CORAL GABLES, Fla.---Feb. 16, 1996--Norwegian Cruise Line
Ltd., formerly named Kloster Cruise Ltd., Friday announced its unaudited
consolidated results of operations for the year ended Dec. 31, 1995.

The company's net loss was $87.0 million for 1995, as compared to a net loss
of $4.5 million for the same period in 1994. Included in the results for
1995, the company realized extensive write-downs and write-offs associated
with the consolidating of Royal Cruise Line's vessels into Norwegian Cruise
Line. The combined effects of these non-recurring charges along with currency
translation losses, and gains resulting from asset sales represented $45.5
million of the net loss in 1995. By contrast in 1994, the company experienced
a net gain of $23.2 million from asset sales less the impact of losses on
currency translation and extraordinary items. Excluding these items, the
company experienced a net loss of $41.5 million for 1995 as compared to a net
loss of $27.7 million for the same period in 1994.

The increased net loss in 1995 resulted primarily from weakness at Royal
Cruise Line, costs associated with the company's refinancing efforts, combined
with an improvement in Norwegian Cruise Line's results year over year.

Commenting on the results, Norwegian Cruise Line Ltd. President and Chief
Executive Officer Adam Aron said: "We are gratified by yield, expense and
profitability improvements at Norwegian Cruise Line, which were achieved
despite the soft market that was pervasive across the cruise industry.
Norwegian Cruise Line's performance strengthened in 1995, experiencing a 9.2%
improvement in yields, a 7.2% decrease in costs, a 2.3 percentage point
improvement in net operating margin, and a $12.6 million improvement in Net
Income. And, acknowledging the magnitude of the losses at Royal Cruise Line,
we have taken decisive and dramatic action to restructure the company with the
announced consolidation of Royal into NCL."

IMPROVED RESULTS FOR NORWEGIAN CRUISE LINE
NCL's net loss decreased from $24.6 million in 1994 to
$12.0 million in 1995, an improvement of $12.6 million year over
year, excluding the effect of the translation on foreign currency
denominated debt, and a $10.3 million improvement in Operating
Income. NCL's available capacity decreased by 12.9% while revenues
only decreased by 4.9% from $558.1 million in 1994 to $530.8 million
in 1995. This was achieved by a 9.2% increase in yield from $199.56
in 1994 to $217.88 in 1995. Total expenses represented 91.0% of
revenues in 1995 as compared to 93.3% in 1994. Earnings before
interest, taxes, depreciation and amortization (EBITDA) represented
16.1% of revenues in 1995 as compared to 14.3% in 1994, with a net
operating margin improvement from 6.7% in 1994 to 9.0% in 1995.
Operating Income increased by 27.8% year over year to $47.6 million.

DECREASED RESULTS FOR ROYAL CRUISE LINE
RCL's net loss increased from $5.1 million in 1994 to $24.0
million in 1995, an increase of $18.9 million. Revenues increased by
4.6%, to $218.1 million in 1995 from $208.6 million in 1994, while
capacity increased by 15.2%. This resulted in yields decreasing by
9.2% from $239.35 in 1994 to $217.28 in 1995. This decrease was
primarily attributable to the capacity increase at Royal and market
softness, particularly in the premium segment of the cruise industry.
Total expenses increased by 14.7% from $200.8 million to
$230.4 million due to the 15.2% increase in capacity.

OTHER
The company expended approximately $7.6 million in costs
associated with its refinancing efforts in 1995, while there were
no such expenses in 1994. In addition, the company realized
$2.1 million of additional income in 1995, and $2.0 million of
additional income in 1994 resulting primarily from charter income
from the M/S Skyward.

WRITE-OFFS, WRITE-DOWNS, CURRENCY EFFECTS AND ASSET SALES
The company recognized $33.8 million in write-downs in the value
of the M/S Queen Odyssey, M/S Royal Odyssey and M/S Star Odyssey,
which have been sold. In addition, the company has written-off the
Royal Cruise Line "Goodwill" of $12.8 million, and recognized
$11.9 million of restructuring charges relating to the consolidation
of Royal Cruise Line into NCL, which will be completed by June 1996.
The company also recorded a loss of $9.7 million relating to the
non-cash translation of foreign currency denominated debt, and a gain
on sale of assets (primarily from the M/S Starward and M/S Skyward)
of $22.7 million. These miscellaneous items net to a loss of
$45.5 million in 1995. In 1994 the company realized a net gain of
$23.2 million, which included a gain on sale of assets of
$39.4 million, partially offset by a loss relating to the foreign
currency denominated debt of $15.1 million and a loss of
$1.1 million relating to the write-off of loan fees.
Norwegian Cruise Line Ltd. is the fourth largest cruise
company in the world based on passenger berths, and operates eight
ships.

NORWEGIAN CRUISE LINE LTD. CONSOLIDATED
SUMMARY FINANCIAL DATA - UNAUDITED

Three Months Ended Year Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994

$ in Thousands
Revenues 181,767 195,639 780,123 871,484
Expenses:
Operating Expenses 135,873 141,540 546,040 597,565
Selling, General
& Admin Expenses 29,415 35,510 120,206 136,474
Depreciation &
Amortization 15,430 16,441 63,473 70,813
Restructuring Costs 11,900 11,900
Goodwill Write-off 12,846 12,846

Total Expenses 205,464 193,491 754,465 804,852

Operating Income/(Loss) (23,697) 2,148 25,658 66,632

Interest Expense 21,959 23,026 90,350 93,608
(Gain)/Loss on
Sale of Assets (22,904) (3,321) (22,716) (39,420)
Write Down of Ships 33,750 33,750
(Gain)/Loss on
Translation of Debt 534 (3,137) 9,669 15,084
Other (Income)/Expense 4,433 900 1,600 721

Income Before
Extraordinary Item (61,469) (15,320) (86,995) (3,361)

Extraordinary Item/
Expense 1,156

Net Income/(Loss) (61,469) (15,320) (86,995) (4,517)

Operating Data
Adjusted Operating
Income (a) 1,049 2,148 50,404 66,632

Adjusted Net Income (b) (25,343) (21,778) (41,546) (27,697)

Earnings Before
Interest, Depreciation
& Amortization $16,479 $18,589 $113,877 $137,445

Total Available
Cruise Days 880,422 925,629 3,439,912 3,882,055

Passenger Cruise Days 816,050 873,499 3,332,860 3,690,253

(a) Excludes Restructuring Costs and Goodwill Write-off.
(b) Excludes Restructuring Costs, Goodwill Write-off, (Gain)/Loss
on Sale of Assets, Write Down of Ships, (Gain)/Loss on
Translation of Debt, and Extraordinary Items.