SeaDream Yacht Club and Damen have in “good faith and with mutual understanding” decided not to proceed with the building of a new ship for SeaDream, according to a press release, as the contract for the SeaDream Innovation has been terminated.

“The response from our past guests and the market in general has been overwhelming, despite the ship not being scheduled for delivery for almost two years,” said Andreas Brynestad, Executive Vice President. “Since the ship will not be delivered, all booked guests will be contacted and issued full refunds in the coming days.”

SeaDream is actively pursuing other newbuild opportunities, the company said, in a prepared statement. 

Atle Brynestad, SeaDream Owner and Chairman, said: “The company has been debt free for several years and has the equity needed to expand the fleet. We hope to announce a new ship in 2020.”

The existing fleet of two ships, SeaDream I and II, continue performing well, with the company seeing record revenue years, according to a press release.

Current plans of refurbishing the suites on SeaDream I and II will proceed as previously announced and planned – starting with SeaDream II in spring 2020