Regent Seven Seas Cruises orders $450 million newbuild

regent shipsJULY 10, 2013 — Ultra-luxury brand Regent Seven Seas Cruises is to add a fourth ship to its fleet. It announced today that it has entered into a definitive contract with Italy's Fincantieri to build what it says will be "the most luxurious cruise ship ever built, boasting one of the highest space ratios and staff-to-guest ratios ever seen in the modern era of cruising enabling us to deliver the highly personalized service and extraordinary experience that is the hallmark of the Regent brand."

Accommodating 738 guests in 369 suites, the new ship will be the brand's third all-suite, all-balcony ship. Named Seven Seas Explorer, it is scheduled for summer 2016 delivery from the shipbuilder.

Fincantieri has assigned the order to its Sestri Ponente (Genoa) shipyard

At 54,000 grt, Seven Seas Explorer will be the largest vessel in the Regent Seven Seas Cruises fleet. The specifications for the ship call for a hull 732 feet long, with a beam of 102 feet and a draft of 23 feet. It will be powered by diesel-electric engines with a service speed of 20 knots and will be a "green ship" employing the most advanced environmental systems and state-of-the-art technology.

The contract price for the vessel is approximately US$450 million, making Seven Seas Explorer the most expensive luxury liner ever built, according to Regent. Financing for the project is being arranged by Crédit Agricole Corporate and Investment Bank with support from SACE, Italy's export credit facility.

Fincantieri says the SACE export guarantees allowed it sto present the cruise line with a satisfactory package of technical, commercial and financial proposals.

"This new ship order represents an exciting time of growth for our company as we build the next generation of cruise ships for the world's most inclusive luxury cruise line," said Frank J. Del Rio, Chairman and CEO of Regent's parent Prestige Cruise Holdings (PCH). "Seven Seas Explorer will be the most luxurious cruise ship ever built, boasting one of the highest space ratios and staff-to-guest ratios ever seen in the modern era of cruising enabling us to deliver the highly personalized service and extraordinary experience that is the hallmark of the Regent brand."

According to Mr. Del Rio, "The moment you step aboard, you'll know you've arrived somewhere special. The ship's upscale yet timeless design, extreme use of exotic stones and polished woods, designer furniture, rich fabrics and sophisticated lighting combined with what promises to be a museum-quality, eclectic art collection will clearly position Seven Seas Explorer as the new standard in luxury cruising."

Seven Seas Explorer will feature spacious and sophisticated designer suites, ultra-elegant public areas, a wide-range of gourmet dining options, a world-class spa and many other amenities all created with the personality, warmth and soul of classic and timeless design.

Architectural and interior design firms Tillberg Design AB, RTKL Associates and ICrave are designing the vessel, whose 369 suites will range rom 300 square feet to 1,500 square feet and ill feature six open-seating gourmet restaurants, Regent's signature nine-deck atrium, the two-story Explorer Theater, three boutiques and an expansive Canyon Ranch SpaClub.

With the Seven Seas Explorer, Regent Seven Seas Cruises' overall fleet capacity will grow nearly 40 percent, making the brand the world's largest luxury cruise line.

"This new ship order is part of our disciplined growth strategy to expand our footprint in the luxury market," said Kunal S. Kamlani, president of Regent Seven Seas Cruises. "Since we purchased the Regent Seven Seas Cruises brand in 2008, the ships have sailed full with industry-leading yields. We strongly believe that now is the right time to expand our fleet as our loyal guests have asked for a greater array of itineraries and our travel partners have proven that there is pent-up demand for a new Regent ship."

Commenting on the announcement, Fincantieri CEO Giuseppe Bono said: "I am extremely pleased with this new order, which is all the more important because it establishes our global leadership in this sector and strengthens our presence in the luxury segment with the addition of another prestigious brand to our client list, also thanks to the fundamental synergy created by the country through agencies designated to promote Fincantieri exports."

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