The New York and Oslo-listed cruiseship owner said the financial crisisand subsequent austerity measures taken in the country had severely curtailedbookings at Pullmantur.

Other factors, including the lingering effects of the Costa Concordiatragedy, have led the company to record an impairment charge of $413.9m in thefourth quarter of the year.

Richard Fain, CEO said: “While it is appropriate that we record thisimpairment charge now, we remain confident in and committed to the Pullmanturbrand.