Cant use Powershell to connect outlook 2003

I have a powershell script that works like a charm on my computer with Windows 7 x64 and Office 2010.
But when I try to use it on a production computer with Windows 7 x64 and Office 2003 it doesent work.
It turned out that I cant even create a oulook object, see example below.
Any help in this matter is highly appreciated.

/Regards

$outlook = new-object -com outlook.application;
$ns = $outlook.GetNameSpace("MAPI");

PS C:\Users\admin> $outlook

Application      : System.__ComObject
Class            : 0
Session          : System.__ComObject
Parent           :
Assistant        : System.__ComObject
Name             : Outlook
Version          : 11.0.0.8330
COMAddIns        : System.__ComObject
Explorers        : System.__ComObject
Inspectors       : System.__ComObject
LanguageSettings : System.__ComObject
ProductCode      : {9012041D-6000-11D3-8CFE-0150048383C9}
AnswerWizard     : System.__ComObject
FeatureInstall   : 1
Reminders        : System.__ComObject

PS C:\Users\admin> $ns

Application            : System.__ComObject
Class                  : 1
Session                : System.__ComObject
Parent                 : System.__ComObject
CurrentUser            : System.__ComObject
Folders                : System.__ComObject
Type                   : Mapi
AddressLists           : System.__ComObject
SyncObjects            : System.__ComObject
Offline                : False
MAPIOBJECT             : System.__ComObject
ExchangeConnectionMode : 700