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ROYAL CARIBBEAN INTERNATIONAL HAS SIGNED REVITALISATION AGREEMENT WITH AKER YARDS
28.7.2004

(Miami - Helsinki - Oslo) Royal Caribbean International Ltd. and Kvaerner Masa-Yards Inc. have agreed on a revitalisation project, including a midbody lengthening, for the luxury cruise ship M/S Enchantment of the Seas. The project has been developed by Kvaerner Masa-Yards Inc.'s Customer Service Division.

The midbody will be built at Kvaerner Masa-Yards in Turku and the lengthening will take place between mid-May and early July 2005 while the cruise ship is being drydocked at the Keppel Verolme Shipyard in Rotterdam. The contract value for Kvaerner Masa-Yards is some €40-45 million.
 
"The refurbishment of Enchantment makes tremendous sense from both an economic and a strategic standpoint. We add substantial revenue without adding commensurate costs, while significantly improving the overall guest experience," says Chairman and CEO for Royal Caribbean International, Richard D. Fain.
 
"This revitalisation and lengthening project is strategically important for Kvaerner Masa-Yards in the growing market of cruise ship conversions. Through services of our new Customer Service Division, we want to support the cruise operators to ensure that year after year cruise customers receive the state of the art experience onboard that they are used to. To the passengers, our input can be seen as excellence in comfort; cruise itineraries are met without technical problems, and cabin and public spaces are pleasant and of newest design matching the image of the cruise liner," says Yrjö Julin, President and CEO, Kvaerner Masa-Yards.
 
The project includes an extensive public area revitalisation program, as well as a lengthening of the ship by building a 22,2 meter midbody, cutting, inserting and joining of the midbody, as well as final outfitting, powering up and recomissioning of the ship.  After the lengthening, the ship will be 301,8 meter overall, and will include an additional 151 passanger cabins.
 
Kvaerner Masa-Yards Customer Service Division has specialised in comprehensive conversion projects of cruise ships. M/S Enchantement was built for Royal Caribbean International in 1997 by Kvaerner Masa-Yards. The ship is presently doing 4-5 day cruises in the Caribbean from Fort Lauderdale.
 
 
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For more information, please contact:
 
Aker Yards
Tore Langballe, SVP Communications and Investor Relations, +47 90 777 841
 
Kvaerner Masa-Yards
Mr Yrjö Julin, President & CEO, tel. +358 40 751 7940
 
Royal Caribbean International
Ms Lynn Martenstein, VP Corporate Communications, tel. +1 305 539 6573
 
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Royal Caribbean International Ltd.  is a global cruise vacation company with a combined total of 29 ships in service and one under construction. The company also offers unique cruisetour vacations in Alaska, Canada and Europe. Additional information can be found on www.royalcaribbean.com, www.celebrity.com or www.rclinvestor.com.
 
Aker Yards is an international shipbuilding group focusing on complex and sophisticated vessels and is Europe's largest and one of the world's five largest shipbuilders.Aker Yards has a strong position in terms of capacity, product range, technology and experience. The Company's product range includes offshore vessels, cruise and ferry vessels, other complex vessels and merchant vessels. The Group has 13 yards in four countries in Europe and in Brazil. Aker Yards had a turnover of NOK 16 bn. in 2003, and has approximately 14.500 employees. www.akeryards.com
 
Kvaerner Masa-Yards Inc. is specialised in designing and building cruise vessels, ferries and technically demanding vessels. Our Customer Service division is providing life cycle services for vessels and Piikkio Works Oy, a separate company under Kvaerner Masa-Yards, manufactures ready-to-install modular cabins and bathrooms. Kvaerner Masa-Yards also offers marine related design and engineering services, at its marine engineering units located in Finland and Canada. In 2003 Kvaerner Masa-Yards Inc. had annual revenues of about €770 million, and an own staff of about 3,600. Kvaerner Masa-Yards Inc. is owned by Aker Yards ASA, which is listed on the Oslo Stock Exchange. www.masa-yards.com

 
   
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