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Saturday, October 1, 2016

Northrop Grumman To Sell Cruise Ship Assets to NCL

August 20, 2002

Northrop Grumman Corporation announced that it has reached an agreement to sell all structures and material associated with a cruise ship program at the company's Ship Systems sector here to Norwegian Cruise Line. Under the agreement, Norwegian Cruise Line will take possession by September 30 of the nearly half-complete first ship and all associated equipment and materials, as well as material acquired by Northrop Grumman for a planned second ship. Approximately 350 Ship Systems employees are currently preparing the cruise ship for launch and towing. The company does not expect the sale to impact previously announced financial guidance. In May, the U.S. Maritime Administration (MARAD) conducted an auction for the cruise ship and associated materials. Subsequently, MARAD directed Northrop Grumman Ship Systems to proceed unilaterally with the disposition of the vessel. Northrop Grumman had previously been under contract to American Classic Voyages Company to construct two 1,900-passenger vessels. In October 2001, Northrop Grumman halted work after AMCV filed for Chapter 11 bankruptcy protection.


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