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September 24, 2006

BC Ferries signs letter of intent for new ferry

Canada's BC Ferries has signed a letter of intent with one of three yards short-listed tp build a new intermediate size ferry.

At the company's recent Annual General Meeting, President & CEO David L. Hahn announced that the signing a letter of intent with Vancouver Shipyards, part of the Washington Marine Group, for the new ferry, which will replace the 45-year-old Queen of Tsawwassen.

"A final agreement with Vancouver Shipyards is subject to the successful conclusion of contract negotiations and satisfaction of a number of conditions, including full federal government support under the structured financing facility program," said Hahn.

The new ferry will be 110 m long, and designed to carry 125 cars and 600 passengers. Reportedly it will cost around Canadian $50 million (about US $43 million). Delivery is expected to be in 2007.

The other yards short listed for the project were B.C.-based Allied Shipbuilders Ltd. and Poland's Remontowa.

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