Westminster Group plunges after Sierra Leone ferry project delayed
Shares in Westminster Group plunged over 10% on Friday, after the company said a prop shafts on its flagship ferry in Sierra Leone was being returned to London for repair.
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The fire, safety and security services provider said the repair on the Sierra Queen’s prop shaft is expected to be completed within approximately 15 days, with operations in Sierra Leone estimated to begin next month.
The shaft was found to be out of line. Westminster plans to run ferry services between the capital Freetown and international airport town of Lungi.
"Whilst we are disappointed that this issue means our expected commencement of operations has slipped into September, safety and reliability are our primary concerns, and it is preferable to identify and correct any such problems prior to commencement rather than disrupt services later,” said group chief executive Peter Fowler.
Westminster shares were down 10.83% to 17.17p at 1017 BST on Friday.