Fred. Olsen related activities
The origin of the Fred. Olsen related interests dates back to 1848 when three Norwegian brothers, Fredrik Christian, Petter and Andreas Olsen embarked on international shipping. A combination of foresight and initiative contributed to the subsequent growth – eventually into a diversified business comprising both private and public companies.
Today the Fred. Olsen related interests cover energy-related activities such as shipping, floating production, offshore drilling, renewable energy and offshore wind installation, as well as cruise, media, real estate and some venture capital.
The two Norwegian publicly listed (Oslo Stock Exchange) companies Bonheur ASA and Ganger Rolf ASA have Mr. Fred. Olsen (fourth generation Olsen) as the Chairman of the Boards and Fred. Olsen & Co., whose sole proprietor is Anette Olsen (fifth generation Olsen), responsible for the day-to-day management.
The Fred. Olsen family interests represent the majority shareholding interests in Bonheur ASA which inter alia is the parent company to Ganger Rolf ASA.
Revenues for year 2010 was NOK 9.3 bn. (USD 1.6 bn.) increasing to NOK 9.9 bn. in 2011 (USD 1.8 bn.)
For more than 150 years Fred. Olsen related ships have sailed in liner traffic between Norway and UK (cargo and passengers) and there is a close tie to UK with more than 900 employees currently employed in various offices, including Dolphin Drilling in Aberdeen (60), Harland & Wolff in Belfast (300), Fred. Olsen Cruises and Fred. Olsen Ltd. in Ipswich (200), Global Wind Service in Norfolk (50), Natural Power in Dumfries & Galloway (250), SeaRoc in Brighton (50), ZephIR in Worcestershire (30) and Fred Olsen Ltd. in London.
The drilling company Fred. Olsen Energy is through its operating subsidiaries a well known owner and operator of drilling units in the oil & gas market and enjoys a favorable position in the market. Fred. Olsen related companies have been very reliable and successful players in this market since 1997. The rigs owned and operated by various such subsidiaries have participated in several milestone drilling discoveries during 2010 and 2011, among these are the major oil/gas discoveries for Lundin Petroleum in the North Sea (2011) and for Anadarko Petroleum a world class gas discovery outside Mozambique. There are 9 rigs in operation and two newbuilds under construction in Korea with delivery in 2013.
Fred. Olsen related companies had started investment in renewable energy already by 1993 and since then Fred. Olsen Renewables has constructed 4 onshore wind parks in Scotland producing approx. 320 MW of electricity per year, which is approx. 12-15% of windpower produced in Scotland.
By 2010, the Fred. Olsen related wind interests covered a wide variety of the wind power value chain; through Natural Power (technical and management services, operating 20% of UK installed wind power, 250 persons), ZephIR (wind measurement equipment and services), SeaRoc (offshore wind, engineering and marine planning) and Fred. Olsen Windcarrier (2 large offshore wind installation ships, USD 320 million, 8 offshore wind farms crew transfer vessels) and Global Wind Service (GWS) with 230 personnel engaged in electrical work, high voltage, maintenance of offshore wind farms.
The activities in offshore wind are rapidly expanding and in an effort to reduce costs and increase efficiency in the wind industry, Fred. Olsen United was formed in 2011. This company is staffed with key personnel with oil & gas experience to run large projects and aims to combine the various wind initiatives within Fred. Olsen related companies and offer the industry a turn-key solution to build and maintain offshore wind farms. The first two contracts are running, one for Forewind (Statoil, Statkraft, RWE, SSE) on met mats for Dogger Bank and one for SSE and Fluor on a met mast at the Firth of Forth, Scotland.