MIAMI---Feb. 5, 1998--Risk and reward in the cruise industry
can go hand in hand, as evidenced by Norwegian Cruise Line's recent dramatic
turnaround. Strong advance bookings for 1998 are proof that long-term
strategic planning, rapid expansion, and an influx of cash can yield
substantial results.

NCL's across-the-board efforts to buoy its profitability have positioned the
Miami-based company to take a dominant role in the cruise industry in 1998.
Today, the company ranks as the third largest cruise line in the world, a spot
it shares with Princess Cruises. New itineraries, new ports of call, and a 70
percent growth in capacity, have made NCL the fastest growing cruise line in
the business and have contributed to this success. So, too, has a renewed
commitment to do what it does best: serve the passenger with exemplary
personalized service aboard NCL's modern, mid-size ships.

"1997 was a year of unparalleled growth for our company with an additional
6,000 berths launched or committed. An anticipated five percent growth in
North American cruise passengers in 1998 will serve to solidify the resurgence
of our position as a dominant force in the cruise industry," said Hans E.
Golteus, president and chief operating officer of Norwegian Cruise Line. "We
are, as ever, committed to setting service standards for the industry as we
increase the size of our fleet," continued Golteus.

This commitment has paid off. In 1997, NCL carried more than 500,000
passengers with an approval rating at an all time high. Already for 1998
bookings are up 37 percent. In several markets bookings have been so strong
that NCL is taking steps to expand and diversify itineraries to meet the
demand.

New itineraries and ports of call in 1998 will expand the company's global
reach. Flagship S/S Norway will be deployed for a six-month series of cruises
throughout Europe and the Mediterranean from April 18 through October 24,
1998, while cruises to South America and Hawaii will be offered for the first
time. NCL's decision in mid-1997 to be the first line to regularly sail out
of Houston has been very well received.

Aggressive expansion has the NCL fleet well positioned for the future.
During the past year and a half, NCL has launched and financed six new
projects, a capacity increase of more than 6,000 passengers. This includes
building new ships, lengthening existing ships in the fleet by adding
midsections, and purchasing ships from other cruise lines. The design of all
vessels is in keeping with the NCL philosophy of providing a more intimate and
personal experience not found on larger ships. Today, the NCL fleet is
comprised of 10 modern, mid-size vessels with an eleventh ship, the Norwegian
Sky, under construction.

Financially, the company is sailing in smoother waters than two years ago.
In 1997, NCL raised $530 million in new bank financing and $220 million in new
equity. In order to generate this major financing, NCL made significant
commitments to shareholders relating to future performance. The company's
objectives have been clear from the outset: to be profitable and increase the
company's value. These goals will be met through steady growth, redefining the
NCL fleet and product; strengthening NCL's position with the travel agency
community; and setting new service standards for the industry.

The results have been positive. For the first nine months of 1997, the
company showed a profit of $17.1 million. Traded on the Oslo Stock Exchange,
NCL's shares increased from USD 1.35 in mid-December 1996 to USD 3.68 in
mid-December 1997.

NCL's success is due, in part, to capitalizing on factors that set the fleet
apart from competitors, thus enhancing its brand's image. "The Norwegian
Way," the theme of a new advertising campaign, highlights NCL's unique Norse
heritage, and speaks to the widely recognized tradition of Norwegian seafaring
excellence. The campaign, introduced to the trade in the fall of 1997,
addresses the three areas most integral to the strategy for growth: size of
ship and space per passenger, service and destinations. New national consumer
advertising began last month.

For further information, call NCL at (800) 327-7030 in the US or Canada,
(305) 436-0866 in Dade County, Florida, or visit NCL's website at
www.ncl.com.