sea containers ltd

                                                                    news release

                                                      Contact: William W. Galvin
                                                               203 / 618-9800


       SEA CONTAINERS ANNOUNCES REDEMPTION OF 12 1/2% SENIOR SUBORDINATED
                   DEBENTURES DUE 2004, SERIES A AND SERIES B

Hamilton,  Bermuda,  May 7, 2004 -- Sea Containers  Ltd.  (NYSE:  SCRA and SCRB,
http://www.seacontainers.com),  marine container  lessor,  passenger and freight
transport  operator,  and leisure industry investor,  today announced that it is
exercising its right to redeem all of the aggregate $79,729,000 principal amount
of its outstanding 12 1/2% Senior Subordinated Debentures due 2004, Series A and
Series B. The Series A  Debentures  are  listed on the New York  Stock  Exchange
under the symbol SCRA04  (cusip # 811371 AA 1), and the Series B Debentures  are
listed on the New York Stock Exchange under the symbol SCRB04 (cusip # 811371 AB
9).

The  redemption  date  will be June 7,  2004.  The  semi-annual  installment  of
interest  due on June 1, 2004 will be paid in the usual  manner.  On the June 7,
2004  redemption  date,  holders of the Debentures will be entitled to $1,002.08
per $1,000  principal  amount of the  Debentures,  including  $2.08 of  interest
accrued and unpaid to the redemption  date.  The redemption  price is payable on
presentation  and surrender of the Debenture  certificates  at the office of The
Bank of New York at the following addresses.

BY HAND OR OVERNIGHT MAIL:

The Bank of New York
111 Sanders Creek Parkway
East Syracuse, New York 13057

(To confirm by telephone or for information
call (800) 548-5075)

BY REGISTERED OR CERTIFIED MAIL:

The Bank of New York
P.O. Box 396
East Syracuse, New York 13057



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