have a third boat operational within the next two months.

The up-market local cruise company is trying to tap into a new market with the re-launch of the Lady Erica , which was previously called the Voyager .

"There's no doubt the Lady Erica has diversified our company,'' said Mr.

Nigel Prescott, whose family owns Tam-Marina.

"We can handle smaller groups who, before, were intimidated by the much larger Lady Tamara .'' At $625 for three hours, the 59-foot Lady Erica is considerably cheaper to charter than its 110-foot sister vessel, which is fitted with jacuzzis and staterooms.

Erica's fee allows for a minimum number of paying guests of 20, with a "slight'' additional charge for extra people, said Mr. Prescott.

"We're marketing the boat mainly for use by exempted companies and other organisations looking to hold small meetings. It is ideal for the AGMs of oil and insurance companies based here.'' The interior of the motor yacht, which completed its third charter last week, has been lavishly refurnished, including the fitting of a 12-foot bar, the first one to be installed on the vessel.

There is also expensive new carpeting, teak panelling, sofas, new stairways and an extended upper cabin.

Although the Lady Erica is licensed for 70 people, Mr. Prescott, as with the 250-capacity Lady Tamara , intends to keep the number of passengers per trip down to about half of its official capacity for greater comfort.

Mr. Prescott also revealed yesterday that a third vessel, the Lady Godiva , is to be added to his fleet, and should be operational before the end of the summer.

The 53-foot catamaran, which will be able to carry 50 passengers, will be aimed at capturing conventions and cruise ship business.

Despite the recession, Mr. Prescott said it made sense to expand his business now because it had become cheaper to buy equipment.

"There's a better selection of equipment around at much more reasonable prices than before,'' he added. "We have taken the opportunity to get a better product together.'' LADIES OF THE OCEAN -- The relaunched Lady Erica right moored next to her big sister, the Lady Tamara.