AGREEMENT WITH CELEBRITY CRUISES TO REFURBISH THE CRUISE SHIP “CENTURY”

22 December 2005

Fincantieri has reached an agreement with Celebrity Cruises (Royal Caribbean Cruises Group) to refurbish the cruise ship “Century”. This is the largest intervention the ship owner has ever ordered. The work, due to start at Palermo shipyard in Spring next year, will be carried out in the record time of five weeks. Besides routine maintenance work, there will be the addition of 314 new verandas, 14 new suites and 10 new staterooms, and an expanded number of “Concierge Class” category staterooms. A new restaurant will also be added and the interior decor will be redefined in accordance with the criteria used on the line’s acclaimed Millennium-class fleet.

The work, which involves substantial structural interventions, for Palermo shipyard the most important ordered to date for a cruise ship, will require the ship owner to invest approximately 55 million dollars.

Commenting on the new order the Chief Executive Officer of Fincantieri, Giuseppe Bono, said: “We are most pleased to have acquired this order from Celebrity Cruises. This further strengthens the growth strategy which Fincantieri has identified in the business area of ship repairs and conversions. In order to ensure that owners are provided with a good service level in high density areas of cruise traffic we are working to extend our presence in the Caribbean and North Europe.” Mr. Bono continued: “In this perspective Palermo shipyard, thanks to its position and its experience, plays a central role within a network which will enable us to provide the ship owners with a full range of services, able to accompany the vessel throughout its entire working life keeping up high quality standards.”

Dan Hanrahan, President of Celebrity Cruises, commented: “We are thrilled to partner with Fincantieri on such a phenomenal project. All of us at Celebrity were very impressed with their facilities and presentations, and their evident knowledge, skills and shared passion for the project.”