<SEC-DOCUMENT>0000884887-18-000055.txt : 20180614
<SEC-HEADER>0000884887-18-000055.hdr.sgml : 20180614
<ACCEPTANCE-DATETIME>20180614070505
ACCESSION NUMBER:		0000884887-18-000055
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180613
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180614
DATE AS OF CHANGE:		20180614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYAL CARIBBEAN CRUISES LTD
		CENTRAL INDEX KEY:			0000884887
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				980081645
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11884
		FILM NUMBER:		18898050

	BUSINESS ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132
		BUSINESS PHONE:		3055396000

	MAIL ADDRESS:	
		STREET 1:		1050 CARIBBEAN WAY
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33132

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RA HOLDINGS INC
		DATE OF NAME CHANGE:	19920424
</SEC-HEADER>
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<TYPE>8-K
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</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WASHINGTON, D.C. 20549</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 11.4pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">FORM 8-K</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">CURRENT REPORT</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Pursuant To Section 13 or 15(d) of The Securities Exchange Act of 1934</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Date of report (Date of earliest event reported): June 13, 2018</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">ROYAL CARIBBEAN CRUISES LTD.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">1050 Caribbean Way, Miami, Florida</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</div>

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<div style="FONT-SIZE: 10pt; TEXT-ALIGN: right; LINE-HEIGHT: 11.4pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Emerging growth company</font><font id="TRGRRTFtoHTMLTab" style="TEXT-INDENT: 0px">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#9744;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt; LINE-HEIGHT: 11.4pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange Act.&#160;&#160;&#9744;</div>

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<div style="FONT-SIZE: 11pt; TEXT-ALIGN: left; MARGIN-TOP: 12pt; LINE-HEIGHT: 12.55pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Item 8.01<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Other Events.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt">On June 14, 2018, </font>Royal Caribbean Cruises Ltd. ("RCL") and Manfredi Lefebvre D'Ovidio announced an agreement for RCL to acquire a 66.67% interest in Silversea Cruise Holding Ltd. based on an enterprise value of approximately $2&#160;billion. &#160;The purchase price of the equity being acquired is approximately $1 billion.&#160; In addition, Lefebvre will qualify for an estimated contingent consideration of approximately 472,000 shares of RCL common stock, payable upon achievement of certain 2019-2020 performance metrics.&#160; The closing of this transaction is subject to customary closing conditions, including approval by relevant competition authorities.&#160; A copy of a press release related to this announcement is filed as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Item 9.01<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font>Financial Statements and Exhibits.</div>

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<div style="FONT-SIZE: 11pt; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">(d)<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif">Exhibits</font></div>

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<div style="FONT-SIZE: 11pt; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt"><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 9pt">&#160;&#160;</font><a href="exh991form8k20180614.htm">Exhibit 99.1 - Press release dated June 14, 2018</a>.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SIGNATURES</div>

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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">ROYAL CARIBBEAN CRUISES LTD.</div>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">June 14, 2018</div>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>/s/ Bradley H. Stein</u></div>
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<div style="FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Bradley H. Stein</div>
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<!--Licensed to: Royal Caribbean Cruises Ltd.
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: right; LINE-HEIGHT: 18.25pt">Exhibit 99.1</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 18.25pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">NEWS FROM</font><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 20pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal">Royal Caribbean Cruises Ltd. and </font><font style="FONT-SIZE: 20pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal">Silversea Cruises</font></div>

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<td style="FONT-FAMILY: Arial; WIDTH: 33.54%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Media Contacts:</td>
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<td style="FONT-FAMILY: Arial; WIDTH: 33.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold">Investor Contact:</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 14.4pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Royal Caribbean Cruises Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Owen Torres</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">305-539-4097</div>

<div style="TEXT-ALIGN: left; FONT: 10pt/13.7pt Arial"><u>otorres@rccl.com</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Silversea Cruises</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Brad Ball</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">954-713-4030</div>

<div style="TEXT-ALIGN: left; FONT: 10pt/13.7pt Arial"><u>bradb@silversea.com</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 14.4pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Royal Caribbean Cruises Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">Carola Mengolini</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt">305-982-2625</div>

