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MARINE LOG
MARITIME SERVICES
DIRECTORY

Monday, August 21 2000

Costa places $350 million order with Masa Yards
Kvaerner today announced that it has signed a contract with Costa Crociere SpA, the Italian 50:50 affiliate of Carnival Corporation and Airtours, for the construction of a further 86,000 grt cruise ship to be built by Kvaerner Masa-Yards at its Helsinki Shipyard in Finland, for delivery in the spring of 2003. The 2,100-passenger vessel, a sistership to the recently delivered 'Costa Atlantica', has an estimated cost of approximately $350 million. Kvaerner will arrange third party financing to cover the major portion of cost associated with the construction of the vessel.

Kvaerner president & CEO Kjell E Almskog said "this new agreement for a further vessel is very welcome. Following our decision earlier this year to defer a sale of Masa-Yards, Kvaerner continues to make good progress with the improvement program at the facility. Our initiatives have the objective of achieving good financial results from the substantial current order reserve,'' Almskog concluded. Following today's announcement, the current orderbook at Masa-Yards now stands at more than $2.6 billion

 

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