MEDIA

21 Oct 2022

Memorandum of Understanding signed with the Government of St Lucia

Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, is pleased to announce that, following bilateral discussions, it has signed a Memorandum of Understanding (MoU) with the Government of St Lucia for a 30-year concession, with a potential 10-year extension option for the cruise related operations in St Lucia.

Under the terms of the MoU, both parties have entered into an exclusive period. During this period, GPH and the Government of St Lucia will continue to carry out extensive due diligence, and both parties will work towards successfully signing the concession agreement.

Following the successful execution of the concession agreement, GPH will use its global expertise and operating model to manage the cruise port operations in St Lucia. In addition, GPH will invest in a material upgrade of the cruise port facilities, including the expansion of the existing berth in Point Seraphine, which will allow the handling of Oasis class ships, as well as transforming the retail experience, including through the redevelopment of the Vendor's Arcade and other facilities at Castries.

In addition to improving the overall cruise passenger experience in St Lucia, GPH is committed to driving significant economic benefits for the local residents through improving the facilities in and around the port such as Fisherman's Village and driving increased passenger spend in the destination.

In 2019, St Lucia welcomed c790k passengers, the completion of the extended pier and upgrade of the facilities are expected to lead to a rise in passenger volumes to over 1m in the medium term.

The signing of the Concession Agreement is subject to both parties' agreement on its final terms. Signing is expected to occur in the first half of calendar year 2023, although there can be no certainty as to the timing or that the terms of a concession agreement will be agreed. A further announcement will be made when it is appropriate to do so.