Jorma Eloranta News

A new board of directors has been elected at Kvaerner Masa-Yards, Inc. Hans Petter Finne, executive vice president of Kvaerner ASA, has been appointed as the chairman of the board. The members of the board include: Jorma Eloranta, president and CEO of Kvaerner Masa-Yards; Finn Berg-Jacobsen, CFO of Kvaerner ASA; and Richard Petrie, executive vice president of Kvaerner Investments. Aarne Ukkola and Jorma Malinen continue as representatives of the personnel.

The Ultra Voyager will be Roughly 15 percent larger than Voyager (pictured above), the Ultra Voyager will be 126 ft. by 1,112 ft. Royal Caribbean Cruises Ltd. has ordered the Ultra Voyager for delivery in May 2006. Destined for the Royal Caribbean International fleet, the new ship will be built at Kvaerner Masa-Yards in Finland, continuing a shipbuilding tradition of five Voyager-class ships, two Vision-class ships and four earlier ships. Roughly 15 percent larger than Voyager…

Kvaerner Masa-Yards Inc.. Niemi, a Finnish citizen, has broad Finnish and international industry experience. During the years 1989-1997 he was Managing Director and Member of the Board of the Finnish Guarantee Board. Countries. services in Investment and Development Finance. "We at Kvaerner Masa-Yards are very pleased to have Mr. board," said Jorma Eloranta, President and CEO of Kvaerner Masa-Yards. Trond Ø.

January-September 2003. and a net sales of EUR 625 million (4.930 MNOK). increased by 10,7%. period of 2002. Eloranta, President and CEO of Kvaerner Masa-Yards. "In September 2003 Kvaerner Masa-Yards and Royal Caribbean Cruises Ltd. 2006, the Ultra Voyager. have seen in 2002 and 2003," continued Jorma Eloranta.

A new Board of Directors has been elected for Kvaerner Masa-Yards Inc.. Chairman: Leif-Arne Langøy (President and CEO, Aker Kvaerner Yards AS) Members: Jorma Eloranta (President and CEO, Kvaerner Masa-Yards Inc.), Karl Erik Kjelstad (Executive Vice President, Aker Kvaerner Yards AS), Oddvar Slettevold (Executive Vice President, Aker Kvaerner Yards AS) and Trond Ø. Westlie (Chief Financial Officer, Kvaerner ASA). Aarne Ukkola and Jorma Malinen continue as representatives of the personnel.

Kvaerner Masa-Yards and Royal Caribbean Cruises have agreed on an earlier delivery date for the cruise ship Navigator of the Seas. The delivery of the cruise ship Navigator of the Seas, now under construction at Kvaerner Masa-Yards' Turku shipyard, will take place six week early, on November 18, 2002. "The earlier delivery date of Navigator of the Seas suites us perfectly, says Jorma Eloranta, president and CEO of Kvaerner Masa-Yards Inc. We are pleased to be able to meet our client's wish for an earlier delivery of the ship and with the positive development of the cruise market."

The Kvaerner Group has published its first quarter 2002 results. Kvaerner Masa-Yards' business operations contributed to the Group results with an operating profit of $16 million. Kvaerner Masa-Yards' operating revenues for the period were $2,431 million. At the end of March, the unrecognized sales value of the orderbook was 1.3 billion. The operating profit of Kvaerner Masa-Yards Inc. according to Finnish Accounting Standards (FAS) was slightly higher than the figure reported by the Kvaerner Group for Kvaerner Masa-Yards. "The results of Kvaerner Masa-Yards for the beginning of this year shows that our productivity improvement program proceeds successfully.

The Norwegian ship owner Color Line AS and Kvaerner Masa-Yards have agreed to extend the validity of their letter of intent signed in July 2002. The signing of the final contract has been delayed because the financing of the vessel is pending the outcome of the Norwegian budget proposal of October 3, 2002. already in effect in other Nordic and European countries. According to the letter of intent Color Line shall purchase and Kvaerner Masa-Yards shall design, build and deliver one cruise passenger ferry of about 74 500 gross tonnes. similar to the system in Sweden or Denmark. The vessel could start operation under Norwegian flag for the Christmas season 2004. The parties have agreed on the general arrangements and specifications of the vessel.

The delivery of MS Navigator of the Seas took place today at Kvaerner Masa-Yards' Turku shipyard. Navigator of the Seas, newbuilding 1347, is fourth in the Voyager-class series of cruise ships for Royal Caribbean Cruises Ltd. The first three ships in the series, Voyager of the Seas, Explorer of the Seas and Adventure of the Seas were delivered in October 1999, September 2000 and October 2001 respectively, and have proven very successful in operation. With a gross tonnage of approx. the world. metres (237 ft) from keel to the top of the funnel. budget. be proud of this achievement. interior solutions. this Voyager-class cruise ship series. Centrums. view. overlooking the Royal Promenade. guests. There are numerous restaurants onboard.

It is incredible to consider that from the icy environs of Turku, Finland, emerge great ships of steel that are designed to spend their lives transporting passengers to and from mostly tropical paradises. Such was the feeling upon boarding the nearly 140,000-gt Navigator of the Seas — newbuilding 1347 — just three days before its Nov. 18, 2003 hand over to Royal Caribbean Cruises Ltd. Navigator is the fourth, latest and arguably greatest of the five-ship Voyager series. While the first ship of any series is, indeed, special, particularly so in the Voyager-class series as it was a world record setter based on its enormous size and onboard amenities…

Royal Caribbean Cruises Ltd., along with Finnish shipbuilder Kvaerner Masa-Yards, has developed a design for a new and even more spectacular ship, the "Ultra-Voyager," and that both parties have signed an agreement that could lead to a firm order. The conditional agreement anticipates one newbuilding, deliverable in 2006, and one option, for delivery in 2007 or 2008. The agreement anticipates that the cruise line and the yard could enter into construction contracts for Ultra-Voyager, provided that certain conditions, such as the euro-dollar exchange rate, move to a more favorable position. Royal Caribbean may activate the agreement up to August 31, 2003 or under certain terms up to December 31, 2003.