MIAMI, Feb. 12 -- Royal Caribbean Cruises Ltd. (NYSE: RCL)
announced today that it has priced a public offering of $3.625 Series A
Convertible Preferred Stock, at $50 per share. The size of the offering will
be three million shares. The value of the offering will be $150 million.

The net proceeds to the company will be used for general corporate purposes,
including capital expenditures, the repayment and/or redemption of certain
indebtedness, and working capital. Application has been made to list the
shares on the New York Stock Exchange under the symbol "RCL Pr."

The offering was underwritten by Merrill Lynch & Co. and Lazard Frhres & Co.
LLC.

Distributions on the shares will be payable quarterly at the annual rate of
$3.625 per share. Each share will be convertible at the option of the holder
into common shares of Royal Caribbean Cruises Ltd., at the rate of 1.5432 per
share (equivalent to a conversion price of $32.40 per Royal Caribbean Cruises
Ltd. common share), subject to adjustment in certain circumstances. More
information about this offering is contained in a prospectus filed with the
Securities and Exchange Commission.

Royal Caribbean is one of the world's largest cruise lines, operating 11
modern ships with a total capacity of 18,750 passengers. In 1997 and 1998,
the company will introduce the last three of its six Vision-class ships,
adding new capacity of 5,950 passengers. In 1999, Royal Caribbean will
introduce the first of its 3,100-passenger Eagle-class ships. This year, the
award-winning fleet offers passengers 54 different itineraries and 134
destinations and attractions in Alaska, the Bahamas, Bermuda, the Caribbean,
Europe, the Far East, Hawaii, Mexico, Panama Canal, Russia and Scandinavia.