Westminster Group Clinches West Africa Ferry Deal
- Business & Finance
The U.K.-headquartered Westminster Group Plc. has through its Managed Services division secured a 21 year agreement with a government in West Africa for the complete management and operation of a number of recently constructed ferry terminals together with the provision of a new sea ferry transfer service.
Back in August Westminster and the U.K. sea ferry operator CWind, through their 50/50 joint venture subsidiary Sovereign Ferries, signed a Memorandum of Understanding with a government in Africa for the long term provision of sea ferry transfer service.
Sovereign Ferries will be commencing a new ferry service to transport passengers between key facilities and main conurbations around the coast. In addition, the operation will be expanded to include a water taxi service around the coast and to neighbouring territories, assisting the country concerned to expand its tourist potential by providing safe transit to and from potential resort areas.
Based on current market conditions and forecasted economic growth, Westminster believes that the venture’s revenues are expected to be in the region of USD 300m over the period, with there being significant incremental revenue potential from further routes and services.