MIAMI, Jan. 29 -- Royal Caribbean Cruises Ltd. (NYSE: RCL;
Oslo) announced today the pricing of a public offering of $500 million of its
8.75 percent Senior Notes due 2011 at 99.665 percent of the principal amount.
The offering is 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 priced a $500 million gross proceeds 20-year Liquid Yield Option(TM) Notes
(LYONs) offering. The LYONs are zero-coupon senior notes convertible into
Royal Caribbean common stock if the market price of the shares reaches
specified thresholds. Each LYON has a yield to maturity of 4.875 percent and
is convertible into 11.7152 shares of Royal Caribbean common stock. This
issue is 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.