Wärtsilä signs long-term service agreement with Prestige Cruise Holdings

Wärtsilä Corporation, Trade and Technical Press release, 15 March 2012 at 9.15
am EET

Wärtsilä, the marine industry´s leading solutions and services provider, has
signed a five-year service agreement with US-based Prestige Cruise Holdings,
Inc. (Prestige), the parent company of Oceania Cruises and Regent Seven Seas
Cruises.

The long-term service agreement covers six vessels, a total of 27 Wärtsilä
engines, and has the option to include further vessels in the future. The
agreement facilitates the projection of costs associated with the maintenance of
Prestige´s cruise fleet, while also minimizing the downtime during routine
maintenance and overhauls. The agreement provides a broad scope of services,
including maintenance planning, spare parts supply, training, technical surveys,
condition monitoring, and workshop services.

New type of agreement

The tailor-made agreement is one of the most comprehensive yet for the cruise
industry. The depth and scope of the agreement cover pro-active planning by both
companies working in co-operation. It involves dedicated teams from both
parties, which will work closely together to ensure the optimal performance of
the Prestige fleet.

"Wärtsilä´s willingness to assume a large part of the service and logistics
activities, while offering a streamlined cost structure, provides the peace of
mind that comes with knowing that the quality is the very best, " says Robin
Lindsay, Executive Vice President, Vessel Operations, Prestige Cruise Holdings.

"We are very excited about this agreement that positions Prestige and Wärtsilä
on a path for success in a partnership for continuous improvement, " says
Kourtney Dever, Account Manager, Wärtsilä North America, Inc.

"The premise of the partnership is based on each company focusing on their area
of expertise, while fully co-operating with each other to ensure maximum
efficiency. The agreement is extremely comprehensive and is one that extends
beyond the traditional standard in the marketplace, " states Tomas Hakala, Vice
President Wärtsilä Services, Americas.

Wärtsilä Services - the industry´s most extensive service network

Wärtsilä Services is one of the three Wärtsilä´s businesses alongside Ship Power
and Power Plants. Wärtsilä Services offers services to both the global marine
and energy markets and operates the most extensive service network in the
industry. The company´s broad portfolio includes environmental services and
solutions, the servicing of engines, propulsion systems, electrical and
automation systems and boilers, as well as field services and spare parts. It
also covers upgrades and conversions, long-term agreements for engine and
propulsion systems, as well as training services. Wärtsilä Services is at the
forefront in developing new service concepts to meet customer needs for optimal
operational efficiency. Wärtsilä Services operates some 70 fully owned workshops
and employs over 11,000 service professionals.

For further information, please contact:

Tomas Hakala
Vice President Wärtsilä Services, Americas
Wärtsilä Corporation
Tel. [phone]
[e-mail]

Ms Anna-Leena Pohjanpalo
Media Officer
Wärtsilä Corporation
Tel: [phone]
[e-mail]

Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine
and energy markets. By emphasising technological innovation and total
efficiency, Wärtsilä maximises the environmental and economic performance of the
vessels and power plants of its customers. In 2011, Wärtsilä´s net sales
totalled EUR 4.2 billion with approximately 18,000 employees. The company has
operations in nearly 170 locations in 70 countries around the world. Wärtsilä is
listed on the NASDAQ OMX Helsinki, Finland.
www.wartsila.com

Prestige Cruise Holdings in brief
Prestige Cruise Holdings manages select assets in Apollo Management´s cruise
investment portfolio and is the market leader in the Upper Premium and Luxury
segments of the cruise industry with nearly 5,200 berths between the Oceania
Cruises and Regent Seven Seas Cruises brands, a number the company expects will
grow to approximately 6,400 berths by mid-2012.
www.oceaniacruises.com, www.rssc.com

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Source: Wärtsilä Oyj Abp via Thomson Reuters ONE

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