Global Ports Holding Plc announced that, following the signing of a Memorandum of Understanding, which was announced on 21 October 2022, it has signed a 30-year concession, with a potential 10-year extension option, with the Government of Saint Lucia for the cruise related operations in Saint Lucia. This agreement marks a further significant step in GPH's strategic ambitions in the Caribbean. Port investment and passenger experience: As well as using its global expertise and operating model to manage the cruise port operations in Saint Lucia, GPH will invest in a material expansion and upgrade of the cruise port facilities.

This investment will expand the existing berth in Point Seraphine, allowing the handling of the largest cruise ships in the global cruise fleet and increasing the port's capacity. GPH will also invest in the transformation of the retail experience at the cruise port, including the redevelopment of the Vendor's Arcade and the design and development of a new Fishermen's Village at Banannes Bay, providing an exciting new space for local vendors. Investment will also be made into upland development works at Soufriere Bay, including developing a new amphitheatre and F&B area.

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 the 12 months to 31 March 2023, St Lucia welcomed c590k passengers (2019 calendar year c790k), the completion of the extended pier and upgrading the facilities are expected to lead to a rise in passenger volumes to over 1m in the medium term. The successful commencement of the concession is subject to a number of final conditions being satisfied, and the handling and management of Saint Lucia Cruise Port is expected to occur before the end of 2023.

A further announcement, as appropriate, will be made in due course.