MIAMI, Jan. 25 -- Royal Caribbean Cruises Ltd. (NYSE: RCL;
Oslo) announced today it has commenced marketing a proposed $350 million
senior note public offering. The offering is being lead-managed by Merrill
Lynch & Co. as the bookrunner and Goldman, Sachs & Co. as co-lead manager,
with Banc of America Securities LLC, First Union Securities, Inc., JP Morgan,
Salomon Smith Barney, and Scotia Capital as co-managers.

The company also announced that, simultaneous with the public debt offering,
it has commenced marketing a $350 million gross proceeds 20-year Liquid Yield
Option(TM) Notes (LYONs)(TM) offering. The LYONs(TM) will be zero-coupon
senior notes convertible into Royal Caribbean common stock if the market price
of the shares reaches specified thresholds. This issue is being underwritten
by Merrill Lynch & Co.

Net proceeds from these offerings will be used by the Company for general
corporate purposes, including capital expenditures. The securities are being
offered as part of a shelf registration statement previously filed and
declared effective with the Securities and Exchange Commission.

Copies of the prospectus relating to the offerings can be obtained from
Merrill Lynch & Co., 4 World Financial Center, New York, New York 10080, (212)
499-1000

Royal Caribbean Cruises Ltd. is a global cruise vacation company that
operates Royal Caribbean International, Celebrity Cruises, and Royal Celebrity
Tours. Royal Caribbean International and Celebrity Cruises have a combined
total of 19 ships in service and 10 under construction or on firm order. Royal
Celebrity Tours operates cruisetour vacations in Alaska utilizing the world's
largest glass-domed railcars. Additional information can be found on
www.royalcaribbean.com,
www.celebritycruises.com
or
www.rclinvestor.com.