Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Portsmouth Bids To Feature On The New Pound Coin
The home city of the Royal Navy has launched a bid to be featured on the new 12-sided pound coin.
Portsmouth City Council has proposed a design featuring two key features of the Hampshire city - Nelson's flagship HMS Victory and the Spinnaker Tower, a viewing tower which overlooks the Solent created as a millennium project.
The local authority is entering its design into a public competition run by the Government to decide what will feature on the coin which will have the Queen's head on the other side.
Gerald Vernon-Jackson, the Liberal Democrat leader of the council, said: "I want Portsmouth to be first off the starting blocks for this competition. We'll push for a 'Pompey pound' with a design celebrating our city.
"HMS Victory is world-famous and symbolises our amazing heritage as the home of the Royal Navy, while the Spinnaker Tower has become an iconic modern image for the whole of the south of England.
"Portsmouth has played a pivotal role in the history of this country. With two huge new aircraft carriers soon to arrive, and all the new investment coming into the city, it's entering a new era. Its significance as a city should be recognised in this way.''
The new pound will be the most secure coin in circulation in the world and the Government expects to introduce it in 2017.
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.