PR97051

MIAMI, July 18, 2022 /PRNewswire=KYODO JBN/ --

Royal Caribbean Group (NYSE: RCL) today announced it has received court

approval to acquire the ultra-luxury cruise ship Endeavor. Originally delivered

to Crystal Cruises in 2021, the ship will be renamed Silver Endeavour when it

officially joins the Group's wholly owned subsidiary, Silversea Cruises' fleet,

this month.

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The purchase price for the vessel was $275 million, significantly below the

cost of construction. The vessel was fully financed through a 15-year unsecured

term loan, guaranteed by the German export credit agency, Euler Hermes, with no

amortization payments in the first two years. The acquisition is expected to be

immediately accretive to earnings, cash flow and ROIC.

"With Endeavour, we are seeking to grow our world class fleet to meet the

exceptional demand for ultra-luxury expedition cruising, while also enhancing

our profitability profile and affirming Silversea's position as the industry's

leading ultra-luxury and expedition cruise line," said Jason Liberty, president

and CEO, Royal Caribbean Group.

Built to PC6 polar class specifications, the ship can operate all of

Silversea's current expedition itineraries and is designed specifically to take

travelers to the world's most remote destinations, including both polar regions.

"The expedition cruising industry is poised to resume accelerated growth driven

by demand among high-end, affluent customers for travel to remote and

hard-to-access destinations," said Roberto Martinoli, president and CEO,

Silversea Cruises. "This ship will be the fourth vessel to join Silversea's

fleet since 2020, which demonstrates our commitment to growth."

Silver Endeavour offers the highest standards in the industry in terms of

space-per-guest ratio, and crew-to-guest ratio, as well as top-notch

accommodations and public areas. The ship's state-of-the-art expedition

amenities offer guests some of the most immersive and luxury experiences

available, including traveling with a fleet of zodiac boats for remote

exploration.

"Delivering the best vacations in the world, responsibly, is Royal Caribbean

Group's purpose," Liberty said. "While our acquisition only covers the physical

vessel, we want all of our guests to know we go above and beyond to take care

of them."

As part of the ongoing RCL Cares program, Royal Caribbean Group will protect

the deposits of guests who were originally booked on Crystal Endeavor and make

a new booking on one of the Group's global brands – Royal Caribbean

International, Celebrity Cruises and Silversea Cruises.

"We believe those Crystal guests will receive back their deposits, but we want

to give them added assurance," Liberty added.

To the extent the Crystal Endeavor guests do not receive their deposits back

from Crystal or other sources, the Royal Caribbean Group will refund any amount

paid on their new booking up to the amount of their lost deposits from Crystal.

Complete terms of the offer will be provided on each brand's website soon.

Silver Endeavour is scheduled to begin service winter 2022/2023, spending its

inaugural season in Antarctica starting November 2022.

About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the

world with a global fleet of 63 ships traveling to approximately 1,000

destinations around the world. Royal Caribbean Group is the owner and operator

of three award-winning cruise brands: Royal Caribbean International, Celebrity

Cruises (

https://c212.net/c/link/?t=0&l=en&o=3596512-1&h=3511914662&u=https%3A%2F%2Fwww.celebritycruises.com%2F&a=Celebrity+Cruises

), and Silversea Cruises (

https://c212.net/c/link/?t=0&l=en&o=3596512-1&h=852885535&u=https%3A%2F%2Fwww.silversea.com%2F&a=Silversea+Cruises

), and it is also a 50% owner of a joint venture that operates TUI Cruises and

Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order

as of June 30, 2022. Learn more at www.royalcaribbeangroup.com or

www.rclinvestor.com.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements

under the Private Securities Litigation Reform Act of 1995. These statements

relate to, among other things, the company's expectations and projections

regarding growth in the expedition cruising industry, customer demand, and

profitability. Forward-looking statements reflect management's current

expectations and are subject to risks, uncertainties and other factors that

could cause our actual results, performance or achievements to differ

materially from the future results, performance or achievements expressed or

implied in those forward-looking statements. Factors that could affect our

results include, among others, those discussed under the caption "Risk Factors"

in our most recent quarterly report on Form 10-Q, as well as our other filings

with the SEC, copies of which may be obtained by visiting our Investor

Relations website at www.rclinvestor.com or the SEC's website at www.sec.gov.

Undue reliance should not be placed on the forward-looking statements in this

release, which are based on information available to us on the date hereof. We

undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise.

SOURCE  Royal Caribbean Group

CONTACT: corporatecommunications@rccl.com