ACQUISITION OF CRUISE VESSEL

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 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.ACQUISITION OF CRUISE VESSEL
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 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.



Contact persons:
Man. Dir. Michael Rodwell, Fred Olsen Cruise
Lines, phone: + 44 1473 292200
CFO Mårten Lunde; Fred. Olsen & Co., phone:
+ 47 22 34 10 00