TOP Ships (TOPS) has agreed to sell a company that has a contract to build the M/Y Sanlorenzo 1150Exp superyacht for $38 million to Rubico (RUBI), the companies said in separate statements on Wednesday.

The deal is expected to close no later than March 31 and the superyacht is expected to be delivered in Q2 2027, the companies said.

An advance payment of $4 million made has been credited against the purchase price, Rubico said.