Irish Continental Irish Continental Group Plc : Irish Continental Group Plc Invests Eur165.2 Million To Build A New Cruise Fe...
02 January 2018 - 6:00PM
UK Regulatory
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 +353 1 607 5628
David Ledwidge, CFO Tel +353 1 607 5628
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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