OSLO (Bloomberg) ? Aker Yards ASA, the world's No. 5 shipbuilder, said it won a contract to build a cruise ship worth $332 million from FS Ocean Club Ltd.

The 200-meter long vessel will be built at the Kvaerner Masa-Yards unit in Finland, the company said in a statement to the Oslo exchange.

The ship will hold apartments varying from 125 square meters to 320 square meters in size. The M/S Four Seasons will be marketed and operated by Four Seasons Hotels and Resorts, a unit of the world's biggest manager of luxury hotels.

The new ship "will expand our product portfolio", said Kathleen Taylor, president of worldwide businesses operations at Four Seasons Hotels and Resorts, in the statement.

The vessel will give Four Seasons a presence in new market areas, she added.

The construction period is expected to last for two years, and will start as soon as targets for pre-sales of apartments have been reached, probably by July 2005, Aker Yards said. The agreement includes an option for building a second vessel.