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Condor Ferries has completed the acquisition of a 102m-long trimaran stock vessel from Austal, for $61.5m.

Scheduled to enter service in spring 2015, the Austal Hull 270 vessel will be operated between the Channel Islands and the UK.

The delivery is part of an agreement signed by Austal and Condor Ferries in January.

Under the agreement, the sale contract settlement and payment is effective immediately.

The 1,100 passenger / 250 car fast-ferry trimaran will now undergo $6m of customer modifications at Austal’s commercial shipyard in the Philippines.

Austal will utilise the post-tax proceeds from the vessel sale to clear infrastructure-related debt.

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Condor CEO James Fulford said: “The 102 will offer increased reliability, capacity and comfort for our guests and we are very much looking forward to her arrival in our islands in the spring.”

Austal will deliver the vessel to Condor for final fit-out to operations in the UK in the first quarter of 2015.

Image: The Austal-built trimaran stock ship can accommodate 1,100 passengers. Photo: © 2014 Austal.