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Fred. Olsen & Co. facts for kids

Kids Encyclopedia Facts
Fred. Olsen & Co.
Private
Industry Holding company
Founded 1848
Headquarters Oslo, Norway
Key people
 Anette S. Olsen (CEO)

Fred. Olsen & Co. is a large family-owned company based in Oslo, Norway. It is a holding company, which means it owns many other companies. The business began as a small shipping firm in 1848, started by a man named Petter Olsen. Today, the Olsen family runs businesses in many different areas, including shipping, energy, and even watch-making.

The Story of Fred. Olsen & Co.

How It All Began

The company was founded by Petter Olsen (1821–1899) in the small town of Hvitsten, Norway. He started with just a few ships. When he passed away, his company had grown to 16 ships.

His son, Thomas Fredrik "Fred" Olsen, took over and gave the company its famous name. He had a big dream: to turn the small shipping business into a major international company. He wanted to offer excellent service on shipping routes, first in Norway and then around the world. To do this, he needed modern steamships, and he bought the first one in 1897. By 1914, the company was using its first motor-powered ship on its route to South America.

Sadly, during World War I, the company lost 23 of its 44 ships.

Growing and Changing Through the Years

After the first Fred. Olsen passed away, his sons Rudolf and Thomas took charge. They continued to grow the company. They even started an airline called Fred. Olsen Flyselskap. The company also became a part-owner of other airlines like Scandinavian Airlines System and Widerøe.

Fred olsen
A Fred. Olsen Express ferry sailing to the island of La Gomera.

During World War II, the company's ships helped the Allied forces. It was a difficult time, and 28 ships were lost, which was about half of their fleet.

A New Generation and New Ideas

In 1955, the founder's great-grandson, also named Fred. Olsen, became the director of the company. He led the company into new and exciting industries. In the 1970s, Fred. Olsen & Co. started working in the offshore oil and gas business with drilling rigs. The company also bought a major share in the famous watch company, Timex Corporation.

The company has also been involved in the oil tanker business. It has owned 40 different tankers since 1920. More recently, the company has focused on clean energy. Since 1997, its company Fred. Olsen Renewables has been building and running wind farms in countries like Norway, Sweden, Ireland, and the United Kingdom.

Today, the company is led by Anette S. Olsen, the fifth generation of the family. She is the daughter of Fred. Olsen and became the CEO in 1995.

Companies in the Fred. Olsen Group

Fred. Olsen & Co. owns many different businesses. Here are some of them:

  • Bonheur
  • First Olsen Tankers (Manages oil tankers)
  • Fred. Olsen Cruise Lines (Offers cruise ship holidays)
  • Fred. Olsen Express (Runs fast ferries, especially in the Canary Islands)
  • Fred. Olsen Freight (Transports goods)
  • Fred. Olsen Marine Services
  • Fred. Olsen Windcarrier (Installs offshore wind turbines)
  • Fred. Olsen Production
  • Fred. Olsen Renewables (Focuses on wind power)
  • Fred. Olsen Travel (A travel agency)
  • GenoMar (Works with fish breeding)
  • Global Wind Service
  • IT Fornebu (Part-owner)
  • DN Media Group (Part-owner)
  • Oceanlink
  • Timex (Part-owner of the watch company)
  • The Natural Power Consultants
  • ZephIR