Irish Continental Group has entered into a bareboat hire purchase agreement for the sale of the cruise ferry “Oscar Wilde” to MSC Mediterranean Shipping Company .
The total consideration for the sale is €28.9m, payable in instalments over six years, up to 2025.
Delivery to the buyer is expected to take place this month.
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 (€7.7m) and related disposal costs will result in a profit on disposal which will be reported as part of the 2019 financial results of ICG.
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ICG took a €12.6m hit to its earnings in its last financial year due to issues including disruption caused when it cancelled ferry sailings between Ireland and France. The cancellations arose after delivery of the company's new flagship vessel, the WB Yeats, was delayed.