Accomplishments of Fred Olsen Research Paper
- Length: 12 pages
- Sources: 8
- Subject: Business
- Type: Research Paper
- Paper: #70199323
Excerpt from Research Paper :
The accomplishments of Fred Olsen
The shipping business constitutes one of the most lucrative undertakings in the different regions of the globe. It has been associated with some of the most influential names in the history of this world. Norway, like other great nations of the world has been privileged to enjoy the possession a massive number of renowned shipping industries with one of them being the Olsen Group (Lorange, 2005). Whenever Olsen Group of Companies is mention, the name of its chairperson Fred Olsen has to crop up. The entrepreneur, whose family has engaged in the shipping business for at least five generations, has had a number of accomplishments, not only in relation to the organization, but also in other establishments in the industries and other aspects of life.
Fred Olsen, born Thomas Fredrik Olsen is a renowned business mogul, synonymous with shipping companies in Norway and the proprietor of Fred. Olsen Group, an association managed under his leadership. The tycoon, born in the year 1929 is the great grandson of Petter Olsen, the founder of the business and whose name he acquired. He is the fourth in line, not only as the great grandson of the founder to the organization but also in terms of the management of the business empire (Hephaestus Books, 2011). Fred Olsen however neither owns nor manages the organization as his daughter, Annette Olsen have taken over the two responsibilities. In addition to being the chairman of the family established group of business, this tycoon has once been the chairman of Aker Group, also a Norway-based groups of businesses, involved in engineering, offshore fishing and construction (Mann & Roberts, 2013).
Olsen, owing to the massive wealth he accumulated, coupled with his tendency to avoid publicity, has been referred to as Howard Hughes of Norway (Fred Olsen & Co.1965). This because of the successful business conducts that both of them had in their respective nations and the reclusive life with which they have been characterized. In early 2006, Olsen announced the sale of all his collection through an auction. Close to 17 million dollars was obtained from the process, which was accomplished through, the most renowned auctioneering company globally, Sotheby London chapter (Cooke, 2012). Initially, Fred Olsen got into a legal row with his brother Petter, over the Munch Collection, which was significant to the family and brought together by Thomas Fredrik Olsen, the father of the duo. This was due to the ownership and rights to the collection, which was not under Fred Olsen. According to the will that Henriette, their mother left behind, the younger son was supposed to acquire the collection. Olsen therefore, in 2001, lost in the case, irrespective of his attempts at contesting the will. All these took place at the Oslo district court (Hephaestus Books, 2011).
Fred. Olsen & Co
Although Fred Olsen is associated with a number of organizations and accomplishments, his connection to the Fred Olsen & Co. cannot be underestimated to any degree. The entrepreneur's great grandfather Petter Olsen established this organization in the year 1848 (Cooke, 2012). Petter, by the time he passed on, had established company offices in Hvisten, a small town that existed in Norway during the time. Additionally, the business had sixteen ships by the time. Thomas Fredrik Olsen, the son to the founder, took over the management of the firm following the death of his dad. He catapulted the business from a simple firm, which owned only few boats, turning it into a globally recognized multinational organization. The business, which was named after him moved from simple shipping, also becoming a shipbuilding corporation (Lorange, 2005). Fredrick Olsen's commitment and dream to deliver superior quality shipping services within the association was unstoppable. He intended to accomplish this vision, first at a local level and later to move to international grounds. Doing this was inevitable with the absence of a steam ship. However, he acquired this in the year 1914 with the first of the many motor ships being utilized in the South American line. By World War II, the corporation owned 44 ships. 22 of them nevertheless, sank during the battle.
Rudolf Olsen took over the firm following his dad, Fredrik's death, managing it with the assistance of his son Fred, who was named after the grandfather. During the leadership of father and son in the firm, Fred Olsen & Co. Started engaging in the aviation industry managing its own airline. This was evidence of the expansion of the business. At this time, Fred Olsen Flyselkap not only became a successful business in the region but the duo also managed to acquire partial ownership of other airline companies. These include sterling Airlines, Det Norske Luftfartselskap, Wideroe and the Scandinavian Airline System (Hephaestus Books, 2011).
Presently, Fred Olsen is involved in the management of the firm, a role he took over in 1955. Fred Olsen extended his shipping activities into the offshore business during the early 1970's. He operated the Dolphin Drilling rigs and Saga Petroleum when he ventured into business although the latter, he only owned partially (Hephaestus Books, 2011). He however sold part of all that he owned in Saga Petroleum in the year 1991. Dolphin Drilling Rigs has however been incorporated as part of Fred Olsen Energy. Furthermore, the shipping business mogul enjoys the ownership of massive shares in the construction and engineering industry under Aker limited in addition to owning Timex Corporation. Fred Olsen in has also not been excluded when it comes to the tanking industry. Other organization within the Fred Olsen Group includes Fred Olsen Renewable and is now operated under the ownership of the fifth generation after its founder Petter Olsen (Cooke, 2012).
The Accomplishments of Fred Olsen
The fact that Fred Olsen is a successful business mogul is indisputable as it is evidently shown in the way many businesses have thrived under his care. These accomplishments can be seen about his involvement in a number of industries and companies in the wider world of business. Some of the association whose establishment, development and growth can be, either fully of partly be credited to Fred Olsen include; Fred Olsen Cruise Lines, Dolphin Drilling Rigs, Saga Petroleum, Fred Olsen Energy, Timex Corporation, Aker, Det Norske Luftfartselskap, Fred Olsen Renewables, Wideroe, Fred Olsen Tankers and Sterling Airlines among other.
The Fred Olsen Cruise Lines segment of the Fred Olsen Group of Companies was established under the leadership of the first Fred Olsen, the grandfather to the current one. However, the company's worth was it worth what it is today by the time the founder died in 1933. Fred Olsen and the great grandson to the founder is credited majorly for catapulting the business to great height and giving it a name among the major shipping companies in Norway and the whole world through (Hephaestus Books, 2011). He is in fact the one who established the family name and getting them included among the best performing family businesses in Norway. Taking full control of the family age at a tender age of 26 years did not deter him from making great tides in the industry and creating an even better name for the family and the business they owned.
In 1955, when his dad could no longer manage the business owing to ilk health, Fred took full control of the organization where the business made the first voyage through collaboration with Bergen Line. He in addition oversaw the introduction of additional vessels into the business. All these ventures produced enormous success for the corporation. This only steered him further into acquiring more vessels for the organization and making more profits in the business. Some of the vessels t hat the organization acquired under the management of Fred Olsen includes, (Hephaestus Books, 2011). The lack watch and the black prince
Fred Olsen Energy also constitutes one of the many successes of Fred Olsen owing to the fact that it was established during his leadership of the corporation in the year 1997. Fred Olsen Energy deals in the offshore shipping industry and focuses most on the development and production of gas and oil. This firm undertakes it activities in a dual way. First, it handles operations of engineering and fabrication. This segment of the organization constituted the likes of shipyard, wolff, mother Irish and Harland operation. The other segment is concerned purely with offshore drilling.
This section of the Fred Olsen Group has it's headquarter located in Oslo Norway. Additionally, it has its branch offices located in Singapore, United States, India, Mexico, Brazil, United Kingdom, Hungary and Stavanger where the organization has expanded its operations (Hephaestus Books, 2011). Among the factors of success for this corporation, include the fact that it is listed in the Oslo Stock Exchange with the main shareholders in the firm being Ganger Rolf ASA and Bonheur. The family controls the operations of Fred Olsen Energy, which is chaired by Annette Olsen. Today the worth of the firm is at 1.9 Billion…