TORNTO — Carnival may be looking to offload its Seabourn cruise brand, reports multiple consumer outlets.

The cruise conglomerate is currently in preliminary discussions to sell the ultra-luxury cruise line to the Saudi sovereign wealth fund. The value of the potential deal has not been made public. According to CNBC, which first broke the news, Carnival refuses to comment on speculation.

The Saudi sovereign wealth fund, also known as the Public Investment Fund, previously purchased a 5.1% stake in Carnival in 2020, according to FactSet.

Carnival Corporation first made an investment in Seabourn in 1991 before acquiring 50% of the company in 1996. It then acquired the remainder of Seabourn in 2001. Seabourn currently operates a fleet of five ships, with a sixth vessel, Seabourn Venture, debuting later this year. A seventh ship, Seabourn Pursuit, is currently under construction and is scheduled to debut in 2023.

The news comes a week after Carnival Corp. priced a private debt offering of US$1 billion in senior unsecured notes at an interest rate of 10.5%.