New Residential Cruise Line to Launch Oceania’s Insignia as Second Ship

A new residential cruise line, Cresent Seas, has secured its second cruise ship just a month after announcing its brand. The company is presenting itself as a new concept in residential ships as it reconditions popular small luxury cruise ships into residencies.

They announced today an agreement with Oceania Cruises, one of the brands of Norwegian Cruise Line Holdings, to take over the cruise ship Insignia in late 2027 and convert her into a residency cruise ship. Cresent Seas will be marketing the residencies while Norwegian will continue to own the cruise ship and the well-known cruise management and hospitality services company The Apollo Group will manage all onboard hospitality and culinary offerings. Crescent Seas emphasizes that its ships will be staffed by their existing onboard service provider to ensure continuity in the product.

The Insignia (30,000 gross tons) was one of the first cruise ships used in 2002 to launch Oceania Cruises. The ship was built in 1998 by Chantiers de l’Atlantique for a cruise company called Renaissance Cruises, which was an early entrant in the small ship luxury cruise segment. Insignia was introduced as R One, the first of a new class that called for eight cruise ships, but the line went bankrupt in 2001. Oceania was launched as the successor brand and today operates four of the cruise ships with competitor Azama Cruises now operating the other four.

Jason Montague, Chief Luxury Officer for Oceania, wrote in a letter to the cruise line’s loyalty club, that Insignia’s departure is “bittersweet news” saying we are “sad to see Insignia depart the fleet.” He noted her pioneering role for the company while highlighting she is being replaced by the addition of the new Allura (67,000 gross tons) in the summer of 2025 and a new class of ships currently called “Quattro” which is being built by Fincantieri and launching in 2027. Oceania is planning a “Farewell Tour” for Insignia.

Insignia will be converted to residential cruising late in 2027 (Crescent Seas)

Crescent Seas reports she will undergo a more than $50 million comprehensive revitalization reducing her current 333 staterooms to 290 residences. The ship, which is 593 feet (181 meters) in length currently accommodates 670 passengers (double occupancy) and is considered small by current industry standards.

The company reports residencies will be priced between $650,000 to $10 million aboard Insignia. She will return to service with an inaugural voyage for New Year's 2027-2028. Sales will begin in the late summer of 2025.

Cresent Seas is a part of GFO Investments, a company managed by Russell Galbut, a lawyer and real estate developer who was on the board of Oceania and later chairman of Norwegian Cruise Line Holdings. His company Cresent Heights is a developer of luxury urban projects including in Los Angeles, Miami, and New York City.

The cruise line was announced in March 2025 with an agreement with Norwegian Cruise Line Holdings to assume the Seven Seas Navigator from sister brand Regent Seven Seas Cruises. Navigator is due to start sales this month with residencies priced between $750,000 and $8 million. She will enter service in December 2026.

Cresent Seas highlights that it will maintain the luxury of the ships. Among the onboard features will be butler service, gourmet dining, Starlink Internet connections, and more. The company promotes that its ships will provide extended stays in global destinations. They plan to spend two or three nights or up to five days in each port of call.

Cresent Seas says that it plans to announce three more luxury residence ships over the next five years. The segment was pioneered by The World, which entered service over 20 years ago, and another start-up launched the Villa Vie Odyssey rebuilt from a 30-year-old cruise ship as a residency in September 2024. With the growth in high-end luxury cruising, several firms are looking to leverage interest in cruising to expand residential cruise ship offerings.