Ncl Holding Asa News

Norwegian cruise firm NCL Holding ASA has been approved for a listing on the New York Stock Exchange. NCL would be listed under the symbol NRW.

Malaysia's Star Cruises said it was seeking to issue 200 million new shares to finance its acquisition of the Norwegian shipping group NCL Holding ASA. The issue of new shares, pending approval from Star's shareholders, represented 32 percent of the company's existing share capital, it said. Star had also arranged a five-year medium loan of $600 million, which would also go to financing the NCL acquisition and Star's future expansions, it said. The new issues may be in the form of new ordinary shares of Star Cruises or equity-linked securities and would be issued over a period of time, the company said.

The New York Stock Exchange on Monday said it had suspended trade of Norwegian cruise operator NCL Holding ASA's American Depositary Receipts due to the purchase of the company by another cruise line. After the suspension, the NYSE will file with the Securities and Exchange Commission to delist the issue, the exchange said in a statement. The suspension is related to the Nov. 29, announcement that Arrasas Limited, a subsidiary of Star Cruises Plc, has begun acquiring all of NCL's ordinary shares and ADRs, related to the tender offer statement dated Jan. 13.

The United Seamen’s Service (USS) 2006 Admiral of the Ocean Sea Awards will be presented to container shipping pioneer Paul F. Richardson, President of Paul F. Richardson Associates Inc., and Colin Veitch, President and CEO of Norwegian Cruise Line, which has commenced new American-flag passenger ship activity. The maritime industry honor will be awarded at a gala industry dinner and dance to be held at the Sheraton New York Hotel and Towers, New York City, on November 3, 2006. John Bowers, Chairman of the USS AOTOS Committee and President of the International Longshoremen’s Association, AFL-CIO, made the announcement on Maritime Day May 22, 2006. Richardson and Veitch led the field of nominees for the award, sought by USS from over 150 maritime management, labor and government officials.

Norwegian cruise group NCL Holding ASA reiterated opposition to a takeover bid by Carnival Corp. and forecast a surge in pre-tax profits for 2000. Officials said that Carnival, which has offered $880 million for NCL shares, was trying to buy NCL cheap after it suffered a year marred by two accidents with its liners. Officials also said that forecast 1999 profits include extraordinary items of about $20 million after, the Norwegian Sky ran aground in Canada in September and the Norwegian Dream collided with a cargo ship off Britain in August. All costs with the liners had now been taken. NCL bookings already account for 50 percent of budgeted revenues for 2000. And as of Dec.

Singapore-listed Star Cruises Plc launched a surprise takeover bid for Norway's NCL Holding ASA on Dec. 17, after U.S. giant Carnival Corp. bowed out of a battle for control. Star offered 35 Norwegian crowns ($4.38) a share for NCL, valuing it at about 8.73 billion Norwegian crowns ($1.10 billion). Star will also assume NCL debts of about six billion crowns. The bid was inevitable after Star lifted its shareholding in NCL above 40 percent late on Dec. 16, the threshold above which a formal takeover has to be launched under Norwegian law. NCL officials said they were surprised by the bid after Star had assured them only a day earlier that it had no such plans.

Siem Industries Inc. subsidiary Siem Leisure Industries Inc. acquired an option to purchase one million shares in cruise operator NCL Holding ASA. Siem said the option was acquired at a strike price of 18 crowns per share. The option expires Jan. 20, 2000. Siem Industries and its subsidiaries own 35,508,828 shares in NCL, or around 14.9 percent, in the form of ordinary shares and American Depository Receipts.

U.S. Coast Guard inspectors cleared the SS Norway to sail, a week after owner Norwegian Cruise Line was ordered to make repairs that scuttled the Caribbean vacations of 2,032 passengers. The sleek, blue-hulled Norway, built 40 years ago as the SS France for Atlantic crossings, has been berthed for more than a week in Miami but was now scheduled to depart on Sunday for a seven-day cruise of the eastern Caribbean, according to the Coast Guard and NCL Holding ASA. "Their certification to carry passengers is OK," Coast Guard Chief Sean Benson said. Coast Guard inspectors last week refused to sign off on the Norway's fire safety system and ordered NCL, to fix 106 poorly patched leaks in its sprinkler system.

NCL Holding ASA agreed to sell the cruise ship AIDA to Arkona Touristik for $181 million. NCL said the booked value of the vessel was $169 million and the debt on the ship was $106 million.

Norwegian cruise operators NCL Holding ASA has agreed to sell the cruise ship Aida to Arkona Touristik for $181 million. NCL said the booked value of the vessel was $169 million, and the debt on the ship was $106 million. Delivery will take place this month.

NCL Holding ASA reportedly 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 plus $3.4 million for cost cuts on future cruises. However, NCL is still reporting solid liquidity. Cash holdings as of September 30 totaled $115 million.

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.

