Red Funnel have announced a new £6m high speed ferry service will run between Southampton and the Isle of Wight next year

Red Funnel's new Red Jet 6 will be the first fast ferry built in the UK for 15 years - and as well as ferrying thousands of passengers between Southampton and the Isle of Wight will create dozens of jobs.

• The British built Red Jet Six - in pictures >>

The news has been described as an "important day" for shipping in the UK, with the new high-speed catamaran being built on the Isle of Wight and entering service next year.

It was announced at a special event at the Columbine Building at Venture Quays in East Cowes, where the new 275-seat ferry will be built over the next year.

Red Funnel's chief executive Kevin George made the announcement before a giant curtain at the front of the building came crashing down to reveal the design of Red Jet 6.

He said a decision to build the new ferry, and replace Red Jet 5, had been taken last year and after looking at yards across the world the firm had decided to return ferry-building to the Isle of Wight by getting a local firm to build it.

Shemara Refit eventually won the contract to build the new ferry, and the firm's managing director Peter Morton also spoke at the event to announce that 40-50 construction jobs would be created, as well as other positions in the supply chain.

An artist's impression of the new ferry

A number of apprenticeships will also be created through the work to build the new vessel.

It means Red Jet 6 will be the first fast ferry to be built in the UK since Isle of Wight-based FMB closed its doors back in 2000.

Work on the new vessel will start at the Columbine Building in July, and the new vessel is then expected to launch next July.

The 40m vessel will boast a top speed of 38 knots and be able to carry 275 passengers and four wheelchairs.

Mr George said: "This was a real win-win solution - a win for the island and a win for Red Funnel because our business is all about serving the Isle of Wight and the opportunity to make a £6m investment into the island to help develop the boat-building industry.

"This will serve the Isle of Wight it will be built on the Isle of Wight and it will create jobs on the Isle of Wight.

"It will mean that travelling to the island will be a more reliable, more comfortable service than we have today.

"Red Jet 6 will have four engines which means it will be far more fuel efficient and as it it is longer than Red Jet 4, which means it will be more stable on rougher days."