MHI to Continue Construction of Diamond Princess

Thursday, October 10, 2002
The Diamond Princess, which is currently under construction in Mitsubishi Heavy Industries' Nagasaki Shipyard, suffered a major fire on October 1.P&O Princess Cruises and Mitsubishi Heavy Industries have now had discussions following a preliminary assessment of the damage. Both parties confirm that they wish to continue with the construction of the Diamond Princess although there will be a significant delay to the scheduled delivery date. It will take MHI several weeks to complete the examination of the ship and to determine the full extent of the damage to agree a final delivery date. Based on this confirmation, MHI has commenced the preparation work to continue with the construction. MHI has an insurance arrangement of Builders Risk Insurance that covers entire reconstruction work. In addition, the fire incident will not affect the delivery or the construction of other vessels being built at MHI. Based on these conditions, MHI believes that the loss for MHI, which will be incurred from the restoration work, will remain temporal, therefore, will not cause significant adverse impact on the earnings of entire business of MHI. MHI sincerely thanks all the people and parties concerned with this fire incident, including its customers and local communities, for their understanding, cooperation, assistance and support that MHI has received. MHI will conduct restoration work with its greatest efforts, mobilizing other shipyards and factories of MHI, to meet the trust of the customer and the expectation from people and parties concerned, and to secure local employment.

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