Last checked at 17 Sep 2015 07:00
17 September 2015
Westminster Group Plc:
Ferry Project Update
Westminster Group Plc ('Westminster' 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, provides a further update on its new Ferry Project and airport transfer service in West Africa.
On the 20 August the Company updated the market regarding the issue with one of the prop shafts on its flagship vessel, the Sierra Queen, and advised that, due to lack of in-country specialist facilities, the shaft would need to be returned to the UK for repair. The shipping of the shaft, which is over 7m in length, presented a challenge as no commercial aircraft flying to the country was able to accommodate it within the hold. However with the assistance of a government department transport aircraft it was safely transported to the UK and has been undergoing the required repair works. Repairs are expected to be completed within the next few days and arrangements are being made for its return to country.
Once the shaft arrives back in country it should take a few days to reinstall, subject to availability of the shipyard slip, following which the vessel will be operational. The Company will provide a further update once the shaft is back in country.
Commenting on the situation Peter Fowler, Chief Executive of Westminster Group, said:
"I know the delay in commencing operations is as frustrating for our customers and shareholders as it is for us but, as I have previously stated, safety and reliability are our primary concerns and I would rather have these issues identified and professionally sorted prior to commencement rather than disrupt services later.
"The ferry service remains a strategically important project and will provide the country with a much needed fast, safe and reliable transfer service between the airport and the capital as well as enhanced water taxi services around the coast and I look forward to service commencement and in providing a professional service in the weeks, months and years ahead."
For further information please contact:
Westminster Group plc. | Tel: 01295 756 300 |
Peter Fowler (Chief Executive) |
|
Ian Selby (Chief Financial Officer) |
|
|
|
S. P. Angel Corporate Finance LLP (NOMAD + Broker) | Tel: 020 3470 0470 |
Stuart Gledhill |
|
|
|
Walbrook PR (Financial PR) | Tel: 020 7933 8780
|
Tom Cooper/Paul Vann | 0797 122 1972 |
| tom.cooper@walbrookpr.com |
Notes:
Westminster Group plc is a leader in the supply of system solutions and products to the security, defence, fire protection and safety markets worldwide.
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