SALE OF MV BLACK PRINCE

Black Prince Cruise Ltd., indirectly owned 50% each by Bonheur ASA and Ganger Rolf ASA, has today signed a Memorandum of Understanding with a Venezuelan company for the sale of the cruise vessel MV Black Prince at a net price of approximately USD 2.4 million. The vessel is scheduled for delivery to the new owners in October 2009 after a season of farewell cruises for Fred. Olsen Cruise Lines.

Contact person: Managing Director Mike Rodwell (Fred. Olsen Cruise Lines Ltd.) + 44 147 329 2250