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Marine Log

April 10, 2007

Fred Olsen to stretch Norwegian Crown

Fred Olsen Cruise Lines has signed a contract that will see Blohm + Voss Repair GmbH, Hamburg, lengthen the cruise ship Norwegian Crown by about 30 m.

Fred Olsen Cruise Lines Pte. Ltd., which is indirectly wholly owned by Bonheur ASA and Ganger Rolf ASA, last year announced it had agreed to purchase and upgrade the 1988 built cruise ship, which is to be renamed Balmoral.

The lengthening will increase the passenger capacity by 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 $210 million.

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, which serves the U.K. cruise market.

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