ALSTOM signs Letter of Intent for Two New Cruise
Ships

ALSTOM, through its subsidiary Chantiers de l'Atlantique,
has received a letter of intent from P&O, one of the
world's leading cruise operators, for the construction of two
1000-cabin, Panamax type, 88 000 tonne cruise ships.

The letter of intent should lead to a firm order for two
ships scheduled for delivery in October 2002 and June 2003,
with options for a further two ships to be delivered in
February and October 2004.

These newly designed cruise ships will have over 90 % of
exterior and balcony cabins, a higher proportion than normally
provided in ships of this size.

Particular attention will be given to environmental issues,
with the ship's gas turbine and diesel engines being fitted
with catalytic converters.

Due the confirmation of this contract, and following the
delivery of the Mistral at the end of this week, fourteen firm
and three optional orders will appear in ALSTOM's order book,
leader in the cruise ship market. This again confirms ALSTOM's
position as leader in the cruise ship market.