Wärtsilä signs long-term service agreement with Prestige Cruise Holdings

Wärtsilä Corporation, Trade and Technical Press release, 15 March 2012

Wärtsilä, the marine industry’s leading solutions and services provider, has signed a five-year service agreement with US-based Prestige Cruise Holdings, Inc. (Prestige), the parent company of Oceania Cruises and Regent Seven Seas Cruises.

The long-term service agreement covers six vessels, a total of 27 Wärtsilä engines, and has the option to include further vessels in the future. The agreement facilitates the projection of costs associated with the maintenance of Prestige’s cruise fleet, while also minimizing the downtime during routine maintenance and overhauls. The agreement provides a broad scope of services, including maintenance planning, spare parts supply, training, technical surveys, condition monitoring, and workshop services.

New type of agreement
The tailor-made agreement is one of the most comprehensive yet for the cruise industry. The depth and scope of the agreement cover pro-active planning by both companies working in co-operation. It involves dedicated teams from both parties, which will work closely together to ensure the optimal performance of the Prestige fleet.

“Wärtsilä’s willingness to assume a large part of the service and logistics activities, while offering a streamlined cost structure, provides the peace of mind that comes with knowing that the quality is the very best,” says Robin Lindsay, Executive Vice President, Vessel Operations, Prestige Cruise Holdings.

“We are very excited about this agreement that positions Prestige and Wärtsilä on a path for success in a partnership for continuous improvement,” says Kourtney Dever, Account Manager, Wärtsilä North America, Inc.

“The premise of the partnership is based on each company focusing on their area of expertise, while fully co-operating with each other to ensure maximum efficiency. The agreement is extremely comprehensive and is one that extends beyond the traditional standard in the marketplace,” states Tomas Hakala, Vice President Wärtsilä Services, Americas.

Wärtsilä Services - the industry’s most extensive service network
Wärtsilä Services is one of the three Wärtsilä’s businesses alongside Ship Power and Power Plants. Wärtsilä Services offers services to both the global marine and energy markets and operates the most extensive service network in the industry. The company’s broad portfolio includes environmental services and solutions, the servicing of engines, propulsion systems, electrical and automation systems and boilers, as well as field services and spare parts. It also covers upgrades and conversions, long-term agreements for engine and propulsion systems, as well as training services. Wärtsilä Services is at the forefront in developing new service concepts to meet customer needs for optimal operational efficiency. Wärtsilä Services operates some 70 fully owned workshops and employs over 11,000 service professionals.

Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2011, Wärtsilä’s net sales totalled EUR 4.2 billion with approximately 18,000 employees. The company has operations in nearly 170 locations in 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland. www.wartsila.com

Prestige Cruise Holdings in brief
Prestige Cruise Holdings manages select assets in Apollo Management's cruise investment portfolio and is the market leader in the Upper Premium and Luxury segments of the cruise industry with nearly 5,200 berths between the Oceania Cruises and Regent Seven Seas Cruises brands, a number the company expects will grow to approximately 6,400 berths by mid-2012. www.oceaniacruises.com, www.rssc.com

Wärtsilä Corporation, press release