Tynwald to consider £124m Steam Packet purchase

Tue, 08 May 2018

Tynwald will be asked to agree a deal to purchase the Steam Packet Company for £124m at this month's sitting.

Treasury Minister Alfred Cannan has tabled a motion asking for approval to purchase 100% of the ferry operator's parent company.

The Government says having a controlling interest in the Island's ferry services is the best way to support the needs of local people and the economy.

The proposal comes after a period of assessment, including analysing the current and future requirements, vessels, routes and additional capacity during TT.

Tynwald rejected the Steam Packet's offer of a new strategic sea services agreement in July last year.

Following contract talks, the Government and MIOM Ltd, which runs the Steam Packet, have agreed terms and conditions, but the move still needs Tynwald approval.