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STX France Secures Lucrative Royal Caribbean Deal

by Ulrika Lomas, Tax-News.com, Brussels

02 January 2013


Royal Caribbean International has awarded a contract for the construction of a new cruise ship to STX France Cruise SA.

The deal, reportedly worth around USD1.2bn, is for the construction of a new liner 361 meters long and 66 meters wide - one of the largest to be built at STX France's Saint-Nazaire base.

Laurent Castaing, the Managing Director of STX France, which is one-third owned by the French state, and two thirds owned by South Korean conglomerate STX Corporation, heralded the shipyard's first new order in more than two years:

"We are extremely proud to have been selected by Royal Caribbean International to build this third unit, which is a real challenge to our yard. This ship is a real exception in the cruise world as it is highly innovative and spectacular. Moreover, we are delighted to partner with Royal Caribbean again and continue our decades-long relationship. Royal Caribbean has always been an important part of our shipyard's success as we have built twelve of their vessels. Our technical teams should get back quickly to a cooperation mind. We are eager to start."

The vessel will be the third addition to Royal Caribbean's OASIS class fleet, which includes Oasis of the Seas and Allure of the Seas, which span 16 decks, and together measure in at 225,282 gross registered tons, carrying 5,400 guests at double occupancy, and featuring 2,700 staterooms.

"The Oasis of the Seas and Allure of the Seas have fundamentally transformed the cruise experience for our guests," said Richard Fain, Chairman and Chief Executive Officer of Royal Caribbean Cruises. "These ships have consistently generated outstanding guest satisfaction ratings and continue to produce superior financial results. We are thrilled to be adding a sister to this extraordinary class of vessels at a compelling price. Being back building in France just adds to the pleasure."

STX Europe reported that the contract is worth 10 million working hours over three years. Studies will commence this month, and production will start from September. Delivery is anticipated in mid-2016 with an option for a second ship due in mid-2018 included in the deal, signed between the parties on December 27, 2012.

STX Europe is the largest shipbuilding group in Europe and the fourth largest in the world, with fifteen shipyards in Finland, France, Norway, Brazil, Romania and Vietnam.

TAGS: marine

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