NCLH Appoints Jason Montague As Chief Luxury Officer To Lead Multibillion-Dollar Strategic Upscale Fleet Expansion

Rhea-AI Summary

Norwegian Cruise Line Holdings (NCLH) has appointed Jason Montague as Chief Luxury Officer, effective February 17, 2025, to oversee both Regent Seven Seas Cruises and Oceania Cruises. This appointment is part of NCLH's 'Charting the Course' strategy, which includes a multibillion-dollar fleet expansion for its ultra-premium and luxury brands.

The expansion plan includes adding five newbuilds through 2029: three for Oceania Cruises (starting with Allura) and two for Regent Seven Seas Cruises. Additionally, comprehensive refurbishments are planned for several vessels, including Marina, Riviera, Seven Seas Mariner, and Seven Seas Voyager.

Montague, who previously served as President and CEO of Regent Seven Seas Cruises until 2022, brings over 20 years of luxury hospitality expertise. Frank A. Del Rio will continue as President of Oceania Cruises, reporting to Montague, while Andrea DeMarco, current President of Regent Seven Seas Cruises, will step down on March 4, 2025.

Positive

• Multibillion-dollar investment in fleet expansion with 5 new vessels through 2029
• Comprehensive refurbishment plan for existing luxury vessels
• Appointment of experienced executive with 20+ years in luxury cruise sector
• Strategic focus on high-margin ultra-premium and luxury market segments

Negative

• Leadership transition period could create temporary operational disruption
• Significant capital expenditure requirements for fleet expansion and refurbishment

• Advancing NCLH’s “Charting the Course” strategy, Montague will oversee Oceania Cruises and Regent Seven Seas Cruises as they execute their long-term newbuild and refurbishment program.

• Industry veteran and President of Oceania Cruises, Frank A. Del Rio, will report to Montague.

• President of Regent Seven Seas Cruises, Andrea DeMarco, to step down after creating a new brand strategy that lays the foundation for a banner 2025.

MIAMI, Jan. 06, 2025 (GLOBE NEWSWIRE) --  Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) today announced a new leadership structure to execute on its multibillion-dollar fleet expansion for its ultra-premium and luxury cruise brands. Jason Montague has been appointed Chief Luxury Officer for NCLH, effective February 17, 2025, overseeing both Regent Seven Seas Cruises and Oceania Cruises, capitalizing on his extensive industry expertise and strong track record previously leading these brands. This appointment underscores NCLH’s focus on its Charting the Course strategy, which includes adding five newbuilds to its upscale brands’ fleets and plans to refurbish nearly all their existing vessels.

“With over 20 years of expertise in luxury hospitality and a strong track record of driving excellence, Jason brings exceptional strategic expertise to our company and to our executive team,” said Harry Sommer, president and CEO at Norwegian Cruise Line Holdings. “Having already led Oceania Cruises and Regent Seven Seas Cruises in the past, Jason is uniquely positioned to shape their future. His unwavering passion for these brands, coupled with his financial acumen, alignment with our corporate culture and strong focus on executing our Charting the Course strategy, make him the ideal leader for this next phase of growth. Jason is ready to hit the ground running from day one, and I am confident his leadership will propel our brands forward, setting new standards in upscale travel.”

To advance NCLH’s bold vision for the future, the company plans to substantially increase its presence and positioning in the ultra-premium and luxury markets. Over the next five years, NCLH will execute its previously announced multibillion-dollar investment in its upscale brands as it pursues continued leadership in this market. For Oceania Cruises, the brand is expecting three newbuilds through 2029, starting with Allura later this year. Additionally, the brands’ ships Marina and Riviera will be refurbished in 2026 and 2027, respectively. For Regent Seven Seas Cruises, two new vessels will be added through 2029, in addition to planned enhancements to Seven Seas Mariner and Seven Seas Voyager in 2025 and 2026, respectively.

"I am deeply honored to once again lead Regent Seven Seas Cruises and collaborate with Frank in leading Oceania Cruises," said Montague, incoming chief luxury officer at Norwegian Cruise Line Holdings. "This is an exciting time for these two award-winning brands, as we are ready to execute on our commitment to delivering sophisticated mid-sized, upscale and luxurious ships with elegant designs and state-of-the-art offerings. Also, the passion and exceptional talent of team members across each brand, both shoreside and shipside, are a true inspiration. I am confident we will set new standards and create unforgettable experiences for our guests."

Before this appointment, Montague served as a Special Advisor to NCLH for two years after leading the Regent Seven Seas Cruises brand as President and Chief Executive Officer until 2022. Before that, he served as President and Chief Operating Officer for both the Oceania Cruises and Regent Seven Seas Cruises brands, where he successfully oversaw the launch of Sirena for Oceania Cruises and the Seven Seas Explorer for Regent Seven Seas Cruises. Before NCLH’s acquisition of Prestige, Montague was Chief Financial Officer and Executive Vice President at Prestige, where he played a key role in launching Oceania Cruises, overseeing the purchase of its initial R-class vessels, securing an investment from Apollo Global Management, and acquiring Regent Seven Seas Cruises. He also led the financing and delivery of Oceania Cruises’ new ships, Marina and Riviera. Prior to that, he served as Oceania Cruises’ VP & Treasurer and SVP of Finance. Earlier, he ran a consulting practice focused on strategic planning for SMEs and was VP of Finance at Alton Entertainment Corporation. Montague holds a B.B.A. in Accounting from the University of Miami.

To provide transition support, Andrea DeMarco, president of Regent Seven Seas Cruises will remain in her role through March 4, 2025. DeMarco’s leadership has been instrumental in the success of Regent Seven Seas Cruises over the last few years. “We are grateful to Andrea for her more than a decade of contribution to the company and for setting the foundation for Regent Seven Seas Cruises’ continued growth and success. We wish her the very best in her next chapter,” said Harry Sommer, president and CEO at Norwegian Cruise Line Holdings.

About Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company that operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 32 ships and approximately 66,500 berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 13 additional ships across its three brands through 2036, which will add approximately 41,000 berths to its fleet. To learn more, visit www.nclhltd.com.

Cautionary Statement Concerning Forward-Looking Statements

Some of the statements, estimates or projections contained in this release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this release, including, without limitation, our expectations regarding our future financial position, future capital expenditures and investments, plans, prospects, strategies, expected fleet additions and cancellations, including expected timing thereof, and our expectations regarding our leadership team, may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia’s invasion of Ukraine or the Israel-Hamas war, or threats thereof, acts of piracy, and other international events; public health crises, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; any further impairment of our trademarks, trade names or goodwill; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this release, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

Investor Relations & Media Contacts

Sarah Inmon
(786) 812-3233
InvestorRelations@nclcorp.com

FAQ

What is NCLH's fleet expansion plan for 2025-2029?

NCLH plans to add five new vessels: three for Oceania Cruises and two for Regent Seven Seas Cruises, along with refurbishing several existing ships including Marina, Riviera, Seven Seas Mariner, and Seven Seas Voyager.

When will Jason Montague start as NCLH's Chief Luxury Officer?

Jason Montague will assume the role of Chief Luxury Officer at NCLH on February 17, 2025.

How many ships does NCLH currently operate across its brands?

NCLH currently operates a combined fleet of 32 ships with approximately 66,500 berths, serving around 700 destinations worldwide.

What is NCLH's total planned fleet expansion through 2036?

NCLH plans to add 13 additional ships across its three brands through 2036, adding approximately 41,000 berths to its fleet.

When will Andrea DeMarco step down as President of Regent Seven Seas Cruises?

Andrea DeMarco will remain in her role as President of Regent Seven Seas Cruises through March 4, 2025.