Kvaerner Masa-Yards Signs Letter of Intent

The Norwegian shipowner Color Line AS and Kvaerner Masa-Yards in Finland have signed a Letter of Intent according to which the parties agree that Color Line will purchase and Kavaerner Masa-Yards will design, build and deliver a cruise passenger ferry. The Letter of Intent is subject to financing and of a mutually satisfactory shipbuilding contract. The value of the vessel is about $297 million. The parties will work in an exclusive basis towards finalizing the shipbuilding contract by October 15, 2002.