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CARNIVAL CRUISE LINES SIGNS AGREEMENT WITH SEABOURN CRUISE LINE

 CARNIVAL CRUISE LINES SIGNS AGREEMENT WITH SEABOURN CRUISE LINE
 MIAMI, Feb. 19 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) today announced that it has entered into a definitive agreement on the previously announced joint venture with Seabourn Cruise Line under which Carnival will acquire up to a 50 percent interest in Seabourn.
 Carnival's investment will be in the form of two secured 10-year loans of $15 million and $10 million. In addition, Carnival will provide Seabourn with extensive sales and marketing support. Under the agreement, Carnival will own 25 percent of Seabourn, and Atle Brynestad, Seabourn's founder, will own 75 percent. The $10 million note will be convertible at any time prior to maturity into an additional 25 percent interest in Seabourn Cruise Line.
 According to Carnival Chairman Micky Arison, Seabourn will continue to operate as an independent entity. "Its reputation as the Rolls Royce of the cruise industry is well earned. Our contribution will be to assist Seabourn in tapping into Carnival's considerable sales and marketing resources, while leaving the responsibility for the product and operational sides of the business to Seabourn," Arison said.
 The closing, which is subject to fulfillment of certain conditions, is expected to be completed shortly. Although both companies anticipate that these conditions will be satisfied, no assurances can be made that the definitive agreement will become effective.
 San Francisco-based Seabourn was founded in 1987 and currently operates two ultra-luxury vessels, the Seabourn Pride and the Seabourn Spirit. The ships carry 200 guests in all-suite accommodations and operate on worldwide itineraries.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with Holland America Line and Windstar Cruises, it currently operates 16 ships in the Caribbean, Alaska, and other worldwide destinations. Carnival has contracted for the construction of two 2,600-passenger ships, the Sensation and Fascination, which are scheduled for delivery in late fall of 1993 and early fall of 1994, respectively. It also has contracted to construct three new ships for Holland America Line. The first of these, the Statendam, is scheduled for delivery in late 1992, with the Maasdam and Ryndam, to be delivered in late 1993 and 1994, respectively.
 -0- 2/19/92
 /CONTACT: Tim Gallagher or Jennifer De La Cruz of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL) CO: Carnival Cruise Lines, Inc.; Seabourn Cruise Line ST: Florida, California IN: LEI SU: JVN


AW-AK -- FL002 -- 0316 02/19/92 09:54 EST
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Publication:PR Newswire
Date:Feb 19, 1992
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