COUNTDOWN BEGINS FOR THE DEBUT OF THE NEW OCEANIA CLASS

Oceania Cruises Finalizes Contract with Fincantieri

June 18, 2007, Miami, FL – Oceania Cruises and Fincantieri have finalized the agreement for two new 1,260-guest mid-size cruise ships for delivery on September 30, 2010 and July 30, 2011, with an option for a third vessel to be delivered on May 30, 2012. The total value of the contract, including the option for the third ship, is $1.6 billion dollars. The ships will be constructed at Fincantieri’s Sestre Ponente facility in Genoa, Italy. “I am delighted to have finalized the contracts for these magnificent ships and I am confident that Oceania Cruises and Fincantieri will set new standards with the new Oceania Class when they debut in just a few short years,” stated Frank Del Rio, Chairman and CEO of Oceania Cruises. Now that all technical specifications have been finalized, Oceania Cruises and Fincantieri will now move forward with detailed design work for the interiors. The world-renowned architectural firm of Yran & Storbratten has been retained to design the ships’ luxurious accommodations and dramatic public areas.“Fincantieri and Oceania Cruises share a legacy of innovation and superior product delivery, and I am certain that our guests and travel agent partners will find that the new Oceania Class will elevate our upper premium experience to new heights,” stated Del Rio.

Steve Martinez of Apollo Management commented, “We are extremely pleased with the expedient manner in which Frank and the entire team at Oceania Cruises have finalized the agreement with Fincantieri. Oceania Cruises has enjoyed tremendous success and we are confident that these spectacular new ships will further solidify their leadership position within the hospitality industry.”

The design specifications for the Oceania Class call for the vessels to be 782 feet long, 105 feet wide, with a draft of 24 feet, and will accommodate 1,260 guests on 11 guest decks. The ships will feature 630 staterooms and suites that are on average, 50% larger than the Regatta Class; 98% of all guest accommodations will feature sweeping ocean views and 95% will boast oversized, private teak verandas. The ships will be powered by diesel-electric engines and operate with twin screw propellers, with a speed of 20 knots. They will be equipped with two bow thrusters to enhance maneuverability, and will also be “green ships” employing the most advanced environmental systems and technology.

"We are very happy and enthusiastic to start work on this new project. Fincantieri is a well-established leader in the cruise sector and is in a strong position to take up this challenge given the company's wealth of expertise and experience in this field. Moreover, these vessels will further extend our product range which spans from mega yachts of over 70 metres to cruise ships of more than 113,000 gross tons," stated Giuseppe Bono, CEO of Fincantieri.

About the New Oceania Class

Designed by Fincantieri and the world renowned architectural firm of Yran & Storbratten, the Oceania Class vessels will usher in new generation of luxurious, mid size cruise ships. Under the direction of Y&S Executive Architect, Gunnar Aaserud, the Oceania Class represents an evolution of the line’s extremely popular Regatta Class ships. This new class of mid size cruise vessels will retain all of the warmth, popular design elements and signature amenities of the Regatta Class while affording guests an additional level of comfort, convenience and many new luxury amenities. Designed to cruise to all corners of the globe, the new ships will boast a cruising speed 20% faster than the Regatta Class. In addition to their greater speed, the Oceania Class will have a greater range that enables them to undertake itineraries to virtually any destination worldwide.

The new Oceania Class vessels will set a new standard in culinary excellence, featuring six open-seating gourmet restaurants which boast the capacity to seat 150% of the ship’s guests in a single seating. The Grand Dining Room will be an opulent space crowned with a magnificent frescoed domed ceiling. The four specialty restaurants will feature the line’s signature Polo Grill and Toscana along with two new specialty dining venues, an elegant French bistro and a Pan-Asian restaurant. hese new ships have been designed with all the signature elements that guests and travel agents cherish, and the décor will be imbued with the same warmth and charm that the Regatta Class is renowned for. Signature public spaces will include the Martinis, Horizons, The Patio, and a Grand Staircase that sweeps up both sides of the lobby. Public areas and accommodations will include rich wood paneling and granite accents, opulent furnishings and a museum quality art collection that will include many rare nautical antiques.

About Apollo Management L.P.

Apollo is a leading private equity and capital markets investor with more than 16 years of experience investing across the capital structure of leveraged companies. The firm employs more than 80 professionals and has offices in New York, Los Angeles, London and Singapore. Since its inception, Apollo has managed more than $33 billion of capital across a wide variety of industries both domestically and internationally. The firm's most recent private equity fund and its co-investment affiliate have capital commitments of $11.6 billion.

About Oceania Cruises

Oceania Cruises® is the world’s only upper-premium cruise line. Oceania Cruises offers a unique combination of the finest cuisine at sea, luxurious accommodations, exceptional personalized service and extraordinary value. As the leader in destination cruising, Oceania Cruises sails to more than 180 ports in Europe, China and the Far East, Australia, New Zealand, South America, Central America and the Caribbean. Featuring three intimate and elegant mid-sized ships, Regatta, Insignia and Nautica, the line will introduce two new mid-size Oceania Class ships to its award-winning fleet in 2010 and 2011. For additional information, to make a reservation, or to order a brochure, please call BestCruiseBuy.com at 1-866-622-7447.