17th Sep 2015 07:33
LONDON (Alliance News) - Security company Westminster Group PLC on Thursday saw its shares fall as it said the repair work needed on one of the prop shafts on the Sierra Queen, the flagship vessel for its new ferry project in Sierra Leone in West Africa, had faced delays.
Shares in Westminster were down 7.1% to 15.45 pence on Thursday morning, one of the worst performers in the AIM All-Share.
Westminster said in August that the prop shaft had to be removed and returned to the UK for the repair work to be undertaken, due to a lack of specialist facilities in Sierra Leone. Westminster said shipping of the shaft had to be undertaken by a government aircraft of the African country as it was too large to be shipped by a commercial carrier.
The repairs are now being carried out and should be returned to the country soon, after which it will take a few days to reinstall before the vessel becomes operational.
"I know the delay in commencing operations is as frustrating for our customers and shareholders as it is for us but, as I have previously stated, safety and reliability are our primary concerns, and I would rather have these issues identified and professionally sorted prior to commencement rather than disrupt services later," said Peter Fowler, Westminster's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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