NCL signs LOI with Aker Yards

Aker Yards has signed a Letter of Intent (LOI) with NCL Corporation (NCL) for building a high standard cruise vessel. The LOI, valid until the end of this month, also includes an option for a second ship, for delivery in early 2008, with exercise of the option by end of August 2005.

The plan is to build the 89,000 GT Panamax-class cruise vessel in Aker Finnyards’ Helsinki shipyard for delivery in spring 2007 at a cost of EUR 350 – 400 million.

“For Aker Finnyards this Letter of Intent is a strategic opening to create a new customer relationship as well as a possibility to deliver a new series of vessels”, said Yrjö Julin, President of Aker Finnyards.

Julin added: “We have been able to come to this agreement with NCL based on synergy effects planned from the combination our three Finnish yards.”

“We are very pleased to renew our relationship with Aker Finnyards some 16 years after they last built a ship for NCL. By building now in two shipyards instead of our traditional one we can respond to the fast growing demand in our market and achieve our goal of replacing all of our mid-sized ships with large modern ships by the end of this decade. Aker Finnyards is known to be one of the very best builders of high quality large cruise ships and we are looking forward to a rewarding partnership”, said Colin Veitch, President and CEO of NCL.

The contract would mean in all 3,000 man-years of work for Aker Finnyards and its co-operating companies.