A FERRY company has injected £7 million into the economy for a new high-speed boat.

Red Funnel, which operates a ferry service to and from the Isle of Wight, has placed the order with Wight Shipyard Ltd in East Cowes.

The request for the new 41-metre high-speed catamaran will see the money boosted into the Isle of Wight economy.

It marks the first major investment in Red Funnel by the consortium of UK and Canadian pension funds, which acquired the cross-Solent ferry operator last month.

Kevin George, Red Funnel CEO said: “We are thrilled to announce that Red Jet 7 will be built on the island.

“The order represents a £7 million investment in the economy and will secure a wide range of skilled jobs in East Cowes and in the local supply chain.

“I am delighted that our new investors are showing, at such an early stage, their commitment to the future of the Red Funnel, the island and local businesses.”

The Red Jet 7 will be identical to the current Red Jet 6, meaning the fleet will have three modern Red Jets capable of carrying 277 passengers.

Peter Morton, managing director of Wight Shipyard said: “We are delighted to receive this order for Red Jet 7 which follows on from Red Jet 6 which we built last year.

“I am extremely proud of my colleagues at Wight Shipyard who I am convinced now build the finest high-speed ferries in the world.”