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Thursday, September 23, 2004
Fincantieri signs a five ship, 2.6 billion dollar agreement with Carnival Group
The agreement confirms the preferential relationship between the two Companies and foresees the development of new projects, including a 180,000 gt super ship
Fincantieri and Carnival Corporation & plc have signed a cooperation agreement which envisages the construction of four new ships and the redesigning and lengthening of a ship ordered last April.
The agreement, which is structured in euros and dollars, has a total value of approximately 2.6 billion dollars for the owner. It further strengthens the relationship between Fincantieri and Carnival Group thanks to which the Italian shipbuilder has long been the world leader in the field of cruise ships, with a market share which currently stands at over 60%.
The agreement calls for the construction of a 110,000 gt “Conquest class” ship at Sestri Ponente shipyard for Carnival Cruise Lines and of a 116,000 gt “Caribbean Princess” class ship at Monfalcone shipyard for Princess Cruises. Both ships are expected to be delivered in Spring 2007.
A further two ships with the same characteristics will be built for Carnival’s European brands at the same shipyards with delivery in Spring 2008.
The agreement also comprises the redesigning of the “Queen Victoria” which will be built in Marghera for Cunard Line; the ship will be lengthened by 11 metres compared to the original design and its tonnage increased to 90,000 gt. The ship, which will be delivered in Summer 2007, will incorporate the style and characteristics of the Company’s larger vessels.
The preferential cooperation between Fincantieri and Carnival calls for the development of programs for new ships, including the “Pinnacle project” for the development of a 180,000 gt prototype for Carnival Cruise Lines, which is set to be the largest passenger ship ever built in the world.
Carnival Chairman and CEO, Micky Arison, said that this unique alliance with Fincantieri lays the foundation for its newbuilding program in 2007 and 2008. With regard to ordering sister ships to vessels currently in operation, Arison said: “These two classes of ships presently have some of the highest returns in the cruise industry”. “The reengineered “Queen Victoria” will serve as Cunard’s SuperLiner of the future” Arison added.
Fincantieri Chief Executive Officer Giuseppe Bono said “This is an unprecedented agreement. There is no equivalent relationship between customer and supplier in the cruise industry. Fincantieri has thus far delivered 29 ships to different brands of the Carnival Group for an aggregate value of about $10 billion. This agreement brings our Carnival orderbook to 12 newbuildings with a value of approximately $6 billion and provides Fincantieri with a continuous workload at our shipyards through 2008. Mr. Bono added: “The preferential relationship creates the ideal conditions for the development of new classes of ships for years to come. Furthermore, the agreement signifies Carnival’s acknowledgement of Fincantieri’s ability to deliver projects of this magnitude. With Fincantieri’s sound financial results and status, as well as increased efficiencies, we are able to balance the effect of the end of subsidies.”
FINCANTIERI S.p.A. - Via Genova, 1 34121 - Trieste
Reg. Comp. TS - Reg. n. & Tax 00397130584 - VAT 00629440322 - Fully paid up share capital € 633.480.725,70
Company subject to the direction and coordination of Fintecna S.p.A.