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capitalize on that growth." He added: "This will be a global company that will take advantage of every cruise market that exists in the world today."

While Fain and Ratcliffe will head up the new corporation, an executive for this new brand that will target Southern

Europe is actively being sought. While both Fain and Ratcliffe would not elab- orate on whom they would like to head up this new entity, Ratcliffe did mention at the press conference that an executive of European descent would more than likely be tapped for the position. "We will be moving quickly to appoint a

CEO and we intend to have him as a local of European nationality because it is important that he understand the prod- uct base," Ratcliffe said. "Our goal is to operate separate brands with good prod- uct differentiation and good brand dif-

As the result of the merger between the renowned Spanish builders Astilleros Espanoles and Bazan. IZAR is one of the largest shipbuilding groups in the world.

WHO ELSE

BUT IZAR?

Our mission is to help offshore operators match the increasing demands of a highly competitive market. And we have a wealth of experience in doing so.

Royal Caribbean chairman and CEO, Richard

Fain: "The combination of Royal Caribbean and

P&O Princess will maximize our ability to take advantage of the long-term potential of our industry."

Peter Ratcliffe, CEO of P&O Princess Cruises will serve as managing director and COO of the new company.

OFFSHORE

Did he jump or was he shovedPCelebrity president Rick Sasso, announced his depar- ture from the line prior to the merger announcement on November 20.

Targeting A Market Base

With a combined order book of 14 vessels, the new $6 billion company will have an EBITDA of $1.3 billion and an estimated net income of $600 million, and plans to target customers in tradi- tional strongholds such as the U.S. as well as southern Europe — specifically

Spain, France and Italy. When opera- tions begin in 2003, four new vessels (split evenly between the two lines) will be deployed in these demographics. The four vessels, which are scheduled for deliveries between 2003 and 2004, will provide an asset base for the new com- pany in excess of $2 billion. "Southern Europe is the fastest grow- ing market," Ratcliffe said. "Therefore there is a tremendous opportunity to

IZAR's offshore experience comes from the former ASTANO and Cadiz yards, where some of the most outstanding offshore projects took shape, both newbuildings and conversions.

Semi-submersible platforms, FSUs, FPSOs and the recent state-of-the-art dual drilling units for the Gulf of Mexico make IZAR one of the few true specialists in offshore unit construction.

Brain and brawn are ready to meet any demand from the international oil industry.

Who else?

Let IZAR help build your Utopia.

P° de la Castellana, 55 • 28046 MADRID. Spain • Tel. +34 91 335 84 00 • Fax +34 91 441 50 90 • www.izar.es

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December, 2001 23