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March 1, 2002

Condo ship hits problems
ResidenSea's floating luxury apartment complex "The World" has run into problems that could ruin shipbuilders Fosen Mek. Verksted, reports Norwegian daily Aftenposten. The paper says that the owners refuse to make final payments due to delays and the U.S ,Coast Guard has not cleared the vessel.

Aftenposten says the ship was due to leave the yard on Monday, but Fosen was allegedly unable to complete the project to the owners' satisfaction.

Fosen now faces penalties of $90,000 per day, and the ship may not be finished until the end of March, says the newspaper.

Aftenposten says it has "learned that the U.S. Coast Guard has not cleared the ship for American waters, and it remains unclear whether major changes to the vessel would be needed, or simply minor adjustments":.