First Olsen Ltd. is owned by Bonheur ASA and Ganger Rolf ASA (50/50), two companies managed by Fred. Olsen & Co.

The origins of Fred. Olsen & Co., date back to 1848 when the Fred. Olsen family first entered the ship owning business. Over the years, companies related to the family have diversified into other activities, from aviation to shipbuilding, oil and gas exploration and development services, and have today wide international interests.

In 1993, Ganger Rolf and Bonheur consolidated the tanker interests into a new company, First Olsen Tankers Ltd., Bermuda (FOTL). After a successful public offering of USD 108 million in October 1993, FOTL was quoted on the Oslo Stocks Exchange until 1999.

In 2005 FOTL changed its name to First Olsen Ltd. (FOL) and currently owns 2 Suezmax tankers.

In third quarter 2005 the Company took over ownership of Fred. Olsen Marine Services AS, a company involved in technical and marine services to the shipping and offshore industry.