THE PROBLEM plagued floating bridge linking Cowes with East Cowes has cost more than £6.4 million so far a report has revealed.

Around £500,000 of that money has been spent on options for remedial works to the bridge since it came into service last May.

And £539,000 has been spent on the replacement launch service which crosses the Medina when the bridge is out of action, according to a report published by the Solent Local Enterprise Partnership (LEP).

The total cost to build the bridge came to just over £3 million, with slipways costing more than £683,000 and professional fees including naval architects coming to more than £328,000.

However, noise mitigation works have cost more than £31,000, according to the report. The total cost so far for the bridge comes to more than £5,931,000.

In addition, more than £539,000 has been spent in the last 18 months on the replacement launch service, according to the report, dubbed The Revised Business Case for the Floating Bridge.

The breakdown of costs so far is:

Professional Fees (naval architect, owners reps etc): £328,764

Superstructure (construction, fit out, approvals: £3,031,249

Superstructure (contract variations): £431,412

Ticketing: £160,282

Slipways: £683,149

Slipway design: £49,029

Chain survey, works, fees: £114,603

Noise mitigation works: £31,441

Project manager: £65,000

Other expenditure: £205,307

Known additional works £169,200

Extended Warranty: £65,000

Remedial options design work: £500,000


Total £5,931,936.

Replacement Passenger Launch Costs

Replacement Launch Costs (2017 and 2018): £439,281

Operative Employment costs: additional £114,000

Other operating incurred costs: additional £33,000

Savings in Floating Bridge 6 out of service: £47,000

Total £539,281