Fred. Olsen & Co.

From Wikipedia, the free encyclopedia

Fred. Olsen & Co.

Type	Private
Founded	1848
Headquarters	Oslo, Norway
Key people	Anette S. Olsen (CEO)
Industry	Holding company
Website	http://www.fredolsen.no

The Braemar at anchor

Fred Olsen or Fred. Olsen is the name of a large shipping company based in Norway with its worldwide headquarters based in Oslo, Norway. The company was founded by Petter Olsen in 1848. Today it is the holding company that controlles the Olsen family's interest through Bonheur and Ganger Rolf.

[edit] History

The company was founded by Petter Olsen (1821-1899) in 1848 and by his death the company had 16 ships, with offices in Hvitsten. Petter's son Thomas Fredrik "Fred" Olsen (1857-1933) took the company from a small business with a few boats into a powerful multinational shipping and ship building business. He had a vision of providing high quality service on a network of lines, at first domestically and afterwards internationally. Do do this required steam ships, of which the first was acquired in 1897. By 1914 the first motor ship was put in use on the South America line. During the First World War 23 of the companies 44 ships sank.

After the first Fred. Olsen's death, his son Rudolf Olsen and Thomas Olsen took over the company. During their leadership the company expanded, including entering the aviation business with their own airline Fred. Olsen Flyselskap in addition to later partiall ownerships of Det norske luftfartsselskap, Scandinavian Airline Systems, Widerøe and Sterling Airlines. During the second world war the ships were in Allied service, though the company lost 28 of its ships, about half the fleet. Rudolf deceised in 1951 and Thomas was ill from 1955, though did not die until 1969.

Rudolf's son, also named Fred. Olsen (born January 1, 1929), is now in control of the company, after becomming director in 1955. In the early 1970 Fred. Olsen went into the offshore business, first with Dolphin drilling rigs and part of Saga Petroleum. The Saga shares were sold in 1991 while Dolphin now is part of Fred. Olsen Energy. Fred. Olsen also had a major ownership in the construction and engineering company Aker. Fred. Olsen presently also ownes Timex Corporation.

The company has also been in and out of the tanking business, operating a total of 40 ships since 1920. In 1973 the companies sold out of the tanking marked, but reentered in 1986, and created the publically listed company First Olsen Tankers in 1993 that was repurchased in 1999. Fred. Olsen Renewables has been involved in wind power since 1997 with windmill parks in Norway, Sweden, Ireland and the United Kingdom.

Fred. Olsen is today owned by Anette S. Olsen, fifth generation of the family and daughter of Fred. Olsen. She took ownership in Fred. Olsen & Co. in 1995 and has since been CEO, though Fred. Olsen has remained Chairman.