Olympia Explorer and Olympia Voyager to Be Auctioned

March 11, 2004

Royal Olympic Cruises announced that the vessels Olympia Explorer and Olympia Voyager will be sold at judicial auction, on March 24 and March 26 respectively, under process initiated by creditor banks and pursuant to a settlement agreement between ROCL, the owners, and the banks. The owning companies of the ships (subsidiaries of ROCL) had filed for Chapter 11 reorganization in the U.S. Bankruptcy Court in Honolulu, Hawaii, following which the ships were placed under judicial arrest pursuant to the settlement agreement. The judicial auction of the OLYMPIA EXPLORER is scheduled to take place on March 24 in Long Beach California, and the auction of OLYMPIA VOYAGER will be held on March 26 in Miami, Florida. ROCL does not expect to receive any proceeds from the sales after payment to the creditors. This announcement is not an official notice of these auction sales, which is being made by advertisements as directed by the relevant court order.

Olympia Explorer and Olympia Voyager to Be Auctioned

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