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Major Organizational Restructuring At Silversea

(Ft. Lauderdale, FL -- February 2, 2007) Ultra-luxury cruise market leader Silversea announced today a major internal restructuring initiative designed to support the continued growth and expansion of the company.

Albert Peter, who has served as chief executive officer since 2001, is transitioning to deputy chairman of Silversea Leisure and Travel, an affiliate company based in Monaco and led by Silversea Cruise Holding Ltd. chairman Manfredi Lefebvre. The unit's focus is the pursuit of investment opportunities in the travel and leisure markets.

Lefebvre will continue as Silversea Cruise Holding Ltd. chairman, overseeing the group's strategy, based in the Monaco headquarters.

Amerigo Perasso has been promoted to become Silversea's president, responsible for the day-to-day operations of the company and will also be based in Monaco. The sales and marketing, revenue management, vessel operations, finance, information technology, human resources and legal departments will report to him.

Perasso, 41, was appointed as chief financial and revenue officer in 2004 and joined the Silversea group of companies in 1997, working on the project that led to the construction of Silver Shadow and Silver Whisper.

David Morris has been promoted to executive vice president, worldwide sales and marketing. Morris joined the Silversea executive team in 2003 as senior vice president of sales for North America and was promoted in 2006 to executive vice president of sales and marketing for North America. He brings a wealth of experience and management expertise, forged during a career of over 30 years in the cruise industry, to this key position. Morris will report to the president and will continue to be based in the Fort Lauderdale office.

Commenting on the organizational changes, Lefebvre said, "We are very grateful to Albert for his terrific contribution to Silversea as chief executive over the past six years and are very glad he will continue as a key player in future developments that shareholders have planned. He has guided the company through challenging times, ensuring with shareholders' support Silversea's survival post 9/11, and has done much to ensure the company's financial success and return to profitability. We will continue to draw on his very extensive and wide-ranging experience to develop our leisure and travel investment unit."

Lefebvre continued, "Our promotion of Amerigo Perasso to president is as a result of our trust in his ability to maintain the core management that has been a key element in our profitability and to further strengthen the team, allowing the company to continue its growth and expansion."

Lefebvre concluded with a heartfelt thanks to the entire Silversea team, stating "Words are not sufficient to express our sincere thanks to our valued team, which has supported our growth and remains fully committed to keeping our company's top position in the ultra-luxury cruise industry."

Silversea Cruises is recognized as an innovator in the luxury segment, offering guests large-ship amenities aboard four intimate vessels, Silver Cloud, Silver Wind, Silver Shadow, and Silver Whisper, all designed to offer an atmosphere of conviviality and casual elegance. For the ninth year, Silversea was named "Number One" small-ship line in the 2005 "Readers' Choice" survey conducted by Condé Nast Traveler magazine. For the sixth time, Silversea was selected "World's Best" small-ship line in the 2004 Travel + Leisure readers' poll.

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For more information on Silversea Cruises, please contact a travel agent.
For a complimentary brochure, please call toll-free (877) 215-9986 or visit www.silversea.com

Media Contacts:

Brad Ball
(954) 713-4030

Gina Finocchiaro
(954) 713-4029