"10th October 2002 - P&O Princess Cruises Diamond Princess - update
As previously reported, the Diamond Princess, which is currently under construction in Mitsubishi Heavy Industries' Nagasaki shipyard, suffered a major fire earlier this month.
Mitsubishi Heavy Industries and P&O Princess Cruises have now had discussions following a preliminary assessment of the damage. Both parties confirm that they wish to continue with the construction of the Diamond Princess although there will be a significant delay to the scheduled delivery date.
Princess Cruises will today be announcing the cancellation of the cruise program of the Diamond Princess for the period to February 28 2004. It will take the yard several weeks to complete the examination of the ship and to determine the full extent of the damage and agree a final delivery date.
P&O Princess reconfirms that the company has in place contractual arrangements with the yard and insurance policies that it believes will be sufficient to ensure that there will be no significant economic impact on the Group nor any adverse impact on its 2003 earnings.
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