<div style="TEXT-ALIGN: left; FONT: 10pt/11.4pt Arial"><u>cmengolini@rccl.com</u></div>
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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">ROYAL CARIBBEAN TO INVEST IN SILVERSEA CRUISES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">PURCHASE OF 67 PERCENT STAKE WILL PROPEL THE GROWTH</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">OF THE LEADING LUXURY AND EXPEDITION CRUISE BRAND</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">"CROWN JEWEL" PARTNERSHIP STRENGTHENS SILVERSEA FUTURE</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold">AND RCL BRAND LINEUP</font></div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Silversea leaders stay on to guide strategy; significant synergies expected</div>
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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">MIAMI, June 14, 2018&#160;--&#160;Royal Caribbean Cruises Ltd. (NYSE: RCL)&#160;and Manfredi Lefebvre D'Ovidio&#160;today announced an agreement for RCL to acquire a stake in privately-owned Silversea Cruises, bringing together two companies with bold, long-term visions for the cruise industry.&#160;</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 15.75pt">Under the agreement, Royal Caribbean will acquire a&#160;66.7% equity stake in Silversea Cruises based on an enterprise value of approximately $2&#160;billion. &#160;The purchase price of the equity being acquired is approximately $1 billion.&#160; RCL plans to finance the purchase through debt.&#160; In addition, Lefebvre will qualify for an estimated contingent consideration of approximately 472,000 RCL shares, payable upon achievement of certain 2019-2020 performance metrics.</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 15.75pt">"Silversea is a crown jewel, and the acknowledged leader in luxury and expedition cruising, two key markets that are poised for growth," said Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises Ltd. "Uniting our two companies presents an extraordinary opportunity to expand vacation options for guests and create revenue in strategic growth areas."</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 15.75pt">Fain added: "We are proud to welcome aboard Manfredi Lefebvre, a visionary leader whose high standards and history of innovation we deeply respect. Manfredi will remain Executive Chairman of Silversea, continuing to lead its strategy long term."&#160;</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 15.75pt">"This partnership will bolster the growth of this exceptional brand founded by my father," said Lefebvre.&#160;"I have always been kindred spirits with Richard&#160;and we share a vision of</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">offering excellence and leadership to our guests. This new partnership gives Silversea the opportunity to&#160;accelerate the growth of the most successful luxury and expedition cruising brand in the world."</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">The strategic rationale for the partnership includes:</div>

