The deal, which is subject to shareholder approval, is via the company’s subsidiary All Leisure Holidays Ltd (ALH).
ALH will pay £500,000 to lease the ship and other related assets under a lease, which expires on December 31, 2023.
Alongside the £2.9 million generated from the sale, the company will also get a one of cash payment of £100,000 for sharing customer data.
The £3 million will be used to “strengthen the group’s balance sheet and improve liquidity”.
The deal is due to complete at the end of this month.
In July, the company’s interim results revealed an operating loss of £11.8 million for the six months to the end of April 2015.
The company put its struggles down to conflict in both the Middle East and Ukraine as well as planned maintenance of two of its ships.
