Irish Continental Irish Continental Group Plc Invests Eur144 Million To Build A New Cruise Ferry

 
TIDMICGC 
 
 
   Company Announcement 
 
   Irish Continental Group plc invests EUR144 million to build a new cruise 
ferry 
 
   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 EUR144 million. 
 
   The cruise ferry will accommodate 1,885 passengers and crew, with 435 
cabins and with capacity for 2,800 lane metres of freight (165 freight 
vehicles) plus an additional dedicated car deck with capacity for 300 
passenger cars. 
 
   The Agreement between ICG and FSG provides that the cruise ferry is 
scheduled for delivery in May 2018. 20% 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 a combination of 
existing cash resources and loan 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 and comfort in mind. 
Emissions scrubber technology (not 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 33,600KW of power which will ensure a high degree of service 
reliability similar to that already achieved by the existing owned fleet 
of modern cruise ferries. 
 
   The cruise ferry will be designed to best meet the operational 
seasonality of our business. This flexibility in design includes the 
ability to service all of Irish Ferries existing routes, and will 
provide even greater route management options.  The cruise ferry will 
also adhere to Ice Class specification which will allow for a wide 
geographic area of operation. 
 
   Passenger facilities will be spread over 4 decks and will offer a choice 
of 435 cabins to include suites with their own private external 
balconies, along with deluxe and standard class accommodation. 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 retail outlets and onboard facilities for pets, will 
ensure that all our passengers will be comfortable and engaged 
throughout their journey. 
 
   It is likely that this new cruise ferry will be introduced on routes 
served by the chartered ship MV Epsilon, (currently year round services 
Dublin - Holyhead midweek, and Ireland - France on weekends). The cruise 
ferry will provide additional freight and tourism capacity on both 
routes and will deliver a much enhanced onboard experience for all 
customers. In addition to increased capacity, the cruise ferry will 
deliver significant cost savings to the group and improved route and 
fleet management efficiencies. 
 
   Cruise Ferry Particulars 
 
 
 
 
                            Cruise Ferry Details 
Gross tonnage (estimated)         50,000 t 
Deck capacity (Maximum) 
 Trucks 
 or                                  165 
 Cars                               1,216 
Deck capacity (Mix) 
 Trucks 
 and                                 165 
 Cars                                300 
Passenger/crew capacity                    1,885 
Passenger Cabins                             435 
Engine/output (4 engines)              33,600 KW 
Speed                                 22.5 knots 
 
 
   Referring to the announcement Eamonn Rothwell, Chief Executive Officer, 
commented that; 
 
   "This investment underpins the confidence the Group has in both the 
freight and passenger tourism markets between Ireland, Britain and 
France. The construction of a cruise ferry of this size will offer a 
premium experience for all our customers, in line with our commitment to 
deliver the best in service, in reliability and flexibility across all 
our routes. We also expect to be well positioned to accommodate the 
changing expectations of our customers, and to benefit from significant 
operational and financial benefits following the delivery in 2018." 
 
   31 May 2016 
 
   END 
 
   Enquiries: 
 
   Eamonn Rothwell, CEO                  Tel +353 1 607 5628 
 
   David Ledwidge, CFO                    Tel +353 1 607 5628 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX 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 
 
   HUG#2016615 
 
 
  http://www.icg.ie/
(END) Dow Jones Newswires
May 31, 2016 02:01 ET (06:01 GMT)
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