TIDMICGC 
 
3 December 2010 
 
 
 
Statement re Sale of the Ferry "Bilbao" 
 
 
 
Irish Continental Group plc ("ICG") announces that it has entered into an 
agreement for the sale of the ferry "Bilbao" (formerly "Pride of Bilbao") to St 
Peter Line, Nicosia, Cyprus. 
 
 
 
The total consideration for the sale is EUR37.7 million, payable in instalments 
over 5.75 years, up to September 2016. (The transaction is in the form of a 
bareboat /hire purchase agreement under which the vessel is chartered by ICG to 
St Peter Line and on payment of the final hire payment in September 2016, title 
passes to the charterers). Delivery is expected to take place in December 2010. 
 
 
 
ICG has owned the vessel since November 1993, when the ship was purchased from 
its Swedish owners, Viking Line. The ship had been chartered by Viking Line to 
P&O European Ferries ("P&O"), in 1993, for operation on P& O's routes between 
Portsmouth in the UK and Spain and France. ICG acquired the benefit of this 
charter when the vessel was purchased. The charter came to an end in October of 
2010 having been extended on a number of occasions. In the current financial 
year the vessel has generated charter revenue of EUR3.6 million and operating 
profit of EUR1.5 million. The transaction is expected to result in a profit before 
tax of approximately EUR 8.0 million in the year ended 31 December 
2010. The proceeds of the sale will be used for ICG's  general corporate 
purposes as they are received over the period to 30 September 2016. 
 
 
 
END 
 
 
 
 
 
[HUG#1468346] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Irish Continental Group plc via Thomson Reuters ONE
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