MIAMI, Feb. 23 -- Royal Caribbean Cruises Ltd. (NYSE: RCL;
Oslo) has exercised its options to build two additional 85,000- ton,
1,950-passenger cruise ships for Celebrity Cruises at a contract cost of
approximately $350 million each, with delivery set for August 2001 and April
2002.

The ships will be in addition to Celebrity's two Millennium-class ships
currently under construction at Chantiers de l'Atlantique shipyard in St.
Nazaire, France, and due for delivery in June 2000 and January 2001.

"Our guests' enthusiasm for the Celebrity style and quality of cruising has
created a growing demand for more ships and more itinerary options," said
Celebrity's president, Rick Sasso. "This series of four Millennium-class
ships will answer that demand in an ideal way: stylish and contemporary, with
state-of-the-art technology."

The two additional ships will have the same Millennium-class hull,
superstructure, propulsion and machinery design, but each ship's interior
theming and public rooms will have their own unique style and character. The
Millennium-class vessels are being built to Panamax dimension standards to
enable Panama and Suez canal transits for worldwide deployment.

All the Millennium-class vessels, along with Royal Caribbean's Vantage-
class ships, will be the first cruise ships to incorporate gas turbine
propulsion. This technology minimizes environmental impact by drastically
reducing air emissions, sludge and oil waste, providing the cruise industry's
most environmentally sensitive source of power.

The Millennium-class ships are natural progressions of Celebrity's popular
and very successful fleet of 1990s-built ships and will highlight the line's
acclaimed product features. Over 70 percent of the spacious outside
staterooms will have balconies; the Millennium-class vessels also will have
the largest luxury suites afloat. Other Celebrity signature features will
include art collections that mirror Celebrity's leadership in museum quality
art at sea, plus Celebrity's sophisticated AquaSpa facilities and dining
cuisine under the direction of internationally acclaimed master chef Michel
Roux.

Celebrity Cruises fleet of five ships -- Century, Galaxy, Horizon, Mercury
and Zenith -- sail in Alaska, Bermuda, the Caribbean, Europe and the Panama
Canal. The line is one of two cruise brands owned and operated by Royal
Caribbean Cruises Ltd., which also operates Royal Caribbean International. For
additional information, visit the line's Internet sites at
www.celebrity-
cruises.com or
www.rclinvestor.com.