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Formed in 2002 by luxury cruise industry veterans Joe Watters (a former president of Crystal Cruises) and Frank Del Rio (former Renaissance president), Oceania has three identical ships, previously owned by Renaissance, with a fourth ship (formally R4) set to join the fleet in 2007.

Proclaiming that their goal is to fill what they perceive as a gap between larger-ship premium lines such as Celebrity and smaller ship luxury lines such as Silversea, Oceania does not pretend to be a true luxury line but it does have many luxury characteristics.

Oceania started by re licensing one of the original eight Renaissance ships (R2) and renamed it Oceania Regatta. The company quickly grew, adding two further ships. In 2003, R1 was leased and renamed Insignia; she was followed by Nautica (previously R5) who joined the expanding fleet in 2004.

The three identical ships are small 30,000 ton, 684 passenger ships. They are elegant and mid-size, with an onboard atmosphere that is extremely convivial and with more than 400 staff members the passenger staff ratio is such that guests expect and experience a level of personalized service of the highest quality. The onboard dress code is always informal.

Each ship offers true gourmet cuisine in a main restaurant and three alternative dining venues - none with a service charge. Two of the restaurants have open seating, while the other two (the gourmet "Polo Grill" and the Italian "Toscana") require reservations.

Oceania has invested significantly on its ships refurbishing the public rooms, including restaurants, to make them look more graceful and elegant. The pool areas were also resurfaced in teak and furnished with teak double sun beds. Refurbishment even went as far as cabin bedding, which was replaced with the highest quality European mattresses. Oceania's vessels are more like floating hotels providing a new destination every day and great food and comfortable beds at night. Thus it appeals to travellers rather than "cruisers" - i.e., to people who are less concerned with spa appointments than the city they are in and the tours available.

There is relatively little to do onboard in terms of classes or "enrichment," yet it doesn't matter because these ships are highly focused on itineraries and are in port almost every day - often overnight - and spend up to three days in port in cities like St. Petersburg.