NCL Expects $5.9 M Loss After Grounding

October 11, 1999

Officials of NCL Holding ASA announced that the company expects losses from the grounding of its Norwegian Sky vessel off Canada last week to total $5.9 million, including $2.5 million from NCL's part in insurance payments and loss of on-board income not covered by insurance and a $3.4 million for cost cuts on future cruises. The Norwegian Sky ran aground in the upper St Lawrence River and was re-floated with the tide hours later. NCL officials said the vessel would be back in service on Oct. 28 after repairs. Three cruises were canceled. NCL officials said the company has solid liquidity. Cash holdings as of Sept. 30 totaled $115 million.

NCL Expects $5.9 M Loss After Grounding

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