Aker Yards Signs Residence Ship Contract

Wednesday, June 16, 2004
Kvaerner Masa-Yards Inc. (KMY), signed a conditional contract with FS Ocean Club Ltd., managed by Ocean Development Group, to design, construct and deliver an approximately 42,500 Gross Ton luxury residential ship to be branded, managed and operated by Four Seasons Hotels and Resorts. The ship, to be named the M/S Four Seasons, will be approximately 200 meters in length and will feature approximately 100 spacious residences varying from 125 square meters to 320 square meters.

"KMY is excited to have the opportunity to work with both Four Seasons and Ocean Development Group on this new project," said Mr. Yrjö Julin, President and CEO, KMY. "With our combined experience, we are sure that M/S Four Seasons will promote the new residential lifestyle that can be offered at sea."

The value of the contract is approximately €276 million and will, when confirmed correspond to about two thousand man-years employment at KMY and its suppliers and subcontractors. KMY has built more than 25% of the world's modern passenger ship fleet, and enjoys an unprecedented on-time delivery record. Construction of the M/S Four Seasons, which is anticipated to take 24 months to complete, will commence when sales targets for the residences have been reached, which is expected to occur before July 2005.

The agreement includes an option to contract a similar vessel to be exercised within year 2005 as soon as the sales targets for residences have been reached for the second vessel.

"The signing of this conditional contract with KMY and our agreement with Four Seasons are significant milestones in our plan to create a unique residential community at sea," said Chairman and CEO of Ocean Development Group, Mr. Kristian Stensby. "The development in recent years of branded luxury residential resort communities has shown there is great potential demand for the unique lifestyle experience we will offer."

"We are excited to expand our residential portfolio with this new and visionary lifestyle product," added Kathleen Taylor, President, worldwide business operations, Four Seasons Hotels and Resorts. "The M/S Four Seasons will offer our guests the opportunity to experience the Four Seasons lifestyle in locations where we do not currently have a presence, and will become a showcase for the highly personalised service for which Four Seasons is renowned."

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Evergreen Enhances UK and Ireland Services

Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam,

SCI Publishes Shore Leave Survey

With Maritime Labor Convention (MLC), 2006 in force, one might expect to see a reduction in the number of seafarers without visas; yet, recent data collected by

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

Cruise Ship Trends

Port Canaveral Initiates FDLE Probe

As a result of an internal investigation prompted by concerns raised from employees and in follow-up to prior internal suspicions, the Canaveral Port Authority

ISS's Innovative Series of New Travel Apps for Cruise Industry

Inchcape Shipping Services (ISS) the world’s leading maritime services provider, has launched an innovative series of travel apps for the cruise industry in Greece,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1537 sec (7 req/sec)