Irish Continental Group plc (ICG), the Dublin based listed ferry company, said that it has entered into a bareboat hire purchase agreement for the sale of the 31,122 gross ton cruise ferry Oscar Wilde to MSC Mediterranean Shipping Company SA.

The total gross consideration for the sale is €28.9 million, payable in installments over six years, up to 2025. Delivery to the buyer is expected to take place during April 2019.

The Oscar Wilde, built in Finland in 1987 as Kronprins Harald for the now defunct Jahre Line, was acquired by ICG in 2007 and was operated by its subsidiary Irish Ferries on the Ireland – France route.

“The proceeds less the net book value of the Oscar Wilde (€7.7 million) and related disposal costs will result in a profit on disposal which will be reported as part of the 2019 financial results of ICG,” the company said in a statement.