MIAMI, April 3, 1998 -- Carnival Corporation (NYSE: CCL) announced today that it is the majority participant, with a group of Norwegian investors led by Christiania Markets, in an agreement to acquire Cunard Line for $500 million (U.S.) from Kvaerner ASA, a Norwegian-based shipbuilding, engineering and construction company whose shares are traded on the Oslo and London stock exchanges.

Cunard Line operates five cruise ships: the Queen Elizabeth 2, Royal Viking Sun, Vistafjord and the Sea Goddess I and II.

Under the terms of the proposed acquisition, Carnival Corporation would be the majority shareholder in the investment group. The transaction, which is not expected to be dilutive to Carnival's earnings per share, is subject to the expiration of the Hart-Scott-Rodino waiting period and other customary closing conditions. Carnival has also reached an agreement with Kvaerner Masa-Yards to develop a design for a new class of ships for Cunard.

Carnival anticipates that Seabourn Cruise Line, which is 50 percent owned by Carnival and 50 percent owned by Atle Brynestad, a Norwegian entrepreneur, will be merged with Cunard simultaneously with the closing of the acquisition. The merged Cunard/Seabourn company, in which Carnival will have an approximate two-thirds interest, will be the largest cruise company in the luxury segment of the cruise market. Atle Brynestad will become a significant shareholder in the new company and is expected to serve as the chairman of the board. Brynestad said he was delighted to be serving as chairman and pledged that the new organization would maintain the five-star-plus quality of both the Cunard and Seabourn brands.

"The opportunity to acquire the strongest brand name in the luxury segment of the cruise market and combine it with Seabourn, the finest product in the luxury segment, is part of Carnival's strategy to strengthen its position in the luxury end of the cruise business," said Micky Arison, Carnival's chairman and CEO. "The QE2 is the best known cruise ship in the world and commands a vast customer following from around the world," he added.

Howard Frank, Carnival's vice chairman and chief operating officer, noted, "With Carnival Corporation supporting a merged Cunard/Seabourn organization, we will be able to bring considerable economies of scale and increased profitability to the new company and thus create greater value for Carnival's shareholders."

Paris Katsoufis, president and chief operating officer of Cunard Line, said he was excited about the prospect of Carnival becoming majority owner of Cunard. "I've enjoyed a long and positive relationship with Carnival and I am looking forward to working with its management to further develop and enhance Cunard," he said. Katsoufis said that both passengers and travel agents may rest assured that the company's business operations will continue uninterrupted under current management. "Cunard customers can count on our continued excellent service and attention to their needs," Katsoufis added.

Christiania Markets is a unit of Christiania Bank and Kreditkasse in Oslo, one of Norway's largest banks.

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 37 ships in the Caribbean, Alaska, Europe and other worldwide destinations. Collectively, Carnival Cruise Lines, Holland America Line and Costa Cruises have eight new ships slated for delivery over the next three years. Carnival Cruise Lines' new 70,000-ton SuperLiner, the Paradise, the world's first smoke-free cruise ship, is expected to debut in November. Also on order are two 101,000-ton vessels, the Carnival Triumph and the Carnival Victory, scheduled to enter service in 1999 and 2000, respectively. Additionally, Carnival Cruise Lines is expected to introduce an 82,000-ton ship at the end of 2000 which will begin a new class of vessel for the line. Holland America Line also has two new 65,000-ton cruise ships, the Volendam and the Zaandam, expected to enter service in 1999, as well as a 61,000-ton vessel scheduled to debut in 2000. Additionally, Costa Cruises has a new 82,000-ton cruise ship slated for delivery in 2000.

Statements in this press release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of Carnival Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in cruise industry capacity and competition, changes in tax laws and regulations affecting Carnival and its principal stockholders, changes in other laws and regulations affecting Carnival and other factors which are described in further detail in Carnival's filings with the Securities and Exchange Commission.