ResidenSea Update

ResidenSea will launch The World one month later than scheduled - on Feb. 19, 2002 - due to supplier-related delays at Norwegian yard Fosen, according to ResidenSea President Fredy Dellis. While still under firm contract, ResidenSea' s second ship originally scheduled for delivery in late 2003 - has been delayed for a yet-undetermined period of time, he added.

At press time, 80 of The World's 110 luxury apartments were under firm contract, with eight additional apartments reserved. "Ideally we would have liked to have sold everything before the ship was delivered," noted Dellis, but if not, the company has access to a credit facility to buy the remaining apartments through subsidiary ResidenSea Enterprises, which would then sell apartments while the ship was in operation, at five to 10 percent premiums on the existing prices.

Following the end of its partnership with Silversea Cruises on Aug. 3, ResidenSea has built up an in-house staff to handle hotel operations aboard the ship, and has hired approximately 55 people for shoreside offices in Miami and Oslo to handle sales, marketing, reservations and administration. Norwegian ship management firm Bergshav has been contracted to manage marine operations, while Switzerland-based Clinique La Prairie has been appointed to oversee the shipboard spa.

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