Ferries group Irish Continental has agreed to sell its 'Bilbao' ferry to St Peter Line, in Nicosia, Cyprus.
The total sale price is €37.7m, payable in instalments over just under six years, up to September 2016.
The deal is in the form of a hire purchase agreement under which the vessel is chartered by ICG to St Peter Line, but the Cypriot company will own the vessel after the final payment.
ICG has owned the vessel since November 1993, when the ship was bought from its Swedish owners, Viking Line. The company says the deal is expected to result in a profit before tax of around €8m this year.
