First Olsen Tankers

First Olsen Tankers was a Norwegian shipping company associated with the Fred. Olsen & Co. group and owned by Bonheur. The business was established in 1993 and operated internationally in the crude-oil transportation and offshore storage sectors. It was registered in Bermuda while its headquarters were in Oslo, reflecting the cross-border corporate and maritime structure commonly used by international shipping companies. The company was known as First Olsen Tankers until 2005, when it became First Olsen Ltd. In the same year, it acquired Fred. Olsen Marine Services, broadening its relationship with the wider Fred. Olsen maritime organization. The company had also been listed on the Oslo Stock Exchange from its establishment in 1993 until 1999, after which it was no longer publicly listed according to the available reference material. Its fleet and offshore portfolio included Suezmax crude-oil tankers, a very large crude carrier, and Suezmax vessels converted into floating production, storage and offloading units. These assets placed the company at the intersection of conventional tanker transportation and offshore oil-production infrastructure. Suezmax vessels are designed around the size limits of the Suez Canal, while very large crude carriers serve the long-distance movement and storage of substantial crude-oil volumes. Conversion of tankers into floating offshore units gave the company an additional role in storing and processing hydrocarbons where fixed infrastructure was impractical. First Olsen Tankers also owned Knock Nevis, a vessel built in 1979 by Sumitomo Heavy Industries. Originally constructed as an ultra-large crude carrier, Knock Nevis became notable for its exceptional size and later operated as a floating storage and offloading unit. It was ultimately dismantled in 2010. The vessel is widely associated with the company because of its record-setting scale and its transition from ocean-going tanker service to offshore storage. Available historical information describes the company’s fleet as consisting, in 2011, of two Suezmax tankers, one very large crude carrier, and two Suezmax tankers converted into floating production, storage and offloading units. The supplied sources do not establish the company’s present operating status, current fleet, management, or whether the First Olsen name remains in active commercial use. Accordingly, the historical record is clearer than the company’s contemporary profile.

First Olsen Tankers was established in 1993 as a Norwegian shipping company connected to Fred. Olsen & Co. Although its headquarters were in Oslo, the company was registered in Bermuda. It was listed on the Oslo Stock Exchange from 1993 until 1999, after which it ceased to be publicly listed according to the available historical account. The company developed a business centered on crude-oil shipping and offshore hydrocarbon assets. Its fleet included Suezmax tankers and a very large crude carrier. It also converted two Suezmax vessels into floating production, storage and offloading units, allowing tanker hulls to be used as offshore production and storage infrastructure rather than solely as conventional transport vessels. By 2011, the reported fleet comprised two Suezmax tankers, one very large crude carrier, and two converted Suezmax floating production, storage and offloading units. In 2005, the company changed its name from First Olsen Tankers to First Olsen Ltd. It also acquired Fred. Olsen Marine Services that year, strengthening its connection to the broader Fred. Olsen maritime and offshore organization. Bonheur is identified as the company’s owner, with Fred. Olsen & Co. serving as its affiliated group. The company’s most prominent asset was Knock Nevis, an ultra-large crude carrier built in 1979 by Sumitomo Heavy Industries. The vessel was later used as a floating storage and offloading unit and became known for its exceptional size. Knock Nevis was scrapped in 2010. The available sources do not provide a complete account of the company after the 2011 fleet description, and they do not confirm its current legal, operational, or branding status. The historical profile therefore supports a clear account of its ownership, name change, maritime activities, and notable vessels, but not a definitive description of its present-day business.

• 2011

  Reported fleet configuration

  [1]First Olsen Tankersen.wikipedia.org

  The reported fleet comprised two Suezmax tankers, one very large crude carrier, and two Suezmax vessels converted into floating production, storage and offloading units.

• 2010

  Knock Nevis scrapped

  [1]First Olsen Tankersen.wikipedia.org

  Knock Nevis, the company’s notable ultra-large crude carrier and later floating storage unit, was dismantled.

• 2005

  Name changed to First Olsen Ltd.

  [1]First Olsen Tankersen.wikipedia.org

  The company adopted the name First Olsen Ltd., replacing First Olsen Tankers.

• 2005

  Fred. Olsen Marine Services acquired

  [1]First Olsen Tankersen.wikipedia.org

  First Olsen Ltd. acquired Fred. Olsen Marine Services as part of its maritime and offshore activities.

• 1999

  Oslo Stock Exchange listing ended

  [1]First Olsen Tankersen.wikipedia.org

  The company’s period of listing on the Oslo Stock Exchange ended after six years.

• 1993

  Company established and listed

  [1]First Olsen Tankersen.wikipedia.org

  First Olsen Tankers was established and became listed on the Oslo Stock Exchange.

A specialized international shipping and offshore-assets business focused on crude-oil transportation, floating storage, and converted tanker-based production infrastructure within the Fred. Olsen group.

• Crude-oil transportation

  Suezmax tankers

  Suezmax tankers are large crude-oil carriers sized to operate within the approximate dimensional constraints of the Suez Canal. First Olsen Tankers operated Suezmax vessels as part of its conventional tanker fleet and also used Suezmax hulls as the basis for offshore conversions.

• Crude-oil transportation and storage

  Very large crude carrier

  The company operated a very large crude carrier for the movement and storage of substantial crude-oil volumes. The available material does not identify the vessel by name apart from the separate historical reference to Knock Nevis.

• Offshore oil-production infrastructure

  Floating production, storage and offloading units

  First Olsen Tankers converted two Suezmax tankers into floating production, storage and offloading units. These offshore assets combined production-related functions with storage and transfer capabilities, extending the company’s business beyond ordinary tanker transportation.

• Ultra-large crude carrier and floating storage unit · 1979

  Knock Nevis

  Knock Nevis was built by Sumitomo Heavy Industries in 1979 and became associated with First Olsen Tankers as an exceptionally large crude-oil carrier. It later operated as a floating storage and offloading unit before being scrapped in 2010.

• 2010

  Retirement of Knock NevisOther

  Background

  Knock Nevis had operated as an exceptionally large crude carrier and later as a floating storage and offloading unit.

  Action taken

  The vessel was sent for scrapping.

  Aftermath

  The disposal ended the operational life of the vessel, which remained the most prominent asset associated with the company in public historical accounts.

  Source

• 2005

  Corporate name change and marine-services acquisitionStrategy

  Background

  The company was expanding or reorganizing its maritime and offshore identity beyond the name First Olsen Tankers.

  Action taken

  It changed its name to First Olsen Ltd. and acquired Fred. Olsen Marine Services.

  Aftermath

  The change connected the company more directly with the wider Fred. Olsen maritime organization, although the available sources do not describe the longer-term commercial outcome.

  Source

1. 1First Olsen Tankersen.wikipedia.org