In February 2007, the majority of Oceania Cruises' stock was sold to the New York-based Apollo Management. The following month, Oceania made a memorandum agreement with the Fincantieri shipyard in Italy to construct two new 1,250-passenger ships. The contract was finalized in June 2007, with delivery dates for the new "Oceania-"class ships set for January 2011 and July 2011. The contract also included an option for a third vessel of the same type that could be delivered in May 2012, but Oceania declined the option.