Johann Muller has returned from injury to captain the side, as has Luke Marshall, who will line out in the unfamiliar outside centre position.
Ballymena prop Andrew Warwick is in line to make his senior debut for the Province after being named on the bench.
Callum Black will start at loosehead prop so Tom Court moves to the other side of the scrum with Rob Herring as hooker. Lewis Stevenson retains his place in the second row beside Muller, despite the return to action of Dan Tuohy who is among the replacements. Mike McComish and Ali Birch get opportunities in the back row alongside the dynamic Robbie Diack.
Olding will be surrounded by experience in the form of Ruan Pienaar (scrumhalf) and Paddy Wallace (inside centre). Outside Marshall at 13 will be Andrew Trimble and Michael Allen on the wings, with Ricky Andrew at fullback.
The bench features 21 year old Warwick and Belfast Harlequins duo Niall Annett and Ricky Lutton as the front row cover. Tuohy and Neil McComb will offer plenty of options, particularly in the line out, if they are called upon, while Paul Marshall, Darren Cave and Chris Cochrane are the backline subs.
Ulster XV & replacements to face Ospreys, RaboDirect PRO12, Ravenhill, Friday 8th February 2013 (kick off 7.05pm):
(15-9): R Andrew, A Trimble, L Marshall, P Wallace, M Allen; S Olding, R Pienaar;
(1-8): C Black, R Herring, T Court, J Muller (capt), L Stevenson, M McComish, A Birch, R Diack;
Replacements (16-23): N Annett, R Lutton, A Warwick, D Tuohy, N McComb, P Marshall, D Cave, C Cochrane.
Profile: Andrew Warwick
Club: Ballymena RFC
Honours: Ulster Schools', Ulster U20s, Ulster Ravens