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NCL CRUISE SHIP

October 25, 2010

NCL to build two new cruise ships at Meyer Werft

Norwegian Cruise Line says that it has reached an agreement with Meyer Werft GMBH of Germany to build two new next generation Freestyle Cruising ships for deliveries in spring 2013 and spring 2014

Each of the vessels will have approximately 4,000 passenger berths. At 143,500 gt they will be the largest passenger/cruise ships to be built in Germany, taking that title away from the two 128,000 gt Disney Cruise Line ships currently on order at Meyer Werft, the first of which, Disney Dream, is set to leave the shipyard's covered building dock next Saturday.

The total contract price for the two new NCL vessels is approximately Euros 1.2 billion. NCL says it has committed financing in place from a syndicate of banks for export credit financing in connection with this project.

"We have always been focused on a disciplined approach to capacity growth," said Kevin Sheehan, Norwegian Cruise Line's chief executive officer. "Our decision to add two new ships reflects the significant progress we have made in improving our operating performance and repositioning the company over the last several years, as well as the strong market demand we are seeing for Norwegian Epic and our other ships."

"We are excited to be returning to Meyer Werft and are confident that their rich ship building history and expertise will bring our vision to fruition," added Mr. Sheehan.

Meyer Werft, based in Papenburg, Germany, most recently built Norwegian's four Jewel-class ships - Norwegian Gem delivered in 2007, Norwegian Pearl and Norwegian Jade delivered in 2006, and Norwegian Jewel delivered in 2005. The vessels announced today will be the eighth and ninth that NCL will build at the Meyer shipyardf.

"Norwegian Cruise Line and Meyer Werft have a long history of working together. We are thrilled to continue our partnership. Our teams work very well together and we are looking forward to building this new, exciting and innovative class of vessels," said Bernard Meyer, the shipbuilder's managing partner. "In addition, the 21,000 employees of the yard and its supplier companies involved in the construction of the ships appreciate the new project from one of our longstanding customers."


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