Somerset Asia becomes the new charterer of the vessel on a three year deal with two one year options on a bareboat charter contract.
Somerset Asia is partnered Grand Cruises Holdings Limited, who is responsible for the marketing, leisure and entertainment on the vessel, which is set to start cruise service from Singapore on April 1, 2013.
The business model calls for a floating hotel and entertainment vessel operating from Singapore, offering short cruises year-round to Malaysia and Indonesia, along with one-night cruises to nowhere.
The vessel can take 950 passengers, and is listed at 30,500 tons with three restaurants, a spa, show lounge, full casino and more.
The Ocean Rose is owned by HTB Cruises and sailed between Shanghai and Nagasaki from May 2012 to Nov. 2012. With the political climate between China and Japan, operations ceased.