Page 121: of Maritime Reporter Magazine (June 1998)

Carnival Corp. Completes $500M Acquisition Of Cunard Line

Carnival Corp. has completed the acquisition of Cunard Line for $500 million from Kvaerner ASA and simultaneously completed the merger of Cunard with Seabourn

Cruise Line, which was 50 percent owned by Carnival and 50 percent owned by Norwegian entrepreneur

Atle Brynestad.

Carnival owns a 68 percent stake in the newly merged compa- ny, named Cunard Line Limited, with Mr. Brynestad and a group of Norwegian investors holding 32 percent.

The new company is headed by recently appointed President and

CEO Larry Pimentel who was formerly president of Seabourn.

Its combined fleet includes eight ships — five from Cunard and three from Seabourn. "This deal, which has enabled us to combine the brand strength inherent in the Cunard name with the successful high-end product that is Seabourn, positions us extremely well for operating in the luxury segment of the cruise industry," said Micky Arison,

Carnival Corp. chairman and

CEO.

Along with the new Cunard Line

Limited, Carnival Corp. is com- prised of Carnival Cruise Lines,

Holland America Line, Windstar

Cruises and equity interests in

Costa Cruises and Airtours pic, which combined operate 42 ships in the Caribbean, Alaska, Europe and other worldwide destinations.

Collectively, Carnival Cruise

Lines, Holland America Line and

Costa Cruises have eight new ships slated for delivery over the next three years. Carnival Cruise

Lines' new 70,000-ton SuperLiner,

Paradise, the world's first smoke- free cruise ship, is expected to debut in November. Also on order are two 101,000-ton vessels,

Carnival Triumph and Carnival

Victory, scheduled to enter service in 1999 and 2000, respectively.

In addition, Carnival Cruise

Lines is expected to introduce an 82,000-ton ship at the end of 2000 which will begin a new class of ves- sel for the line. Holland America

Line also has two new 65,000- ton cruise ships, Volendam and

Zaandam, expected to enter ser- vice in 1999, as well as a 61,000- ton vessel scheduled to debut in 2000. Additionally, Costa Cruises has a new 82,000-ton cruise ship slated for delivery in 2000.

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