be afloat in Caribbean waters late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder.

The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr.

"After four years of an uphill struggle we have finally made it,'' Henning Oeglaend, chairman of the board of ResidenSea, said at a ceremonial contract signing in Oslo with the ship's Norwegian-based builder, Fosen Mek. Verksteder AS.

Flagging cruise line share prices coupled with turmoil in the world financial market over the past few years prompted the firm to cut the size and cost of the ship to 40,000 tonnes at $350 million from an initial 86,000 tonnes at $545 million.

"It's no secret that financing this project has been a challenge,'' Oeglaend said. "I have to admit that we have had a number of scary moments when we thought the whole thing was going to collapse, but the future is great for this product.'' Oeglaend reiterated ResidenSea was fully financed to cover the $350 million needed, partially by investors from the cruise, shipping and hospitality industries.

Additional investment capital would come from U.S.-based Continental Casualty Company, a wholly owned subsidiary of CNA Financial Corp and an indirect subsidiary of the Loews Corp, as well as from the ultra-deluxe cruise line Silversea Cruises Ltd.

To live aboard the 12 deck, 644 ft long resort, ResidenSea has set two requirements -- a net worth of at least $5 million and good character.

The prices of the 110 luxury apartments are in the range $2 million to 6.84 million, plus maintenance of five to six percent of the pricetag.

ResidenSea said that 43 apartments had been sold mostly to Europeans and Americans.

The vessel will constantly cruise the oceans and will stop off at selected destinations such as the Caribbean for Christmas, Rio de Janeiro for carnival or Easter Island in the Pacific for Easter.

The World of ResidenSea dwellers will have access to four different interior designers to decorate their luxury homes in addition to other amenities for business, dining, entertainment, cultural activities, sports, medical and fitness.