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Miami, FL, March 14, 2007 — Oceania Cruises announced today that it has entered into a memorandum of agreement with Italy’s Fincantieri shipyard that calls for the construction of two 1,260-guest, 65,000-ton ships to be delivered in the fall of 2010 and summer of 2011. The agreement includes an option for a third vessel to be delivered in 2012. The contract price for each vessel is $500 million dollars.

“This new class of elegant, mid-size ships will define upper-premium cruising for years to come and demonstrates our commitment to providing our guests and travel agent partners with an extraordinary onboard experience. We have elevated the onboard product in every area and as a result, guests will be able to dine in an unprecedented number of gourmet restaurants, and revel in the luxury of accommodations that will set a new standard in terms of size, spaciousness and comfort,” stated Frank Del Rio, Chairman and CEO of Oceania Cruises.

Designed by the world renowned architectural firm of Yran & Storbratten, the new Oceania-Class vessels will usher in new generation of luxurious, mid size cruise ships. Under the direction of Executive Architect, Gunnar Aaserud, the new Oceania-Class represents an evolution of the line’s extremely popular Regatta-Class ships. This new class of mid size cruise vessels will retain all of the warmth, popular design elements and signature amenities of the Regatta-Class while affording guests an additional level of comfort, convenience and many new luxury amenities. Designed to cruise to all corners of the globe, the new ships will boast a cruising speed 20% faster than the Regatta-Class. In addition to their greater speed, the Oceania-Class will have a greater range that enables them to undertake the itineraries to virtually any destination worldwide.

The new Oceania-Class vessels will set a new standard in culinary excellence, featuring six open-seating gourmet restaurants which boast the capacity to seat 150% of the ship’s guests in a single seating. The magnificent Grand Dining Room will be an opulent space crowned with a magnificent frescoed domed ceiling. The four specialty restaurants will feature the line’s signature Polo Grill and Toscana along with two new specialty dining venues, an elegant French bistro and a Pan-Asian restaurant.

These new ships have been designed with all the signature elements that guests and travel agents cherish, and the décor will be imbued with the same warmth and charm that the Regatta-Class is renowned for. Signature public spaces will include the Martinis, Horizons, The Patio, and a Grand Staircase that sweeps up both sides of the lobby. Public areas and accommodations will include rich wood paneling and granite accents, opulent furnishings and a museum quality art collection that will include many rare nautical antiques.

“With our new financial partners and this one billion dollar order, Oceania Cruises is poised to take its place as the market leader in upper-premium cruising. While the Regatta-Class ships have provided us with an exceptional foundation for the line and are extremely successful, the new Oceania-Class will be the perfect complement to our fleet and have been designed with all the signature features our unique and discerning guests love, plus new amenities to enhance their Oceania Cruises experience,” stated Del Rio.

The design specifications for the Oceania-Class call for the vessels to be 825 feet long, 105 feet wide, a draft of 23 feet, and accommodate 1,260 guests on 9 guest decks. The ships will feature 630 staterooms and suites that are on average, 50% larger than the Regatta-Class; 96% of all guest accommodations will feature sweeping ocean views and 93% will boast oversized, private teak verandas. The ships will be powered by diesel-electric engines and operate with twin screw propellers, with a service speed of 20 knots. They will be equipped with two bow thrusters to enhance maneuverability, and will also be “green ships” employing the most advanced environmental systems and technology.

Giuseppe Bono, Fincantieri's Chief Executive Officer, commented: "The agreement with Oceania Cruises proves that Fincantieri, with the experience and expertise developed in all these years as world leading cruise shipbuilder, is ready to enter the rapidly growing upscale market. With this project, Fincantieri is further enhancing its offerings to cover all market segments - from mega yachts to 130,000-ton cruise ships and over – along with "niche" products such as special "exploration" ships."

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