Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Mixed Results For South Coast Universities
Both of Southampton's universities have dropped down the latest league table - but others on the south coast have moved up.
The University of Southampton has fallen five places to 20th in the annual Complete University Guide while Southampton Solent University drops one to 113th - out of 124.
However, Winchester's went up from 76th to 69th, just overtaken by Portsmouth. Bournemouth University and the University of Chichester also moved up.
Cambridge has beaten Oxford to first place in the list, taking top spot in the guide for the third year running. Oxford climbed back up to second after dropping down to third place behind the London School of Economics last year.
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.
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