FORT LAUDERDALE, Fla., Jan. 22, 1996 -- Silversea Cruises, Ltd. announced today that it has signed a contract with Italy's Francesco Visentini Shipyard and T. Mariotti Shipyard for the construction of two new ultra-luxury cruise ships, to be delivered in Spring 1998 and Spring 1999.

The hulls of the new vessels will be constructed at the Visentini yard near Trieste, with the final outfitting taking place at the Mariotti yard in Genoa. Both new ships will be 22,000-gross-registered- tons and accommodate 390 guests. The 30 percent increase in both tonnage and guest capacity allows the line to maintain the same space ratio and high standards of luxury service found on award-winning sister ships Silver Cloud and Silver Wind.

"With the order of these two new ships, Silversea is building on the tremendous success we have had in the ultra-luxury cruise market. We're closing 1995 with profitable 3rd and 4th quarters and looking ahead to 1996 with solid business on our books," said William Smith, the line's president and C.O.O. "The luxury market is the fastest growing segment of the cruise industry and Silversea will be the dominant leader."

As with Silver Cloud and Silver Wind, the design specifications of the new ships were enhanced to satisfy the preferences and expectations of discerning guests and travel professionals. The all-suite, all- inclusive ships will feature open, single-seating dining as well as a single-seating show lounge. Seventy-five percent of the suites will have private verandas. Additional details and specifications on the new ship orders will be announced in the near future.

Silversea Cruises, which began cruising only in April 1994, has already garnered an unprecedented Six-Star rating from the prestigious Fielding's 1996 Guide to Worldwide Cruises. The line, which is distinguished by its all-inclusive pricing, intriguing itineraries and genuine hospitality, has set a new cruise industry standard in the ultra- luxury market by bridging the gap between ocean-liner and small-ship cruising. The 16,800 grt Silver Cloud and Silver Wind carry a maximum of 296 guests in 148 suites, 75 percent featuring private verandas.