Launched in 2005 as Air, she was completed at the Lürssen yard in Bremen, Germany to the design of Tim Heywood.

On the third deck, the yacht carries an AgustaWestland AW169 call sign P4-ICE, which can transport ten passengers.

Although its home port is Gibraltar, it was moored at Tangier, Morocco, since November 2016 [2] and spotted in February 2020 at Bridgetown, Barbados and Port of Spain, Trinidad and Tobago, and later in March 2020 off the coast of Five Islands, Antigua.

Ordered by Augusto Perfetti, the keel for Air, also known then as Project Rainbow, was laid down at the Lürssen yard in Bremen, Germany, following the design of Tim Heywood with the interior design by Terence Disdale, but, during construction and prior to delivery, Air was purchased by Suleiman Kerimov and was subsequently renamed Ice at its christening in 2005.

[3][4][5][b] In 2015, Kerimov sold Ice which was worth $150 million (over €130 million) to Dara Limited for use by Teodoro Nguema Obiang Mangue who operates the yacht through his personal assistant Switzerland's Cédric B.