By Samantha Zee

Nov. 18 (Bloomberg) – Carnival Corp., the world's biggest cruise line, will pay $1.3 million to help restore the Calypso, the research vessel sailed by the late Jacques-Yves Cousteau.

Miami-based Carnival said in a statement distributed by PR Newswire that it and the Cousteau Society have agreed that the restored Calypso will become an exhibit and center for science and the environment. Cousteau, who died in 1997, was an underwater explorer, documentary filmmaker and writer.

The Calypso, a former U.S. minesweeper, will be restored at a shipyard in Grand Bahama, Bahamas, with work likely to be completed by the end of 2005. The ship, which will maintain its French flag, was involved in a mooring accident and sank in the Singapore harbor in 1996.

Cousteau saved the vessel, saying, "I want Calypso to remain at the service of science and education," but the ship remained in a debilitated condition.

The vessel is now owned by Loel Guinness, who with Cousteau's widow, Francine, created a nonprofit group to preserve the ship. Once Calypso is refurbished, her new location will be announced. Carnival spokeswoman Jennifer de la Cruz didn't immediately return a message left at her office.

Shares of Carnival fell 24 cents to $51.38 at 1:27 p.m. in New York Stock Exchange composite trading. The stock has climbed 30 percent this year.

Caption

The late Jacques-Yves Cousteau's research ship Calypso.