with book.Sheets[1] do begin
  cells[1,1].Select;
  with Shapes.AddPicture('image.jpg') do begin
    Line.Style   := msoLineThinThick;
    Line.Weight  := 4.5;
    Line.Visible := true;
    Line.ForeColor.RGB := $0000FF;
    Line.BackColor.RGB := $0000FF;
  end;
end;