parent company of Kloster Cruise Line.

A wholly-owned subsidiary of Norex and an unrelated company have formed Norex & Co., to acquire control of Vard AS.

Norex, Bermuda-registered since 1989, invests companies in the maritime, oil and gas industries while Vard, is a Norwegian holding company which owns Bermuda-based Kloster Cruise Ltd.

Norex & Co. will be capitalised at $40 million.

Pending approval of a proposed restructuring by Vard's shareholders in early April, Norex & Co. will invest in a new offering of Vard stock to accumulate a 40 percent interest in outstanding shares.

Kloster operates Royal Viking Line, Norwegian Cruise Line, and Royal Cruise Line.

NCL's Dreamward is a regular summer caller to Bermuda.