Storylines Residential Ships and the Croatian shipyard Brodosplit have signed a ship-building contract to create the "world’s first eco-friendly residential ship" worth €1.5 billion, the Miami-based company has said in a press release.

The 232.5-metre vessel, dubbed MV Narrative, will have room for 547 residences and be the first of its kind to be powered by LNG propulsion.

The ship is to be delivered in 2025. Unlike a cruise ship, it is intended for living at sea. It will have a post office, school, library, hospital, bank, swimming pools, office spaces, and 20 restaurants and bars.

Speaking to Hina, Brodosplit CEO Tomislav Debeljak said on Tuesday the ship had been contracted and that all the necessary technical and commercial activities were being conducted with the owner so that construction could begin as soon as possible.

“Brodosplit has potential and new contracts, a secure future for the next five years. We believe we will successfully finish the pre-bankruptcy procedure and continue with shipbuilding in Split,” he added.

Brodosplit is Croatia’s biggest shipyard and its owner, the DIV group, is owned by Debeljak. Since May, they have been in a pre-bankruptcy procedure in which creditors claim HRK 5.5 billion (€733.3 million). It used to have 1,548 employees.

Early in July, production in Brodosplit was suspended. Workers received three minimum wages, for February, March and April. On 1 July, they were furloughed until 1 September.