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Carnival Spending $300 Million to Upgrade Ships

By Eric Volkman - Apr 17, 2013 at 6:28PM

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The cruise ship operator opens its coffers to pay for safety improvements and greater oversight.

Carnival (CCL 5.75%) (CUK 5.38%) has launched an "enhancement program" that will total hundreds of millions of dollars. The investments will be directed at boosting the safety of its ships and include modifications that the company says will "enhance emergency power capabilities, introduce new fire safety technology, and improve the level of operating redundancies" throughout Carnival's 24-strong fleet.

The firm will also establish a safety and reliability review board, a five-member body of outside experts that will monitor those aspects of the company's operations.

The initiative comes barely two months after one of Carnival's ships, the Triumph, went adrift in the Gulf of Mexico following an engine fire.

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