This investment is part of the company's ambitious plans for the future of Cunard globally.
Carnival Corporation - the world's largest cruise company and parent of the Cunard brand - has signed a memorandum of agreement with Fincantieri, Italy, to build a new ship that will join the Cunard fleet in 2022.
The as yet unnamed ship will join Queen Mary 2, Queen Victoria and Queen Elizabeth as the fourth member of the Cunard fleet, the first time since 1998 that the luxury cruise brand will have four ships in simultaneous service.
The iconic cruise brand is going from strength to strength, having seen crowds of more than one million people gather in 2015 to celebrate the company's 175th anniversary.
Cunard has subsequently invested over £120 million refurbishing the flagship Queen Mary 2 and Queen Victoria.
Alongside an array of exciting new itineraries featuring new destinations and special event voyages for 2018 and 2019, Cunard has also continued to evolve the guest experience to meet the needs of the luxury consumer by introducing new bar and dining signatures, entertainment offerings and brand partners across the fleet.
Simon Palethorpe, senior vice president, Cunard, said: "We have only recently marked the 50th anniversary of one of Cunard's much loved ocean liners, the legendary QE2.
"What better way to celebrate her important role in Cunard's past than by announcing our commitment to Cunard's future with the commissioning of a new ship.
"Cunard offers unrivalled luxury ocean experiences and the new ship firmly underpins our plans to continue our growth across international markets."
Cunard will be revealing exciting details about the new ship during the course of 2018 and through to the ship's launch.
Cunard is a luxury British cruise line based at Carnival House in Southampton, owned by Carnival Corporation since 1998.
It has been a leading operator of passenger ships on the North Atlantic, celebrating 175 years of operation in 2015.
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