Aker Yards signs conditional contract for residence ship

Kvaerner Masa-Yards (KMY), has signed a conditional contract with FS Ocean Club, managed by Ocean Development Group, to design, construct and deliver an approximately 42,500GT luxury residential ship to be branded, managed and operated by Four Seasons Hotels and Resorts. The ship, to be named Four Seasons, will be approximately 200 metres in length and will feature approximately 100 spacious residences varying from 125 to 320 square metres.

“KMY is excited to have the opportunity to work with both Four Seasons and Ocean Development Group on this new project,” said Yrjö Julin, President and CEO, KMY. “With our combined experience, we are sure that Four Seasons will promote the new residential lifestyle that can be offered at sea.”

The value of the contract is approximately $330 million and will, when confirmed, correspond to about two thousand man-years employment at KMY and its suppliers and subcontractors. Construction of the new ship, which is anticipated to take 24 months to complete, will commence when sales targets for the residences have been reached, which is expected to occur before July 2005.

The agreement includes an option to contract a similar vessel to be exercised within year 2005 as soon as the sales targets for residences have been reached for the second vessel.

“The signing of this conditional contract with KMY and our agreement with Four Seasons are significant milestones in our plan to create a unique residential community at sea,” said Chairman and CEO of Ocean Development Group, Kristian Stensby. “The development in recent years of branded luxury residential resort communities has shown there is great potential demand for the unique lifestyle experience we will offer.”