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<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Driving long-term capacity growth in the burgeoning luxury and expedition markets at a much larger scale than what Silversea would achieve independently;</div>
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<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Diversifying Royal Caribbean's portfolio and increasing its expedition offerings by adding a premiere ultra-luxury brand;</div>
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<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Leveraging the global footprint of the combined companies to generate demand and increase vacation and destination options for the guests of both companies;</div>
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<div style="MARGIN-BOTTOM: 8pt; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Realizing significant synergies related to global market access, supply chain, purchasing power and other economies of scale.</div>
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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Lefebvre said he is confident that the significant&#160;investment stake he is retaining will sizably increase its value through the growth this long-term partnership will enable.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Lefebvre and Fain also confirmed that Silversea's CEO Roberto Martinoli will continue in his role, working with the existing Silversea management team.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Silversea, with its intimate, all-suite ships, full spectrum of global cruise offerings sailing to more than 1000 global destinations, and unique luxury expedition vessels, adds a pioneering ultra-luxury brand to RCL's industry-leading brand lineup. RCL's largest brand, Royal Caribbean International, is a contemporary brand focused on adventure-seeking families, Celebrity Cruises is a premium brand providing a modern luxury experience to discerning global travelers, and Azamara Club Cruises is a destination immersive brand offering luxury voyages to unique ports. The company also operates the regional TUI Cruises and Pullmantur brands as part of long-term joint ventures.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">The closing is expected to be completed later in the year, subject to customary closing conditions and regulatory approvals.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Regarding 2018, Royal Caribbean reconfirmed its latest adjusted EPS guidance of $8.70 to $8.90 per share. This updated guidance does not include any potential impact from the transaction, although RCL does not expect the transaction to materially impact near-term adjusted earnings per share.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Operationally, the company's forecast for the third and fourth quarters has remained unchanged, but increases in the market price of fuel and the strength of the dollar are expected to cost the company roughly 25 cents per share.&#160; Fortunately, strong close-in demand for core products and better than expected performance below the line is expected to drive improved results for the second quarter.&#160; These improved results are</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">expected to completely offset the impact of the FX and fuel headwinds in the second half of the year, which allows the company to maintain its guidance for 2018.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Perella Weinberg Partners LP served as financial advisor to RCL and&#160;Skadden, Arps, Slate, Meagher &amp; Flom LLP provided legal counsel. Barclays PLC served as financial advisor to Manfredi Lefebvre and Morgan, Lewis &amp; Bockius LLP provided legal counsel.</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Conference Call</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Royal Caribbean will host a conference call today, June 14, 2018 at 8:30 a.m. EDT to discuss the transaction. A link to the live webcast can be found on Royal Caribbean Investor Relations website at www.rclcorporate.com/investors. A replay of the conference call will also be available on the website for 30 days after the call.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt"><font style="FONT-WEIGHT: bold">About Royal Caribbean Cruises Ltd</font>.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt"><font style="BACKGROUND-COLOR: #fefffe">Royal Caribbean Cruises Ltd. (NYSE: RCL) is a global cruise vacation company that owns and operates three global brands: Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. &#160;We are a 50 percent joint venture owner of the German brand TUI Cruises, a 49 percent shareholder in the Spanish brand Pullmantur and a 36 percent shareholder in the Chinese brand SkySea Cruises. Together, these brands operate a combined total of 50 ships with an additional 11 on order as of May 31, 2018. &#160;They operate diverse itineraries around the world that call on approximately 540 destinations on all seven continents. </font>Additional information can be found on <u>www.rclcorporate.com</u></div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">About Silversea Cruises</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Silversea Cruises, which is chaired by Manfredi Lefebvre d'Ovidio, is recognized as an innovator in the ultra-luxury cruise line industry, offering guests large-ship amenities aboard its intimate, all-suite vessels: Silver Wind, Silver Shadow, Silver Whisper, Silver Spirit and Silver Muse &#8211; all designed to offer an atmosphere of conviviality and casual elegance. With the inclusion of the expedition ships Silver Explorer, Silver Galapagos, Silver Discoverer, and with Silver Cloud recently joining the Expedition fleet, Silversea's itineraries encompass all seven continents and feature worldwide luxury cruises to the Mediterranean, Caribbean, both polar regions and hundreds of fascinating destinations in between.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Selected Operational and Financial Metrics</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Adjusted Earnings per Share ("Adjusted EPS")</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Represents Adjusted Net Income divided by the weighted average or by the diluted weighted average of shares outstanding, as applicable, at the end of the reporting period. We believe this measure is meaningful when assessing our performance on a comparative basis.&#160;</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">For additional information see "Adjusted Measures of Financial Performance" below.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Forward-looking Statements</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Certain statements in this release relating to, among other things, our future performance constitutes forward-looking statements under the Private Securities Litigation Reform Act of 1995.&#160;&#160;These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2018 and beyond. Words such as "anticipate," "believe," "could," "driving," "estimate," "expect," "goal," "intend," "may," "plan," "project," "seek," "should," "will," "would," and similar expressions are intended to help identify forward-looking statements.&#160;&#160;Forward-looking statements reflect management's current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which 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.&#160;&#160;Examples of these risks, uncertainties and other factors include, but are not limited to the following: the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; our ability to obtain new borrowings or capital in amounts sufficient to satisfy our capital expenditures, debt repayments and other financing needs; incidents or adverse publicity concerning the travel industry generally or the cruise industry specifically; concerns over safety, health and security aspects of traveling; unavailability of ports of call; the uncertainties of conducting business internationally and expanding into new markets and new ventures; changes in operating and financing costs; the impact of foreign exchange rates, interest rate&#160;and fuel price fluctuations; vacation industry competition and changes in industry capacity and overcapacity; the impact of new or changing legislation and regulations on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; and the unavailability or cost of air service.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">More information about factors that could affect our operating results is included under the captions "Risk Factors" in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent annual report on Form 10-K and our recent quarterly report on Form 10-Q, copies of which may be obtained by visiting our Investor Relations website at <font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>www.rclinvestor.com</u></font> or the SEC's website at <font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>www.sec.gov</u></font>. 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.</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: bold; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">Adjusted Measures of Financial Performance</div>

<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; FONT-WEIGHT: normal; TEXT-ALIGN: justify; LINE-HEIGHT: 17.15pt">This press release includes certain adjusted financial measures defined as non-GAAP</div>

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<div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: Arial; TEXT-ALIGN: justify; LINE-HEIGHT: 15.75pt">financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or US GAAP.</div>

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