Following the announcements concerning the new builds for Oceania Cruises earlier this year, they have now finalised the agreement with Fincantieri for two 1,260-passenger ships for delivery on Sept. 30, 2010, and July 30, 2011, with an option for a third vessel to be delivered on May 30, 2012.

The total value of the three-ship contract at the Sestri Ponente yard is $1.6bn, so Oceania Cruises are no doubt happy about the finanacial clout of their new parent Apollo, a leading private equity and capital markets investor.

The 65,000gt newbuilds, to be designed by Yran & Storbraaten, will be 782 feet long, 105 feet wide, with a draft of 24 feet, and will accommodate 1,260 guests on 11 guest decks. The aim is to offer accommodation which is substantially larger than that on the existing ships, 98% with sea view and 95% with verandah. The ships will be powered by diesel-electric engines and operate with twin screw propellers, with a speed of 20 knots. They will be equipped with two bow thrusters to enhance maneuverability, and will also be “green ships” employing the most advanced environmental systems and technology.

Given Oceania Cruises has more or less made its name on the quality of its food, it is unsurprising that dining opportunities are key to the plans for the new ships. They will offer six open-seating gourmet restaurants, against the current four, including four specialty restaurants, the line’s signature Polo Grill (of the 36 oz steaks) and Toscana (a positive cornucopia of Italian delights), and two new venues, an elegant French bistro and a Pan-Asian restaurant.

Oceania’s other key feature is its range of unusual port-intensive itineraries, which already prove extremely popular with its clients, new itineraries being acclaimed with extremely heavy sales. So not surprisingly, the new ships have been designed with itinerary range in mind The new ships will be 20% faster than the Regatta Class, with a greater range which enables them to undertake itineraries to virtually any destination worldwide.

The distinctive décor of the Regatta class ships will be emulated on the new vessels, with public areas to include Martinis, Horizons, The Patio, and a Grand Staircase that sweeps up both sides of the lobby. Expect to see rich wood paneling with granite accents, opulent furnishings and a museum quality art collection.

Oceania could really do with its new ships now. Having enjoyed regular fleet expansions up to the launch of Nautica in November 2005, they are now in a position where demand outpaces supply. When the winter 2008/2009 programme went on sale last week, certain categories were booked up immediately, with the most exciting itineraries nearly sold out within hours. The trick for Oceania will be to manage the supply and demand balance over the next few years sufficiently well to ensure there is a pent-up demand for the new ships when they are launched. This will be something of a tightrope walk for this fledgling line.

In the meantime, early booking is recommended for all Oceania sailings. We particularly like Nautica’s winter programme, a series of voyages ranging from 14 to 35 nights, perfect for combining into long and adventurous cruises. The ship leaves the Mediterranean in November 2008, sailing for Singapore and on to Sydney and Auckland. She makes her way back in the early part of 2009, incorporating into her programme an in-depth exploration of the Far East including a visit to China.