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North Sea Short Sea Shake-Up Underway
01 May 2002
P&O and Stena Line have announced a memorandum of understanding that will lead to a consolidation of P&O's short sea ferry interests and a possible rationalisation of ferry services on the North Sea.
P&O is to acquire Stena Line's 40% shareholding in P&O Stena Line, subject to clearance by the European Commission. P&O will pay approximately £150m to bolster their position in a consistently profitable part of the UK-Continent ferry market.
Separately, P&O Stena Line announced consultations have begun with employee representatives concerning the possible closure of the Dover-Zeebrugge route by the end of this year. The three ferries currently sailing this route may be converted to operate on the Dover-Calais route, replacing two older ferries there at present.
Meanwhile, as part of a separate transaction, P&O North Sea Ferries is consulting about possible closure of the Felixstowe-Zeebrugge and Felixstowe-Rotterdam routes.
P&O is in advanced negotiations with Stena Line regarding the sale to Stena Line of three P&O North Sea Ferries owned vessels that would be effected. These ferries and their crews may then be transferred to a possible new Harwich-Rotterdam operation.
MJ Information No: 17014
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