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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 company based in Oslo, Norway. It is a "holding company," which means it owns parts of many other businesses. The Olsen family has managed this company for a very long time. They are involved in different areas like moving goods by sea, energy, and even products for everyday use.

The Story of Fred. Olsen & Co.

Starting Small: From Ships to a Big Business

The company was started by Petter Olsen in 1848. When he passed away, the company had 16 ships and offices in Hvitsten. His son, Thomas Fredrik "Fred" Olsen, took over. The company is named after him!

Fred. Olsen had a big dream. He wanted to offer excellent shipping services, first in Norway and then all over the world. To do this, he needed modern ships. The company got its first steamship in 1897. By 1914, they were even using motor ships for routes to South America.

Challenges and Growth Through the Years

During World War I, the company faced tough times. About half of their ships, 23 out of 44, were sunk.

After the first Fred. Olsen died, his sons, Rudolf and Thomas Fredrik Olsen, took charge. They helped the company grow even more. They even started their own airline, Fred. Olsen Flyselskap. They also owned parts of other airlines like SAS.

Fred olsen
Fred Olsen Express on the way to La Gomera

World War II was another difficult period. Many of the company's ships helped the Allied forces. Sadly, 28 ships were lost, which was about half of their fleet again.

New Directions and Family Leadership Today

After Rudolf and Thomas passed away, Thomas's son, also named Fred. Olsen, took over in 1955. In the 1970s, the company started exploring new areas. They got into the offshore business, which involves things like drilling rigs for oil and gas. They also owned a big part of the construction company Aker. Today, they even own Timex Corporation, which makes watches!

The company has also been involved in the "tanking" business, which means operating large ships called tankers to carry liquids. They have owned many tankers since 1920. Since 1997, a part of the company called Fred. Olsen Renewables has been working on wind power. They have built wind farms in countries like Norway, Sweden, Ireland, and the United Kingdom.

Today, Fred. Olsen & Co. is owned by Anette S. Olsen. She is the fifth generation of the Olsen family to lead the company. She became the CEO in 1995, continuing the family's long history.

Companies in the Fred. Olsen Group

The Fred. Olsen Group includes many different companies. Here are some of them:

  • Bonheur
  • First Olsen Tankers (involved in tanker shipping)
  • Fred. Olsen Cruise Lines (offers cruises for travelers)
  • Fred. Olsen Energy (focuses on energy, including offshore drilling)
  • Fred. Olsen Express (a ferry service, especially in the Canary Islands)
  • Fred. Olsen Freight (handles cargo shipping)
  • Fred. Olsen Marine Services
  • Fred. Olsen Windcarrier (helps install offshore wind turbines)
  • Fred. Olsen Production
  • Fred. Olsen Renewables (develops wind power projects)
  • Fred. Olsen Travel (a travel agency)
  • Ganger Rolf
  • GenoMar
  • Global Wind Service
  • IT Fornebu (the company has a small share)
  • Norges Handels og Sjøfartstidende (the company has a small share in this newspaper)
  • Oceanlink
  • Timex (makes watches)
  • The Natural Power Consultants
  • ZephIR