Carnival Corporation & plc Four-Ship Deal
FOR IMMEDIATE RELEASE
CARNIVAL CORPORATION & PLC ANNOUNCES FOUR-SHIP DEAL WITH ITALIAN SHIPBUILDER
FINCANTIERI WORTH MORE THAN $2 BILLION
MIAMI (Dec. 14, 2005) - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK)
today announced it has reached an agreement with Italian shipbuilder
Fincantieri for the construction of four new cruise ships worth more than $2
billion.
The agreement calls for the construction of four new vessels, one each for
Holland America Line, Carnival Cruise Lines, Princess Cruises and Costa
Crociere, along with options for two additional vessels, one each for Carnival
Cruise Lines and Holland America Line.
The four new ships will add a collective 11,756 lower berths to the cruise
operator's fleet. Two of the orders have been placed in U.S. dollars and two
others are in euros.
According to Carnival Corporation & plc Chairman and CEO Micky Arison, the
agreement extends Carnival Corporation & plc's newbuilding program through 2009
while enabling the company to execute its strategy of expanding its North
American and European brands.
"Fincantieri constructs some of the world's most beautiful and technically
advanced ships and this agreement enables us to expand our core North American
and European brands at very competitive prices considering today's unfavorable
U.S. dollar/euro ratio," he said.
The new ships and options include:
* A 2,044-passenger ship which will be the largest ever constructed for North
American premium operator Holland America Line. With an estimated all-in
cost of $450 million, the 86,000-ton Panamax vessel will be built at
Fincantieri's Marghera shipyard. The ship is expected to enter service in
summer 2008. There is also an option for a sister ship scheduled to debut
in spring 2010.
* A 3,100-passenger ship for North American premium brand Princess Cruises
set to debut in fall 2008. A sister to the Emerald Princess, the
116,000-ton vessel will be built at Fincantieri's Monfalcone shipyard at an
approximate all-in cost of $570 million.
* A 3,608-passenger cruise ship for Carnival Cruise Lines representing the
largest vessel ever constructed for the contemporary North American
operator. The 130,000-ton vessel, to be built at Fincantieri's Monfalcone
shipyard at an estimated all-in cost of €560 million, is expected to enter
service in fall 2009. There is also an option for a sister ship scheduled
to enter service in summer 2010.
* A 3,004-passenger ship for Genoa, Italy-based Costa Crociere expected to
debut in summer 2009. A sister ship to the Costa Concordia, the 112,000-ton
vessel will have an estimated all-in cost of €485 million and will be built
at Fincantieri's Sestri shipyard.
Including the four new vessels, Carnival Corporation & plc's capacity growth
for 2008 and 2009 is now expected to be 8.2 percent and 6.4 percent,
respectively. The company's order book now includes 16 new ships, 13 of which
are being constructed by Fincantieri.
Commented Fincantieri Chief Executive Officer Giuseppe Bono, "This agreement
further demonstrates the excellent working relationship that exists between
industry leaders Carnival Corporation & plc and Fincantieri. Carnival
Corporation & plc operates some of the world's most successful and recognizable
cruise brands and we are delighted that the company has entrusted Fincantieri
with nearly all of its newbuilding projects."
Carnival Corporation & plc is the largest cruise vacation group in the world,
with a portfolio of 12 cruise brands in North America, Europe and Australia,
comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises,
Seabourn Cruise Line, Windstar Cruises, AIDA Cruises, Costa Cruises, Cunard
Line, Ocean Village, P&O Cruises, Swan Hellenic, and P&O Cruises Australia.
Together, these brands operate 79 ships totaling more than 137,000 lower berths
with 16 new ships scheduled to enter service between February 2006 and fall
2009. Carnival Corporation & plc also operates the leading tour companies in
Alaska and the Canadian Yukon, Holland America Tours and Princess Tours. Traded
on both the New York and London Stock Exchanges, Carnival Corporation & plc is
the only group in the world to be included in both the S&P 500 and the FTSE 100
indices.
Consummation of the transaction is subject to the negotiation and execution of
definitive documentation, the approval of the boards of directors of Carnival
Corporation & plc and other customary conditions.
Additional information on Carnival Corporation & plc is available at
carnivalcorp.com and carnivalplc.com.
###
MEDIA CONTACTS:
US
Carnival Corporation & plc
Tim Gallagher
305 599 2600, ext. 16000
UK
Brunswick Group
Sophie Fitton/Sarah Lindgreen
44 (0) 20 7404 5959
INVESTOR RELATIONS CONTACT:
US/UK
Carnival Corporation & plc
Beth Roberts
305 406 4832
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