Freedom of the Seas

April 1, 2005

RCCL confirms contract for third mega cruise ship

Aker Yards has received a confirmation in the form of a firm contract for building of a third ship in Royal Caribbean's Freedom class--the world's largest cruise ship, to be delivered spring 2008.

Destined for the Royal Caribbean International fleet, the three 158,000-GRT ships will carry 3,600 guests double occupancy when completed.

The contract value is at the same level as the second vessel in this class, ordered last fall, says Aker Yards.

Royal Caribbean said last month that it estimated the cost of the third ship, including the contract price (specified in euros), capitalized interest, owner-delivered items, and engineering/construction oversight, to be approximately $230,000 per berth .

Aker Yards says the buyer credit guarantee offer made by Finnvera and the interest equalization offer made by Finnvera's subsidiary Finnish Export Credit played a role in the deal. Finnvera and FEC made similar offers for the two previous vessels of the Freedom class.

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