Kvaerner Masa-Yards has signed a preliminary contract with FS Ocean Club of the Miami-based Ocean Development Group to design and build a 52,500-ton residential ship to be branded, managed and operated by Four Season Hotels and Resorts.

To be named Four Seasons, the ship will have approximately 100 residences ranging from 1,370 square feet to 3,500 square feet.

The contract is valued at 276 million euros, and construction will start once sales targets have been met, which is expected to occur shortly before July 2005.

Ocean Club has an option on a second vessel which will be exercised before year’s end 2005 and as soon as sales targets for the second ship have been reached.

Kristian Stensby is chairman and CEO of Ocean Development Group. He was previously chairman of Premier Cruises until its bankruptcy in 2000.