Tax Policy

Updated March 2026.

This tax policy applied for the year ended 31 December 2025, to the UK group of operations headed by First Olsen (Holdings) Limited (FOHL) (the “Group”), being the immediate parent company of Fred. Olsen Cruise Lines Limited (FOCL). The Group comprises the following entities:

First Olsen (Holdings) Limited (“FOHL”)
Fred. Olsen Cruise Lines Limited (“FOCL”)
Black Watch Cruise Limited
Boudicca Cruise Limited
Balmoral Cruise Limited
Bolette Cruise Limited
Borealis Cruise Limited

The Group's Tax Policy operates in accordance with UK tax strategy legislation (paragraph 19 of Schedule 19, Finance Act 2016). Note that the primary operating entity within the Group is FOCL.

Aim
The Group is committed to comply with all applicable statutory obligations and disclosure requirements to tax authorities. The Group aims to manage its tax affairs in line with its overall standards of governance.

Risk Management and Governance

Tax policy and compliance ultimately resides with the Board of Directors. As per applicable statutes and law the Directors have a duty to ensure risk is managed and appropriate governance procedures are in place. These procedures include:

• Incorporated within the Company’s overall internal control and risk assessment framework are controls to assess the tax risk. These controls ensure compliance with legal requirements and the accurate and timely payment of tax.
• The day-to-day management of the Group’s tax affairs is the responsibility of the Senior Accounting Officer of FOCL together with FOCL’s finance department.
• Roles and responsibilities for managing tax risks are clearly defined across FOCL and are performed and undertaken by professionals who have the appropriate experience and capability. Where gaps in knowledge, skills or resources are identified, we engage external advisors to help us understand and fulfil our tax responsibilities as required.
• External advice and documentation is sought to support business decisions to interpret tax law and ensure the Company is compliant.

Attitude towards tax planning and level of risk:
The Group’s attitude towards tax risk is conservative and we strive to keep tax risk at a low level. Transactions are arranged in a manner that supports genuine commercial aims. We do not engage in planning schemes or arrangements that are considered as being aggressive or artificial in nature. The process followed ensures the related tax implications are compliant with legal and regulatory requirements whilst seeking to take advantage of tax incentives, reliefs and exemptions.

FOHL, Black Watch Cruise Limited and Boudicca Cruise Limited are subject to routine corporation tax arrangements. FOCL, Balmoral Cruise Limited, Bolette Cruise Limited and Borealis Cruise Limited are also established within the UK Tonnage Tax system. Consequently they pay their corporate taxes based on the registered net tonnage of its ocean-going vessels.

 Relationship with HMRC
The Group endeavours to have a constructive relationship with HMRC through regular communication.

The Group ensures that HMRC is made aware of significant transactions and changes in the business and will correspondingly seek opportunities to discuss tax issues arising at an early stage. When submitting tax computations and returns to HMRC, the Group aims to disclose relevant facts and address issues where the tax treatment may be considered uncertain.

Any inadvertent errors in submissions made to HMRC will be disclosed and corrected as soon as reasonably practicable after they are identified.