Royal Caribbean Announces Stepped-Up Share Repurchase Program

Royal Caribbean Cruises Ltd. announced last week it has wrapped up its previously announced agreement with Goldman, Sachs & Co. to purchase shares of its common stock for an aggregate purchase price of approximately $165 million in an accelerated share repurchase (ASR) transaction.

The agreement allows the company to purchase 4,214,130 shares immediately from Goldman, Sachs & Co. and potentially receive additional shares upon completion of the transaction up to a maximum of 419,206 shares.

The ultimate number of shares to be repurchased under the agreement will be based on the company´s volume weighted average stock price, subject to collar provisions which establish the foregoing minimum and maximum number of shares the company will receive.

The company expects the transaction will be completed during

the third quarter of 2006.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that

operates Royal Caribbean International and Celebrity Cruises, with a

combined total of 29 ships in service and five under construction.