The company was founded by Petter Olsen (1821–1899) in 1848 and, by his death, the company had 16
ships with offices in
Hvitsten. Petter's son
Thomas Fredrik "Fred" Olsen (1857–1933) or Fred. Olsen, whom the company is named after, took the company from a small business with a few
boats into a powerful multinational shipping and
shipbuilding business. He had a vision of providing high-quality service on a network of lines, at first domestically and, afterwards, internationally. To do this required
steamships, of which the first was acquired in 1897. By 1914, the first
motor ship was put in use on the
South America line. In
World War I, 23 of the company's 44 ships were sunk. After the first Fred. Olsen's death, his sons
Rudolf Olsen and
Thomas Fredrik Olsen took over the company. During their leadership, the company expanded, even entering the
aviation business with its own airline
Fred. Olsen Flyselskap in addition to later partial ownerships of
Det Norske Luftfartselskap,
Scandinavian Airlines System,
Widerøe, and
Sterling Airlines. During
World War II, the company's ships were in
Allied service, though 28 were lost – about half the fleet. Rudolf died in 1951 and Thomas suffered ill health from 1955, eventually dying in 1969. Thomas's son, also named
Fred. Olsen (born 1 January 1929), is now in control of the company, after becoming director in 1955. In the early 1970s, Fred. Olsen entered the offshore business, with
Dolphin drilling rigs and part of
Saga Petroleum. The Saga shares were sold in 1991 while Dolphin is now part of
Fred. Olsen Energy. Fred. Olsen also had a major share in the
construction and
engineering company
Aker and currently owns
Timex Corporation. The company has also periodically entered the
tanking business, operating a total of 40 ships since 1920. In 1973, it sold its tanking interests but reentered the industry again in 1986, creating the publicly listed company
First Olsen Tankers in 1993 that was repurchased in 1999.
Fred. Olsen Renewables has been involved in
wind power since 1997 with wind farms in
Norway,
Sweden,
Ireland and the
United Kingdom. In 1980, it was involved in
Nimslo, a company making 3D cameras, which later went bankrupt. Fred. Olsen is today owned by
Anette S. Olsen, the fifth generation of the family and daughter of Fred. Olsen. She took over ownership of Fred. Olsen & Co. in 1995 and has since been CEO, though Fred. Olsen has remained Chairman. At the end of 2008, Fred. Olsen sold its part of
Comarit and is no longer a stockholder of the Moroccan passenger carrier. ==Companies in the Fred. Olsen Group==