Fred. Olsen Energy: Lessons in Building An Order Book

by Alan Ginsberg

The recently established Fred. Olsen Energy AS is a pure play on the buoyant oil and offshore markets. The Company has been cobbled together by combining the offshore drilling, floating production, engineering and manufacturing interests held by Bonheur ASA, Ganger Rolf and First Olsen Tankers Ltd., all publicly listed Norwegian corporations in the Fred. Olsen sphere. Concurrent with the restructuring which began earlier this year, was the settlement of a long-simmering public dispute between Fred Olsen and his younger brother Petter over control of their father’s empire. 6,362,500 shares (approximating 10% of the Company, assuming the overallotment options are exercised) have been transferred to Petter Olsen Trading AS.

The settlement is part of the recently completed 17,714,500 share global offering consisting of 15,300,000 new Ordinary Shares (including 2.3 million green shoe) and 2,414,500 shares being sold by entities which are part of the Fred Olsen sphere. 5,290,000 of the shares being sold are in the form of Ordinary Shares and American Depository Shares under Rule 144a of the Securities Act of 1933; the balance are Ordinary Shares.

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