MIAMI, Feb. 24 -- Carnival Corporation (NYSE: CCL) announced
that today it reached agreements with Finnish shipbuilder Kvaerner Masa-Yards
for construction of up to three cruise ships for its Carnival Cruise Lines
unit. The agreements are for a firm order of one ship, with options to build
two additional sister ships. The cost of the vessels is expected to be
approximately $375 million each.

At approximately 82,000 gross registered tons and a passenger capacity of
2,100, the newbuilding series will represent a new class of vessel for
Carnival Cruise Lines. Delivery of the first ship is scheduled for late 2000.
If the options are exercised, the other two vessels would be expected for
delivery in 2001, and 2002.

The announcement of the agreement was made in Helsinki at a reception on
board Carnival's new Elation which was delivered earlier in the day by
Kvaerner-Masa. Martti Ahtisaari, president of the Republic of Finland, joined
Carnival Chairman Micky Arison and Martin Saarikangas, president of Kvaerner
Shipbuilding and chairman of Kvaerner Masa-Yards, in making the announcement.

If the options are exercised, today's agreement marks five new ships for
three different cruise divisions that Carnival Corporation has committed to
within the last 30 days. In late January, it announced that its Italian
affiliate, Costa Crociere, of which it owns 50 percent, had reached an
agreement with Kvaerner Masa for construction of a new 82,000-gross-
registered-ton vessel. And just last week, its Holland America Line unit
reached an agreement with Italy's Fincantieri Shipyard to build a 61,000-
gross-registered-ton vessel. If the options included in the most recent
agreement are exercised, it will bring Carnival's new ship orders to 10,
representing approximately $3.5 billion in new ship construction.

"Our commitment to continued expansion of our core brands through
newbuildings demonstrates our confidence in the future of the cruise
industry," said Carnival's Arison. "Although cruising is becoming an
increasingly popular vacation option, still, only eight percent of the
vacationing North American public has ever taken a cruise, and the market for
cruising in Europe is just beginning to develop. We are very bullish on the
future; the growth potential is tremendous," he said.

According to Kvaerner Masa's Martin Saarikangas, Carnival was among the
yard's first customers and in fact, participated in its formation in 1989.
Kvaerner Masa has already built seven vessels for Carnival Cruise Lines
including the Elation. It will deliver the eighth and final vessel in that
70,000-gross-registered-ton series later this year. "The Carnival ships, with
their massive winged funnels, a Carnival hallmark, have become a fixture of
the Helsinki skyline over the years. We are pleased that they will continue
to be a part of our downtown waterfront for many years to come," said
Saarikangas.

Carnival Corporation is comprised of Carnival Cruise Lines, the world's
largest cruise line based on passengers carried, Holland America Line,
Windstar Cruises and equity interests in Costa Cruises, Seabourn Cruise Line
and Airtours plc, which combined operate 36 ships in the Caribbean, Alaska,
Europe and other worldwide destinations. Combined, Carnival Cruise Lines and
Holland America Line have eight new ships slated for delivery over the next
three years. The 101,000-ton Carnival Triumph is scheduled to enter service
in 1999 and its sister ship, the Carnival Victory, is scheduled to enter
service in 2000. Carnival also has one 70,000-ton SuperLiner, the Paradise,
under construction, expected to debut in November 1998, in addition to the new
order. Holland America Line also has two new 65,000-ton cruise ships on
order, both of which are expected to debut in 1999 and a 61,000-ton-vessel for
delivery in 2000.