Irish Continental Group (ICG) has agreed a deal to sell the Oscar Wilde cruise ferry for almost €29 million.
The listed company, which is led by chief executive Eamonn Rothwell, said it had entered into a “bareboat” hire purchase agreement for the sale of the ferry to MSC Mediterranean Shipping Company. The purchase price is payable in instalments over six years ending in 2025. Investec described it as an “attractive price” for the ship.
The delivery of the ferry is expected to take place during April 2019. ICG operates Irish Ferries, which runs sailings from Ireland to Britain and France.
Built in 1987, the Oscar Wilde was bought by ICG in 2007 and operated on Irish Ferries’ route to France.
ICG said the proceeds less the net book value of the Oscar Wilde (€7.7 million) and related costs would result in a profit on disposal that would be reported as part of its 2019 financial results.
