Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Search For Missing Boys Stood Down
Coastguards who were searching for two missing boys on the Isle of Wight say the search has been stood down and it's not thought there are any children in danger.
A three-hour search for the youngsters, aged six and eight, were reported missing after they were last seen on the seafront at Ryde on the Isle of Wight this lunchtime, has been "stood down,'' says the Marine and Coastguard Agency (MCA).
The MCA tweeted at 4.25pm said: "We've searched the sea and shore and we now don't think there are 2 kids in danger.''
A Coastguard rescue team, helicopter and lifeboat were all involved in the search. Hampshire police said it was triggered when the force was alerted at 1.21pm by Solent Coastguard and said the boys were last seen near local landmark Appley Tower.
People were asked to look out for the six-year-old boy, who had dark brown hair, pale skin, dark brown eyes and the eight-year-old had a mole on his left shoulder.
A MCA spokesman said:
"It is an area we can search very well with clear visibility.''
"We are confident there is no child out there in difficulty.
"Either it was a hoax or a false report. The parents left the scene after making the report. Did they find the children and then leave without telling anyone?''
A Hampshire and Isle of Wight police spokesman said the search was called off after the parents failed to keep in touch and officers were unable to find an address given by the family.
"We were called at 1.21pm today by HM Coastguard to assist with the search for two boys reported missing on the sea front at Ryde on the Isle of Wight.
"A man and woman said they had last seen the two boys at around 12pm today going into the water between the Ryde Inshore Rescue building and Appley Tower.
"A description of the two boys was issued by HM Coastguard: a six-year-old boy with dark brown hair, pale skin, dark brown eyes, wearing pale blue trunks; and an eight-year-old boy with a mole on his left shoulder, wearing red trunks.
"Police deployed officers and staff to check nearby public places, tourist attractions and hotels. Details of the boys were circulated to public transport operators and Solent ferry companies.
"An address given for the family on the Isle of Wight was checked by officers. The details provided were found to be incorrect. House-to-house inquiries were also carried out.
"HM Coastguard stood down its search of the sea and shore at around 4.15pm today as there was no further information to suggest two children were in danger.
"Hampshire Constabulary would like to join coastguards in expressing thanks to everyone who helped with the search this afternoon.
"The force is keeping an open mind about the circumstances of this report. There is no evidence at this time to confirm a criminal offence has been committed deliberately.
"There could be a completely innocent explanation for what happened. Nothing can be ruled out as we assess all the information available.
"We are renewing an appeal for the parents or any relatives of these two boys to contact the police.''
Five men have been questioned after shots were heard in Wimborne Road.
24-Year-Old Nikki Henderson Become The Youngest Ever Skipper Of A Clipper Round The World Yacht
18-Year-Old Found Injured In Old Christchurch Road On Friday Morning.
Recently Played Tracks
Now playing: The best feel good music
Deposit £10 to get a £40 Welcome Bonus - That's £50 to play bingo, slots and more!*
Over 50 tracks to make you feel-good. New album out now...
Find your local four day weather report here.
What's happening on the roads where you are?
Make Heart the soundtrack to your day and you could be a winner with great prizes up for grabs throughout the day.
Find out more about some of the companies advertising on Heart.
Get some great ideas on how to advertise your business on radio, online and on mobile.