P&0 TAKES OVER TWO AMERICAN LINERS STRANDED IN PAPE‘ETE HARBOR

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P&0 TAKES OVER TWO AMERICAN LINERS STRANDED IN PAPE‘ETE HARBOR

PAPE'ETE, Tahiti, French Polynesia (June 20, 2002 - Oceania Flash)---P&O has agreed to take over and operate for the next five years two American luxury liners stranded in French Polynesia.

The Renaissance 3 and Renaissance 4 have been docked at Pape‘ete since last September, after Florida-based Renaissance Cruises declared bankruptcy.

French Polynesia President Gaston Flosse, who is currently in Paris, made the announcement after a meeting with P&0's general manager, Peter Ratcliffe.

The two liners will remain based in French Polynesia and will be operated by a P&0 subsidiary, "Princess Cruises."

According to the joint announcement made by Flosse and Ratcliffe, one of the liners will be operated out of Pape'ete "on a permanent basis," while the other will cruise the French territory's islands "two months each year."

The terms of the agreement are slated to take effect in September.

Flosse hailed the deal, saying it would have "beneficial repercussions" on local employment, particular in the territory’s outer islands.

Two companies already offer cruises in Tahitian waters: the "Paul Gauguin" and the "Wind Song."

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