LENGTHENING OF THE CRUISE VESSEL BALMORAL

For full information see www.newsweb.noReference is made to previous notice of 26 May
2006 to the Oslo Stock Exchange on the purchase
and upgrading of the 1988 built cruise
vessel `Norwegian Crown` to be renamed `Balmoral`,
by Fred. Olsen Cruise Lines Pte. Ltd., a company
indirectly wholly owned by Bonheur ASA and Ganger
Rolf ASA.

Separate from the mentioned upgrade of the vessel,
Fred. Olsen Cruise Lines Pte. Ltd. has now entered
into a contract with Blohm + Voss Repair GmbH,
Hamburg for a lengthening of the vessel by
approximately 30 meters. The lengthening will
increase the passenger capacity with about 35% and
provide more cabins with balconies.

The cost of the total project which now includes
the purchase of the vessel, the upgrade and the
lengthening will amount to about USD 210 million.

As mentioned in the notice of 26 May 2006
the `Norwegian Crown` is currently operating under
a bareboat charter to NCL and is due for
redelivery to Fred. Olsen Cruise Lines Pte. Ltd.
early November 2007. Following completion of the
lengthening and upgrading of the vessel in January
2008, the vessel will commence cruise operations
for Fred.Olsen Cruise Lines.

These investments underline Fred.Olsen Cruise
Line`s ongoing commitment towards the UK cruise
market, which has seen 20 years of continuous
growth.

For further information please contact Mike
Rodwell in Fred. Olsen Cruise Lines Pte. Ltd. on
+44 7768 192068