Carnival Corporation  which boasts 12 cruise brands including Carnival, Cunard and P&O Cruises, just announced a  multi-billion-dollar cooperation agreement with Italian shipyard Fincantieri to build four new cruise ships.

 The deal also includes a redesign of the previously announced Queen Victoria newbuild for its Cunard brand.

The U.S. dollar agreement calls for the construction of a 110,000-ton "Conquest-class" ship for Carnival Cruise Lines at Fincantieri's Sestri yard, at a cost of about $500 million, and a 116,000-ton "Caribbean Princess-class" ship for Princess Cruises at Fincantieri's Monfalcone yard, estimated at about $525 million.

Delivery of both ships is expected in spring 2007.

 Carnival has a one-year option to designate which of the company's brands will take delivery of the vessels, though it's likely the ships will go to Carnival Corp's European brands.

Both are scheduled for delivery in spring 2008.

The deal with Fincantieri also includes a significant redesign of the Queen Victoria; the vessel will be lengthened by 11 meters, its tonnage increased to 90,000, and its passenger capacity (double occupancy) increased to 2,000.

The ship will be built at Fincantieri's Marghera shipyard and is now expected to be delivered in summer 2007. "With these extensive modifications, Queen Victoria will incorporate the 'grand ocean liner' style of the Queen Mary 2 and Queen Elizabeth 2, as well as the signature design elements and culinary experiences that have earned Cunard its position as the preeminent luxury cruise operator," Carnival Chairman and CEO Micky Arison said.

 "At the same time, the reengineered Queen Victoria will serve as Cunard's SuperLiner of the future," he added.

 Further down the road, Carnival continues to work with Fincantieri on new projects, including the "Pinnacle Project" which is a large prototype vessel for the Carnival Cruise Lines brand.

In the meantime, the cruise powerhouse and its brands operate some 77 ships, with 12 new ships scheduled for delivery between November 2004 and spring 2008.