Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Thousands head to Dorset Steam Fair
Up to a quarter of a million people are expected in North Dorset for the duration of the Steam Fair.
The Great Dorset Steam Fair is now underway and from 31 August- 4 September, residents and businesses in the area have been advised of the increase in visitors.
The Steam Fair attracts tens of thousands of people to the village of Tarrant Hinton, between Blandford and Salisbury. Their presence contributes to the local economy for a short time but can also cause problems ranging from traffic congestion to illegal encampments.
Home owners, particularly those close to the Steam Fair site, are advised to be mindful of security with so many visitors in such a short space of time. Out-houses, sheds and barns which are tucked away out of sight can be easy targets for petty criminals.
The 5 day event near Blandford includes displays from hundreds of different steam powered vehicles, but Denise Searle, driving at the show, said there's something for everyone:
"There's something here for everybody, however old or young you are, there's motorbikes, push bikes, steam engines, market traders, bungee balls... there's just loads here!
"I just love it and maybe it is a boy's world, but there's more and more girls coming in to it, and youngsters which is very important for the steam movement- that children come through and are carrying on our hobby."
Dorset Police have the job of keeping traffic moving on the A354 and surrounding roads.
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