FINCANTIERI GAINS ORDER FOR
TWO SHIPS FOR PRINCESS CRUISES

Tuesday, May 04, 2010

Fincantieri and the US cruise group Carnival Corporation & plc announced today an order to build two prototype ships for Princess Cruises brand.

The contract confirms a memorandum of understanding signed in February. At 141,000 gross tonnes, the two new vessels, which have a maximum passenger capacity of 3,600, will be the largest cruise ships ever built by Fincantieri and the flagships of Princess Cruises fleet. Scheduled for delivery in spring 2013 and 2014, these ships, as prototypes, will be two of the most exclusive and innovative in the world. Although the design incorporates a number of features which have contributed to the success of the Fincantieri’s most recent vessels, an in-depth review has been carried out in order to develop a ship of superior quality. To this end all the sea-view cabins will have private balconies, for a total of 80% of cabins, and the main hall, the wellness centre and restaurants will be enlarged and feature luxury décor.

Since the 1990s Fincantieri has built 53 cruise ships, of which 49 for Carnival Group. A further 12, including the two ships for Princess announced today, will be delivered within 2014.

Giuseppe Bono, Chief Executive Officer for Fincantieri, commented: "We are grateful to Carnival Group for this further vote of confidence. We presented an innovative design, both from a technical and an architectural point of view and we are proud to have met the requirements of Princess Cruises, one of the Group’s most prestigious brands, for whom we have built 13 ships so far. This is a highly important order for us, especially as it comes in a period of economic crisis, also if it doesn’t saturate the production capacity of all the yards. We succeeded in securing the order with the assistance and support of the Italian export credit Companies, in particular SACE, who have given proof that they believe in the strength of the domestic shipbuilding industry and wish to support us." Bono went on: "The order gives us good reason to hope for the future as the ships are prototypes, i.e. vessels studied ad hoc to meet the latest market requirements and hence ready to be further developed. Accordingly we trust that this may be the starting point to renew and further strengthen our long-standing partnership with our friends in Carnival, with whom we have set out to build the ships of the future".

Carnival Corporation & plc is the world’s most important shipowning group, present on the stock exchanges of London and New York, the only one quoted in both the S&P 500 and FTSE 100 indices. The Group includes prestigious brands such as Costa Crociere, Holland America Line, Princess Cruises, P&O Cruises, Cunard, Carnival Cruise Lines, whose ships are traditionally built by Fincantieri. It currently has a fleet of 95 vessels in service and a further 12 ships will join them between May 2010 and Spring 2014.

Fincantieri (www.fincantieri.com) is one of the world’s leading shipbuilding concerns. World leader in the construction of cruise ships and reference operator in the large ferry sector, the company, which is headquartered in Trieste, employs – directly and indirectly - approximately 30,000 also has an important naval orderbook and is present in the mega yacht sector. Its design centres are located in Trieste, the largest in Europe, and Genoa.

Fincantieri