Marine Log

May 26, 2006

Fred Olsen Cruises to buy Norwegian Crown

Fred. Olsen Cruise Lines Pte. Ltd. Singapore which is 50% 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 34.,242 grt. cruise vessel MV Norwegian Crown, with delivery late August 2006.

Built by Meyer Werft, the ship is the former Crown Odyssey.

On delivery, the vessel will be chartered back to the sellers for a 14 months' period until around November 1,2007. 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 $130 million.

On completion of this acquisition 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.