OCEANIA CRUISES PARTNERS WITH UBS SECURITIES AND LEHMAN BROTHERS

Completes $400 Million Bank Debt Offering

Miami, FL, November 14, 2006 — Oceania Cruises announced it has successfully completed a $400 million bank debt offering. UBS Securities and Lehman Brothers acted as financial advisors for the transaction and underwrote the credit facilities with a syndicate of leading North American and European financial institutions. The credit facilities consist of a $300 million six-year term loan, a $75 million seven-year term loan, and a $25 million five-year revolving credit facility. The proceeds of the credit facilities were used to fund the acquisition of Oceania Cruises’ three, 684-guest vessels, Regatta, Insignia and Nautica, from Cruiseinvest LLC. The vessels, previously operated under long-term lease agreements, have been purchased for a total cost of $375 million.

Oceania Cruises will now assume full ownership and management responsibilities for each of the vessels and no changes will be made to the current operations onboard. The renowned ship management firm V.Ships Leisure of Monte Carlo remains as marine and technical managers for the fleet, and ICS, a subsidiary of Miami-based Apollo Ship Chandlers, will continue to provide hotel services for the fleet.

Since its inception in 2002, Oceania Cruises has grown from a start-up company with one ship and fewer than 50 employees, to a three-ship fleet with 2,052 berths, 165 shore-side staff and more than 2,000 crew members worldwide. From 2003 to 2006, available berths quadrupled yet yields per guest increased by 41% during this time period and occupancy levels remained consistently close to capacity. The company has a high degree of earnings visibility, with more than 72% of the available occupancy for 2007 and 30% of the available occupancy for 2008 having already been booked as of November 2006.

“To reach this milestone in such a short period of time, from start-up to owning our vessels in less than four years, is a momentous occasion and a tremendous achievement for the entire team at Oceania Cruises. It also reflects the extremely positive outlook that the world’s leading financial institutions have for Oceania Cruises due to the success of our business model, a talented management team, and superior product,” stated Frank Del Rio, President and CEO of Oceania Cruises.

“By acquiring the vessels, the company expects to significantly reduce overall capital expenditures and carrying costs of operating the vessels, which will have a positive effect on EBITDA going forward. Taking ownership of our vessels and the recently executed credit facility have perfectly positioned Oceania Cruises to enter its next phase of growth. With our enhanced financial performance and flexibility, we can now focus on fleet expansion which will enable us to offer our world-class product to a wider audience of discerning consumers and travel agents,” stated Del Rio...

Yes It will be Quite Interesting to see how this Fleet Expansion turns out!

quote:

---

Are we sure all the ex R ships are spoken for?? Or is it possible their maybe an R ship that is currently sailing and maybe Oceania is still in negotiations??

---

I think that they're all with what appear to be long-term owners. I did a list not too long ago, and i htink the only one that might be regarded as 'in play' was with a german company - Ernst might know more about that one.

R One - Insignia
R Two - Regatta
R Three - Pacific Princess
R Four - Tahitian Princess
R Five - Nautica
R Six - Blue Dream [Celebrity Journey]
R Seven - Blue Moon
R Eight - Minerva II [Royal Princess]

The 'German' one you were thinking of Tom was Delphin Renaissance, ex R Seven which went to Pullmantur in May this year.

With already having a big playing field in the Med I can only assume the sole reason for this purchase of Pullmantur was for the R ships

quote:

---

Originally posted by PamM:

With already having a big playing field in the Med I can only assume the sole reason for this purchase of Pullmantur was for the R ships

Pam[/QB]

---

Pam,

Royal Caribbean would have no reason to have purchased Pullmantur strictly for the R-ships alone. It was a much larger-scale strategic acquisition meant to broaden their global sphere of influence in a world dominated by Carnival Corp.

The R-ships were strictly an added bonus!

Still we can't do anything about it, except moan so might as well like it.

quote:

---

Originally posted by PamM:
If the R ships weren't on the cards I doubt RCCL would have looked once, let alone twice and bought.

---