Irish Continental Irish Continental Group Plc : Irish Continental Group Plc Invests Eur165.2 Million To Build A New Cruise Fe...

 
TIDMICGC 
 
 
   Company Announcement 
 
   Irish Continental Group plc invests EUR165.2 million to build a new 
cruise ferry for Dublin - Holyhead route 
 
   Irish Continental Group plc ("ICG") has entered into an agreement, with 
the German company Flensburger Schiffbau-Gesselschaft & Co.KG ("FSG"), 
whereby FSG has agreed to build a cruise ferry for ICG at a contract 
price of EUR165.2 million.  Upon completion, it will be the largest 
cruise ferry in the world in terms of vehicle capacity. 
 
   The cruise ferry will accommodate 1,800 passengers and crew, with 
capacity for 5,610 freight lane metres, which provides the capability to 
carry 330 freight units per sailing.  Overall, it will effectively be a 
50% increase in peak freight capacity compared to the MV Ulysses. 
 
   The Agreement between ICG and FSG provides that the cruise ferry is 
scheduled for delivery before Mid-2020. Twenty percent of the contract 
price will be paid in instalments during the construction period. The 
balance of 80% will be paid on delivery.  ICG intend to utilise credit 
facilities to finance the cruise ferry.  The pre-delivery instalment 
payments to FSG will be protected by means of bank guarantees. 
 
   This cruise ferry will be designed and built to the highest standards of 
cruise shipping, and equipped with efficiency, comfort and capacity in 
mind.  Emissions scrubber technology (included in the above price) and 
ballast water systems will meet current and known future environmental 
regulations and will deliver optimal fuel consumption while minimising 
related costs.  The cruise ferry will be powered by four main engines 
delivering 33,600 KW of power which will ensure a high degree of service 
reliability equal to the MV Ulysses which is currently the most reliable 
ship to ever operate on the Irish Sea. 
 
   The cruise ferry is being built specifically for Irish Ferries Dublin - 
Holyhead services.  It is expected to replace the schedule of the MV 
Ulysses, which in turn will replace the currently chartered vessel MV 
Epsilon in the fleet.  This will allow for the deployment of the W.B. 
Yeats (arriving Mid 2018) full-time on the direct Ireland - France route 
alongside the MV Oscar Wilde.  The cruise ferry will also adhere to Ice 
Class specification which allows for a wide geographic area of 
operation. 
 
   Freight capacity will be provided over five decks.  Uniquely, the vessel 
has been designed for three tier freight bow loading to allow for 
efficient loading/unloading and quick turnaround times.  Passenger 
facilities will be spread over three decks.  In addition to a superb 
choice of bars, restaurants (to include both á la carte and 
self-service options), special provision has been made for premium Club 
Class passengers, with a dedicated lounge featuring private access 
direct from the vehicle decks.  A choice of state-of -the-art 
entertainment options and cinemas, dedicated facilities for freight 
drivers, as well as many retail outlets will ensure that all passengers 
will be comfortable and engaged throughout their journey. 
 
   This new cruise ferry provides Irish Ferries with a significant increase 
in both its freight & tourism carrying capacity on the fast-growing 
Dublin - Holyhead route. 
 
   Cruise Ferry Particulars 
 
 
 
 
                                    Cruise Ferry Details   Ulysses 
Gross tonnage                       (estimated) 67,300t    50,938t 
Deck capacity 
 Trucks (maximum) 
 Trucks (effective peak capacity)            330              241 
 or                                          300              200 
 Cars (maximum)                             1,500            1,342 
Passenger Capacity                                 1,800       1,850 
Passenger Cabins                                     152          96 
Engine/output (4 engines)                      33,600 KW   31,200 KW 
Speed                                         22.8 knots  22.0 knots 
 
 
   Referring to the announcement Eamonn Rothwell, Chief Executive Officer, 
commented that; 
 
   "This investment underpins the confidence the Group has in the markets 
in which we operate. Alongside the recent investment in the MV W.B. 
Yeats, it brings our total investment to EUR315m for these two vessels 
designed for our operations on the Irish Sea.  The construction of a 
cruise ferry of this size will offer both additional capacity and an 
enhanced experience for both our tourism and freight customers.  This 
infrastructural investment enhances "the bridge" to the UK & Continental 
Europe that is a vital part of the continued success of Ireland's open 
economy." 
 
   02 January 2018 
 
   END 
 
   Enquiries: 
 
   Eamonn Rothwell, CEO                  Tel [phone] 
 
   David Ledwidge, CFO                     Tel [phone] 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Irish Continental Group plc via Globenewswire 
 
 
  http://www.icg.ie/ 
 

(END) Dow Jones Newswires

January 02, 2018 02:00 ET (07:00 GMT)

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