Didn't they just build a rapids and re-build most of their woodie? Both are pretty expensive projects. I'd imagine the Swedish parks making these big announcements will only push them to compete a bit more in the coming years?
The re-build of Thundercoaster has happened over many years, but it hasn't been that extensive in later years. The biggest amount of re-tracking happened in 2008. It got news trains in 2014, however, if I remember correctly. And you're right about the Rapids ride, it was the new thing for 2016. And, the way they're marketing it, also the new thing for 2017. It's possible that they will build something small for 2018, but I don't have faith in anything extensive until 2019, at the earliest. As I said, they've been falling into a rhythm of adding attractions every three years now. Nightmare in 2010, teeny-tiny kiddie ride in 2011, kiddie area (and second-hand family coaster) in 2012, Thor's Hammer in 2013, nothing in 2014, nothing in 2015, Ragnarok in 2016, nothing in 2017...
And overall, I don't think the competition from the Swedish parks hurts TusenFryd that much. It is very much a day-trip park for people living in the greater Oslo area (roughly 1.2 million people or so), and is easily accessible by public transport from Oslo central station, whereas the Swedish parks practically require an overnight stay, and a transport leg of several hours. TusenFryd isn't competing for the destination tourists, it thrives well on the locals with no competition in that market. Gröna Lund and Liseberg have their own local markets
as well as the destination tourists.
If anything, TusenFryd competes against Kristiansand Zoo and Amusement Park, and while the former gets all the attention on these boards, the latter has roughly twice the size and annual attendance. But the competition with Gröna Lund is marginal at most. I guess Gröna Lund will compete more with Kolmården in the future, as they both serve the Stockholm market. The former has the years of tradition, solid line-up and central location. The latter has way more space and less restrictions - provided that everything goes through with the local council, of course.