Norway's Fred Olsen Cruise Lines is expecting earnings to surpass pre-pandemic levels as it looks to reactivate all its ships.

The company's Oslo-listed parent Bonheur said the cruise vessel division made a loss of NOK 179m ($20.5m) in the second quarter, compared to a deficit of NOK 172m in 2020.

All four ships were laid up in Scotland in the period due to Covid-19, but one has since resumed UK-only operations with restricted passenger numbers.