Long-term future of Isle of Man sea services secured


It will be 'business as usual' after Government completed its purchase of the Isle of Man Steam Packet Company.

Chief Executive Mark Woodward believes the acquisition, supported by the large majority of Island politicians, will be positive for both the Isle of Man economy and the Isle of Man Steam Packet Company.

Following a debate in which Treasury Minister Alfred Cannan described the Steam Packet as a ‘national asset’, government has acquired the ferry company for £124.3 million.

Mr Woodward said: ‘I am confident the acquisition by Government will consolidate the excellent relationship between the Company and Government and create a strong long-term platform to deliver continued investment in sea services that meet the needs of the Island.’

Mr Woodward added: ‘It was also encouraging to hear Tynwald members express appreciation of our staff who have a wealth of experience and expertise and who will continue to run the day-to-day operation of the business.

‘I feel sure this agreement will deliver significant value in the years to come and stabilise the long-term future of sea services for the Island and its people.’