Pride of Bilbao

CORRECTION: Change of headline from "Charter renewal" to "Pride of Bilbao"

Irish Continental Group plc (ICG) notes the announcement today by P&O European
Ferries (Portsmouth) Ltd, (P&O) that it proposes to withdraw from the Portsmouth
- Bilbao route at the end of September 2010. As a consequence the charter of the
cruise ferry MV Pride of Bilbao, owned by ICG, will cease.  The MV Pride of
Bilbao is chartered to P&O under a bareboat charter agreement entered into in
1993 initially for a period of three years but which also included sequential
charterer's options for extension periods. The most recent option renewal was
from 15 October 2007 to 15 October 2010 following which the vessel will return
to ICG's control.

ICG has received expressions of interest from potential purchasers and
charterers of the vessel over a number of years and will now engage in a review
of best options for the vessel for 2011 and beyond. The vessel which was built
in 1986 for Viking Line for service between Stockholm and Helsinki is among the
twenty largest cruise ferries of its type in the world (Source : ShipPax
Information, Sweden). The 37583 tonne vessel has the capacity to carry 2500
passengers and 580 cars. She has 2373 berths in 841 cabins and can carry 62
freight units. The ship has a wide range of public facilities including a night
club, casino, two bars, three restaurants, and cafe as well as shopping, cinema,
and leisure centre facilities. The vessel has Ice class 1 A, which allows the
vessel to trade in all Baltic waters.


January 15th 2010



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