SECURITIES AND EXCHANGE COMMISSION
                  WASHINGTON, DC 20549



                        FORM 6-K



                P&O PRINCESS CRUISES PLC



            REPORT OF FOREIGN PRIVATE ISSUER
        PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
           THE SECURITIES EXCHANGE ACT OF 1934

                    For the month of
                      March 2003



                     Not Applicable
     (Translation of registrant's name into English)

          77 New Oxford Street, London WC1A 1PP
        (Address of principal executive offices)

 Indicate by check mark whether the registrant files or
                will file annual reports
          under cover of Form 20-F or Form 40-F

              Form 20-F X    Form 40-F ___

    Indicate by check mark whether the registrant by
furnishing the information contained in this form is also
  thereby furnishing the information to the Commission
    pursuant to Rule 12g3 - 2(b) under the Securities
                  Exchange Act of 1934

                  Yes  ____       No  X

   If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3 -
                        2(b) 82 -

                        SIGNATURE

Pursuant  to  the  requirements  of  the  Securities  and
Exchange Act of 1934, the registrant has duly caused this
report  to  be  signed on its behalf by the  undersigned,
thereunto duly authorized.

                P&O PRINCESS CRUISES PLC

Date:      4 March 2003      By:  /s/  Simon Pearce
                               Name: Simon Pearce
                              Title: Company Secretary


P&O Princess Cruises plc (the Company)
On  8 January 2002, the Company announced a dividend of 3 US
cents  per  ordinary share payable in cash in US dollars  or
sterling on 14 March 2003 to shareholders on the register at
close  of  business on 21 February 2003. In the  absence  of
instructions  or  elections  to  the  contrary,  holders  of
ordinary  shares on the register will automatically  receive
dividends  in sterling.  Holders of the Company's ADRs  will
receive  a  dividend of 12 US cents per ADR, payable  in  US
dollars.
Dividends  payable  in sterling will be  converted  from  US
dollars  at the exchange rate quoted by the Bank of  England
in  London  at  11.00 am on 4 March 2003  (GBP1 =  US$1.5810).
Accordingly, the amount payable in sterling on 14 March 2003
will be approximately 1.89753 pence per share.