I think I have a problem with the RTC (real time clock) on my small HP ProLiant Server. If the server has been down for more than a few minutes, ntp apparently has great problems synchronizing with external ntp-servers, when the server starts up again. I have found a simple way to handle the problem, and will post it here so that others can benefit from it - and I can find the solution again, if I forget it...
You need to install the package adjtimex:
# yum install adjtimex
Stop ntp
# sv stop ntpd
Remove the ntp drift file
# rm /etc/ntp/drift
Run ntpdate to set the correct time
# ntpdate pool.ntp.org
Let adjtimex find reasonable values for drift, this will take a few minutes
# adjtimex -a
Start ntp again
# sv start ntpd