Norwegian Cruise Line (NCL) has reported net income of $2.2 million on revenues of $156.9 million for the first quarter ended March 31. 1997, compared to a loss of $9.9 million on revenues of $185 million for the same quarter of 1996.

NCL has also reduced its long-term debt to $501 million from $679 million a year ago.

NCL is presently engaged in several projects to increase fleet capacity including the lengthening of the Windward and the Dreamward which will be carried out by Lloyd Werft in Bremerhaven in March and May of 1998, respectively, increasing each ship's capacity from 1,248 to 1,760.

NCL has also entered into a letter of intent to purchase the partially completed Costa Olympia from Bremer Vulkan for DM 46 million and is presently negotiating with different yards for the completion of the 2,000-passenger vessel.

In addition, NCL has entered into an agreement to purchase the 1,050-passenger Royal Majesty from the Kvaerner Group and will take delivery this May. As part of the deal, NCL will also take over management of the 800-passenger Crown Dynastv, and has agreed to build a new 2,000-passenger ship at Kvaerner Masa-Yards for delivery in 1999.