Norwegian cruise company NCL Holding ASA said on Wednesday pre-tax profits almost doubled in the nine months to September 30 amid firm market sentiment and strong demand. The Miami-based company said third-quarter earnings were negatively affected by between $18 and $19 million due to accidents with two of its cruise liners and reduced demand in the Mediterranean due to the conflict in Kosovo. NCL posted pre-tax profits before extraordinary items of $36.18 million between January and September, up from $18.6 million in the same year-ago period. Operating profits edged lower to $64.3 million from $65.7 million, while revenues grew by 13 percent to $651.8 against $575.4 million.

Norwegian cruise company NCL Holding ASA said on Wednesday pre-tax profits almost doubled in the nine months to September 30 amid firm market sentiment and strong demand. The Miami-based company said third-quarter earnings were negatively affected by between $18 and $19 million due to accidents with two of its cruise liners and reduced demand in the Mediterranean due to the conflict in Kosovo. NCL posted pre-tax profits before extraordinary items of $36.18 million between January and September, up from $18.6 million in the same year-ago period. Operating profits edged lower to $64.3 million from $65.7 million, while revenues grew by 13 percent to $651.8 against $575.4 million.

NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million. Carnival would also assume NCL debts, raising the value of the transaction to $1.7 billion.

NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL Chairman Kristian Siem, who controls 14.9 percent of the Miami-based cruise company, said it would be a "waste of time" to even meet Carnival given the offered price. "To meet based on a price level of 30 crowns is a waste of time," Siem said. "It's very pleasant that Carnival values NCL, and this confirms that the company is fully able to survive on its own," he said. "The offer also represents a significant discount in relation to the pricing of other companies in the cruise industry," the board said.

Carnival Corp. would seek an additional listing on the Oslo stock exchange if it succeeded in its bid to take over Norwegian cruise firm NCL Holding ASA. Carnival last week offered 30 crowns per share for NCL in a hostile takeover bid which valued NCL at 7.15 billion crowns ($884 million).

NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.

Malaysia's Star Cruises Plc and Carnival Corp. have terminated a joint venture agreement to buy Norwegian cruise group NCL Holding ASA, paving the way for Star to have full ownership. Star reportedly cancelled the deal with Carnival because it was not prepared to give more control to Carnival on NCL's future direction. Carnival was offered a minority 40 percent stake to prevent a bidding war, Star officials said, but have since wanted more control than the Malaysian company was prepared to give. Officials added that the termination was amicable, and there were no claims or costs pending against either party. Star currently has a 95 percent stake in NCL, inclusive of an indirect 10 percent.

Shares in Norwegian cruise operator NCL Holding ASA fell six percent early last Wednesday after Singapore's Star Cruises bought a 20.6 percent stake but said it did not plan to bid for the entire company. NCL, which is currently the target of a hostile takeover from U.S. cruise giant Carnival Corp., said it had asked to meet Star to discuss possible options. "NCL has asked for a meeting with Star to map out what options the acquisition holds, compared with other possibilities the company is working on," NCL said. Star and related companies have now bought 51.4 million NCL shares, corresponding to 20.6 percent of the share capital. Star said that it had no intention at present to make any offer for NCL to counter the hostile bid from Carnival Corp.

NCL Holding ASA officials reported that the company has had held talks with Carnival Corp., which launched a hostile takeover bid for the company. NCL officials declined to comment on the discussions, saying that they will discuss the issue if there is something to announce. NCL officials had previously described Carnival's 30 crowns ($3.75) per share offer as "a waste of time" and refused to meet with executives from the world's leading cruise operator when they visited Oslo a week ago. Carnival's offer totals approximately $1.7 billion, including debt. However, there has reportedly been a change of heart after Carnival dropped demands that NCL should accept 30 crowns per share as a precondition. However, both companies agreed to keep the talks confidential.

Shares in Norwegian cruise operator NCL Holding ASA fell six percent early Wednesday after Singapore's Star Cruises bought a 20.6 percent stake but said it did not plan to bid for the entire company. NCL, which is currently the target of a hostile takeover from U.S. cruise giant Carnival Corp., said it had asked to meet Star to discuss possible options.

One week after spurning an offer from industry leader Carnival Cruise Lines, Norwegian cruise ships operator NCL Holding ASA is in talks with Singapore's Star Cruises Plc. Miami-based Norwegian Cruise Line, the world's fourth-largest cruise operator, had rejected Carnival's 30 Norwegian crowns-a-share offer ($3.77) as too low and hinted rival takeover bids might surface. But NCL said it was not clear whether Star, the leading Asia-Pacific cruise line, would prove its savior. "Further information will be given if NCL receives a concrete bid from Star Cruises," NCL said. Carnival immediately challenged Star to come up with a better offer than its own made last week, which valued NCL at $884 million, or $1.7 billion with assumption of debt.