A Chinese shipyard and an Australian entrepreneur are expected to sign a deal to build a working replica of the Titanic called the Titanic II. This second Titanic will have advanced safety technologies according to Silicon Republic.

Jingling Shipyard spokesperson Li Wenbao addressed concerns about a second Titanic. He told the Chinese Daily newspaper, “The liner will be equipped with advanced technologies, including the latest life-saving and communications systems to meet the requirements of modern navigation.”

Billionaire coal mining tycoon Clive Palmer, who owns the Blue Star Line Pty Ltd cruise line also addressed people’s concerns of another Titanic sinking when the project was announced last year, the centennial of the Titanic’s sinking. Xinhua news agency reported he said, “Of course it will sink if you put a hole in it, but it’s not going to be designed with a hole.” He added, “It will be designed as a modern ship with all the technology to ensure that doesn’t happen.”

Titanic II will be completed by 2016 and the cost of the project has not yet been revealed. Several companies will do the design work for the Titanic II, which will resemble its namesake. Titanic II will have nine floors and 840 rooms that can hold 2,400 passengers and 900 crew members.

Read more stories on the Belfast built Titanic here

After its construction, the ship will sail to the UK, from where it will make its maiden voyage from Southampton to New York later that year. Titanic II will take the same route as the Titanic did in 1912. James McDonald, global marketing director of Blue Star Line Pty Ltd told Xinhua news agency that the company has already received questions from potential passengers, some of whom have offered up to one million dollars for a spot on the Titanic II’s maiden voyage.

Constructed in Belfast, Northern Ireland, the Titanic hit an iceberg and sank in the North Atlantic Ocean on April 15, 1912 and more than 1,500 people died in the tragedy. Called “unsinkable” because the ship could stay afloat with four of its lower compartments flooded, the Titanic had only 20 lifeboats for about 2,200 passengers and crew. Low quality rivets, which were unable to withstand the iceberg’s impact, have been offered as one explanation why the ship sank.

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The Titanic photographed in 1912Mariners Museum