Irish Continental sells 'Oscar Wilde' ferry for profit on disposal
By Josh White
Date: Thursday 11 Apr 2019
(Sharecast News) - 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, it announced on Thursday.
The London-listed firm said the total gross consideration for the sale was €28.9m, payable in instalments over six years up to 2025.
Delivery to the buyer was expected to take place during April.
"The 'Oscar Wilde', built in 1987, was acquired by Irish Continental Group in 2007 and was operated by its subsidiary Irish Ferries on the Ireland - France route," the company's board explained in its statement.
"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 Irish Continental Group."
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