens medlemmer invitert av Fred.Olsen & Co. til den hyggeligeog populære middagen bestå-ende av erter kjøtt og flesk.

Denne gang ble middagen kom-binert med en tur til Fredrikstadhvor man besøkte FredrikstadSjømannsforening. Der ble viønsket velkommen av tidligerekaptein på M/S «Balduin» Gun-nar Andresen.Vi fikk servert kaffe og wiener-brød. Arne Hallingstad somtidligere har seilt kaptein på DenNorske Sydamerika Linjens båt-er fortalte under kaffen histo-rien om Fredrikstad Sjømanns-forening som ble stiftet alleredei 1858.Han fortalte at foreningen harleiet lokaler i alle år inntil 1991.Da fikk de kjøpt kirken somhadde tilhørt den katolske menig-heten i Fredrikstad. Kjøpesum-men var da kr. 150.000,-. Forsik-ringsverdien i dag er satt tilkr. 4.500.000,-. Man kan vel siat kjøpet var en god invester-ing! Bygningen som nå er fre-det er bygget i sveitserstil oglaftet flattømmer. Den er tegnetav arkitekt Sverre - arkitektensom også blant annet har teg-net Holmenkollen Hotel. Innven-dig var hovedsalen smakfulltmøblert og smykket med kunstog maritime gjenstander. Ellersgikk praten livlig mellom gamlevenner og kollegaer. Det helevar imponerende og vel verdtbesøket.

Etter besøket i Fredrikstad Sjø-mannsforening gikk turen tilFredrikstad Maskinistforeningslokaler hvor vi fikk servert skips-kost med noe attåt. Det helesmakte fortreffelig. Måltidet bleinntatt ved et pent pyntet bordog servert av en særs hyggeligbetjening.Kl. 19.30 dro samtlige fornøydepensjonister med buss tilbaketil Oslo og Drammen.

A.K.

Velkomstkomitéen i Fredrikstad Sjømannsforening.

Skipskostmiddag i Fredrikstad Maskinistforening.

Ankomst Sjømannsforeningens hus i Fredrikstad.

18 LINJEN NR. 2 - 2007

Olsen Cup 2007

Den 26. Olsen Cup ble arrangert avDolphin AS helgen 1.-3. juni i Sta-vanger. Fred. Olsen & Co. stilte medto damelag og ett herrelag, og det vargledelig å se at vi hadde fått med endel nye spillere. Totalt var det med 16lag – 6 herrelag, 5 veteranlag og 5damelag: Fred. Olsen & Co. fra Oslo,Dolphin AS fra Tananger, Dolphin Dril-ling fra Aberdeen, Fred. Olsen CruiseLines fra Suffolk og Fred. Olsen SA fraKanariøyene.

Fredag kveld ble det arrangert BeachParty på Sola-stranden med skalldyr-buffet og disco. Stemningen var god tiltross for at det var en litt grå kveld, ogmange benyttet anledningen til å spilleet par runder strandvolleyball. Noenoptimister stilte i shorts, sommerskjorteog flip-flops – selv hadde jeg iført megullgenser...

Kick-off for turneringen var som vanligpå lørdag morgen, og arrangementetvar lagt til Åsenhallen. Det hersket enspent stemning blant lagene før start,men da vi først var blitt varme i trøyavar det bare å kjøre på. Det ble mangetøffe kamper, men flere av dem endte0-0. Vi ser at vi må bli mer presise ipasningsspillet og flinkere til å score,så kanskje vi burde trene litt til nesteår? Siste treningsøkt for oss var nem-lig Olsen Cup i fjor...

Resultatet av turneringen ble forFOCOs del som følger:

FO Oslo 1 (damer) – 2. plass(finalen ble vunnet av Dolphin AS)FO Oslo 2 (damer) – 4. plass(bronsefinalen ble vunnet av FOCanaries etter ekstraomgang og straffekonk)FO Oslo (herrer) – 2. plass(finalen ble vunnet av FO Canaries)

Selv om det var litt bittert at gulletglapp for Oslo-damene, var det sær-deles gledelig at herrelaget splittet deto vanligvis så uovervinnelige spanskelagene og endte opp med en overrask-ende 2. plass. Det må være mange årsiden herrelaget har gjort det så bra.Gratulerer, gutter! Well done!

Ellers fikk Oslo-laget med seg prisenefor beste keeper (Hilde Solem) ogtoppscorer (Ranveig Østvold), samtFair Play-prisen.

Vel tilbake på hotellet etter timer medslit og svette, satte vi oss ut utenforhotellet med et velfortjent glass.Tilfeldighetene ville ha det til at OlsenCup falt på samme helg som Sola fly-plass’ 70-årsjubileum som ble feiretmed et forrykende flyshow. Ettersomhotellet vårt lå rett ved siden av fly-stripen til Sola flyplass, fikk vi med osslitt flyakrobatikk også. Lørdag kveldvar det bankett med premieutdeling,og søndag var det hjemreise. Etter etpar dager med nedsatt førlighet, er vinå fit for fight igjen og ser frem mot

neste års Olsen Cup som blir arran-gert på hjemmebane i Oslo.

Velkommen til Olsen Cup 2008 iOSLO!

Hanne C. A. Wong

Herrenes gull- og sølvvinnere.

Fair Play prisen.

✩ ✩ ✩

LINJEN NR. 2 - 2007 19

Denne gangen var vi 10 ansatte somovernattet på Hallingstua og flere avoss tok følge over fjellet. Vi var tidligoppe, allerede kl. 04.45 var de førstepå bena. Vi har et stykke til Geilo ogtoget vårt gikk kl. 06.40.

Fredag blåste det så kraftig at det ikkevar tilrådelig å forsøke seg på en ski-tur. Søndag morgen våknet vi til 10 cmnysnø. Men selve Skarve-Lørdagenopprant med strålende sol, vi gikk utfra Finse i 11 grader. Blått føre med littlilla godt ut på dagen, flotte løyper oglite vind, sol og atter sol hele dagen.Noen haster gjennom løypene, vårgruppe koste oss med stopp her ogder, vi benyttet hele den fine dagen.Gruppen samlet seg som vanlig påUstaoset med noe leskende førtilbaketuren. 12.200 deltok i år, det blirtrolig fullt i ankomstområdet og rundtteltene etter hvert.

Det gikk fint å dusje for 10 personer påen relativt liten varmtvannsbeholder,det gjelder å være rask – og tenke pånestemann. Jørn fra FOE sto for mid-

Skarverennet 2007

dagen, han serverte finnbiff med potet-stappe, den gikk ned på høykant!

Snøværet søndag borget ikke for nyskitur, vi dro sydover igjen gansketidlig. For 4. år på rad var Skarve-Lørdagen solfylt og vellykket og vihåper været slår til også neste år. Vimelder oss på igjen, dette er flott av-slutning på skisesongen.

ASS

20 LINJEN NR. 2 - 200720 LINJEN NR. 2 - 200720 LINJEN NR. 1 - 200720 LINJEN NR. 1 - 200720 LINJEN NR. 2 . 20062020 LINJEN NR. 3 - 200420 LINJEN NR. 2 - 200420 LINJEN NR. 3 - 2004

FRED. OLSENS GATE 2, POSTBOKS 1159 SENTRUM, 0107 OSLO