Ferry Project Update

RNS Number : 1195X

Westminster Group PLC

04 May 2016

 

4 May 2016

Westminster Group Plc:

Ferry Project Update

Westminster Group Plc ('Westminster', the 'Group' or the 'Company'), the AIM listed supplier of managed services and technology based security solutions to governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations worldwide, is pleased to provide an update regarding its ferry project.

Sierra Queen Vessel Repairs

The Company is still waiting for the slip to be vacated by the current vessel which has been a source of continued frustration. In the meantime the Company has deployed specialist technicians who have arrived in country and have been carrying out checks and assessments whilst the vessel is still in the water. Major items such as engines and gearboxes have been checked and are fully operational. Minor electrical problems from water ingress have been found and are being corrected along with the need to replace two propeller blades. From inspections by divers no serious damage can be seen below the waterline however once the slip is available and the vessel removed from the water the minor hull damage can be repaired, the two damaged propeller blades replaced and a full inspection below the waterline undertaken. Further updates will be made as appropriate.

Second Vessel

Sovereign Ferries planned second vessel, a 70 seater fast ferry, acquired under a favourable lease purchase arrangement is due to leave for Sierra Leone this week and is due to arrive in country towards the end of May. This second vessel, named Sierra Princess, is planned to commence operations as soon as sea trails and in country formalities have been completed and is part of the planned roll out of the ferry service. The Sierra Princess will be supplementing the Sierra Queen by providing new routes and services from terminals to different landing stages and in addition opening up a much needed water taxi service around the coastline. A second vessel not only enhances the revenue potential of the operation but will also provide a backup service should either vessel be out of service for maintenance or repair.

Further updates on progress will be given in due course.

For further information please contact:

Westminster Group plc.	Tel: [phone]
Peter Fowler (Chief Executive)
Ian Selby (Chief Financial Officer)
S. P. Angel Corporate Finance LLP (NOMAD & Broker)	Tel: [phone]
Stuart Gledhill
Walbrook PR (Financial PR)	Tel: [phone]
Tom Cooper/Paul Vann	0797 122 1972
	[e-mail]

Notes:

Westminster Group plc is a specialist security and services group operating worldwide via an extensive international network of agents and offices in over 50 countries.

Westminster's principal activity is the design, supply and ongoing support of advanced technology security solutions, encompassing a wide range of surveillance, detection, tracking and interception technologies and the provision of long term managed services contracts such as the management and running of complete security services and solutions in airports, ports and other such facilities together with the provision of ferry services, manpower, consultancy and training services. The majority of its customer base, by value, comprises governments and government agencies, non-governmental organisations (NGO's) and blue chip commercial organisations.  For further information please visit www.wsg-corporate.com

 

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