Irish Continental has agreed to charter its vessel Isle of Innisfreeto P&O European Ferries for a period of 5 years from July 2002.
ICG will also extend the charter of the Pride of Bilbaoto P&O, for a further five years, in direct continuation of the existing charter which expires in October 2002.
ICG acquired the Pride of Bilbaoin November 1993 from its Scandinavian owners for $78 million and the vessel has been on continuous charter to P&O since that time, primarily operating a twice weekly cruise ferry service between Portsmouth and Bilbao in the Basque area of Northern Spain.
The vessel, with over 2,400 beds is one of the largest night ferries in the world.
The Isle of Innisfreewas delivered to ICG in 1995 having been constructed to ICG's specification in Rotterdam.
Following delivery of ℐ100 million Ulyssesin 2001, the Isle of Innisfreewas made available for charter. ICG understands the Isle of Innisfreewill service the route operated between Portsmouth and Cherbourg.