MIAMI, Feb. 27 -- Celebrity Cruises announced today the sale of
TSS Meridian to Metro Holdings of Singapore for the price of US$62,150,000.
The sale price reflects the Meridian's excellent condition and her recognized
quality in the cruising market.

Metro is a major, publicly quoted company based in Singapore with extensive
activities in retailing, property and construction. Metro has decided to
diversify their activities into the growing Far East cruise market. The vessel
will be delivered to Metro in October 1997.

Celebrity will continue to operate the Meridian until October 1997,
maintaining its scheduled 10- and 11-day cruises in the Caribbean and 6- and
7-day cruises to Bermuda. The ship will continue to offer her guests the
highest levels of service until the conclusion of her career with Celebrity.

Celebrity is currently contacting travel agents with passengers booked on
Meridian cruises from October 1997 onwards. The schedules of the other
Celebrity vessels will continue as published through April 1998. Celebrity
will shortly be announcing the schedules for the period April 1998 to April
1999, including the replacement of the Meridian in Bermuda.

"The Meridian is an excellent vessel and we will be sad to see her go," said
Richard E. Sasso, President and CEO of Celebrity Cruises based in Miami,
Florida. "However, with this development, Celebrity achieves its goal of
operating the youngest and most technologically advanced fleet in the world,
offering Five-Star, high-premium cruise vacations."

The Celebrity fleet includes CENTURY (launched in 1995), GALAXY (1996),
HORIZON (1990), ZENITH (1992) and MERCURY which will be launched later this
year, representing a total exceeding 8,200 lower beds. Celebrity is the top
rated premium cruise line in the world and has won numerous awards for its
outstanding cuisine and service. Celebrity offers cruises to the Caribbean,
Panama Canal, Alaska, Bermuda and Europe.