Irish Continental Group plc : Acquisition of Vessel
Released : 15 Apr 2016
Irish Continental Group PLC acquires "Westpac Express".
Irish Continental Group PLC ("ICG") is pleased to announce that it has entered into an agreement for the purchase of the High Speed Craft "Westpac Express" from BALI Westpac 2006, LLC for $13.25m. Under the terms of the purchase agreement, title to the vessel will transfer to ICG on delivery which is expected by late May.
Upon delivery, the vessel will be bareboat chartered to a third party (Sealift Inc) for a firm period of four months with four further one year option periods and a final seven month option at the Charterer's option.
The vessel was built in 2001 by Austal Ships, Australia. It has a gross tonnage of 8,403 tonne, passenger capacity of 900 and a car carrying capacity of 182 units.
15 April 2016
Eamonn Rothwell Chief Executive Officer +353 1 607 5628
David Ledwidge Chief Financial Officer +353 1 607 5628