Irish Continental Group plc (“ICG”) announces that it has entered into a bareboat hire purchase agreement for the sale of the cruise ferry “Oscar Wilde” to MSC Mediterranean Shipping Company SA who also own GNV.
The total gross consideration for the sale is €28.9 million, payable in installments over 6 years, up to 2025. Delivery to the buyer is expected to take place during April 2019.
The “Oscar Wilde”, built in 1987, was acquired by ICG in 2007 and was operated by its subsidiary Irish Ferries on the Ireland – France route. The proceeds less the net book value of the Oscar Wilde (€7.7 million) and related disposal costs will result in a profit on disposal which will be reported as part of the 2019 financial results of ICG. - Company Release
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