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Prestige cfo Montague to lead Norwegian integration

Jason Montague - to work closely with Kevin Sheehan on synergies
Jason Montague, cfo for Prestige Cruises, the parent of Oceania Cruises and Regent Seven Seas Cruises, will move to a new full-time role, leading the company's integration with Norwegian Cruise Line, Kevin Sheehan said Thursday.

Norwegian's acquisition of Prestige is expected to close in mid-November, as earlier reported here.

Montague will report directly to Sheehan, who said he wants this process to be a blueprint for a successful integration.

They will focus on synergies in shipboard operations, human resources shipboard and shoreside, passenger services and destination services, Sheehan said during Norwegian's third quarter earnings call.

The next call, he told analysts, will detail the company as a combined entity, and in early February an additional investor conference is planned.

Sheehan said the expected $25m synergies when the Prestige acquisition was announced in September are 'in the bag,' adding: 'With Jason and I working full-time on this, we're going to be getting into each and every area.'

According to the Norwegian chief, there will be benefits that come out quickly in 2015 but also margin opportunities for three, four or five years.

In the combined organization, cfo Wendy Beck, the newbuild area and a few others will report to Sheehan. Many of the day-to-day responsibilities for the Norwegian brand will be assumed by new president and chief operating officer Drew Madsen, Frank Del Rio will act as chief executive of Oceania and Regent, and Kunal Kamlani will continue as president of the two brands.