Wednesday, August 23 2000

Masa-Yards wins another Carnival order
Kvaerner has secured its second major cruise ship agreement this week in the form of a contract to build another 86,000 grt Spirit class vessel for Carnival Corporation, at an estimated cost of approximately $375 million. The new vessel will also be built by Kvaerner Masa-Yards at its Helsinki Shipyard in Finland, and is scheduled for delivery at the end of 2003.

This agreement follows the announcement two days ago that Kvaerner had signed a contract with Costa Crociere SpA, the Italian 50:50 affiliate of Carnival Corporation and Airtours, for the construction of a sister ship to the recently delivered 'Costa Atlantica'.

The newbuilding announced today will be the fourth 'Spirit' class ship. To be named 'Carnival Miracle,' it will be capable of carrying 2,124 passengers. The Spirit class ships and the two Costa newbuildings share the same hull design and propulsion system, but their decor and outfitting are attuned to their respective brands.

Kjell E Almskog, President & CEO of Kvaerner commented: "This is the second major cruise ship deal we have announced this week, extending the yard's current order book to almost $3 billion. It further reaffirms the position of Masa-Yards as one of the premier builders of cruise-ships in the world." Kvaerner is arranging third party financing to cover the major portion of costs associated with the construction of vessels in its current order book.

Separately, Kvaerner, today announced the appointment of Richard Petrie as Chief Operating Officer at Kvaerner Masa-Yards in Helsinki. British-born Petrie (41), will take up his new position immediately. He has worked for Kvaerner for some 10 years and has been engaged in a number of senior executive roles. Most recently, he has spearheaded the Group's effort to implement an improvement program at the yard.

Martin Saarikangas, President of Kvaerner Masa-Yards, will retain his position until a new CEO has been appointed later this year, and is expected to remain a director of the company.

Like its sister ships, the Carnival Miracle will encompass 12 passenger decks housing a variety of bars, lounges and dining areas, including a two- deck-high main restaurant, a supper club bordering the vessel's massive funnel and a poolside eatery .

The 960-ft-long ship will also feature a spectacular wrap-around outdoor promenade, an enclosed 2,400-square-foot children's play area, a wedding chapel, a large conference center and an expansive "Nautica Spa" health and fitness facility. Eighty percent of the vessel's staterooms will offer an ocean view with 80 percent of those including private verandahs. Several levels of deluxe accommodations will be offered, as well.

The order for the Carnival Miracle follows an announcement just two days ago by Carnival's Italian affiliate, Costa Crociere, that it contracted with Kvaerner Masa to build a new 86,000-ton vessel, which will be a sister ship to the Costa Atlantica launched last month. That as-yet-unnamed ship is scheduled for a summer 2003 delivery.

Carnival Corporation owns a 50 percent interest in Costa Crociere. While the new Carnival and Costa ships will feature an identical hull design, propulsion system and power plant, the vessels' decor will be in tune with each of the cruise operators' distinctive styles.

The contract for these two new ships brings to 15 the number of ships currently on order for Carnival Corporation. In addition to four "Spirit- class" ships, Carnival Cruise Lines' order book includes three 110,000-ton "Conquest-class" vessels -- the Carnival Conquest in 2002, the Carnival Glory in 2003 and the Carnival Valor in 2004.

Carnival's Holland America Line unit also has six new vessels on order, including the 61,000-ton Amsterdam, set to debut this fall, and five 86,000-ton ships scheduled to enter service between 2002 and 2005. Additionally, Cunard Line's 150,000-ton Queen Mary 2 will be largest cruise ship ever constructed when it enters service in fall 2003. Collectively, these 15 vessels represent an investment of nearly $6.5 billion by Carnival.


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