Crystal Cruises’ parent company Genting Hong Kong has entered into an agreement to acquire Lloyd Werft, a shipyard in Bremerhaven, Germany.

The deal will see the global cruise and resort company invest €17.5 million (£12.7 million) for a 70 percent share of the new shipbuilding business and 50 percent ownership of the shipyard’s land. Under the terms of the agreement, Genting Hong Kong will complete the acquisition of Lloyd Werft subject to the fulfilment of certain final purchase conditions.

Earlier this year Genting Hong Kong signed a letter of intent with Lloyd Werft to build Crystal’s Exclusive Class of polar class cruise ships. In addition to the luxurious traveller’s suites, the ships will effectively launch Crystal Residences, with 48 private homes and featuring all the signature amenities of a luxury ship or yacht. Lloyd Werft will also build the collection of luxury river yachts to sail throughout France, Germany, Switzerland, Holland, Belgium, Austria, Slovakia, Hungary, Croatia, Serbia, Romania and Bulgaria. Crystal Yacht Cruises will start in December 2015 with Crystal Esprit, Crystal River Cruises will begin in 2017, the first Crystal Exclusive-class ship is due to launch in late 2018 and Crystal Luxury Air is due to commence in 2017.

Tan Sri Lim Kok Thay, Chairman and Chief Executive Officer of Genting Hong Kong, said: “Lloyd Werft has built and lengthened six of the ships owned by an affiliate of the company and has the expertise to build a series of world class cruise ships for the company, which will include the ‘Exclusive Class’ vessels for Crystal Cruises, the world’s most awarded luxury cruise line. Ownership in Lloyd Werft will enable Genting Hong Kong to leverage on the shipyard’s technical expertise and their well-established and long track record in the shipbuilding industry.”

Edie Rodriguez, Crystal Cruises’ president and CEO, said “With such great anticipation for Crystal River Cruises and Crystal Exclusive Class ocean vessels, we are incredibly excited about Genting’s ground-breaking investment in the Lloyd Werft shipyard that will contribute mightily to Crystal Cruises’ expansion.”

(Photo credit to Lloyd Werft)