Isle of Wight ferry firm Red Funnel has sold Red Jet 4, one of its catamaran vessels, to a company in South Korea, it has been confirmed.

After more than two decades ferrying foot passengers to and from the Island, the boat will set sail for pastures new, having been purchased by Nam Hae Express Co.

It was in March that the County Press exclusively revealed the vessel was being sold.

Red Funnel has said it is part of a 'strategic decision' to focus on the upkeep and reliability of Red Jets 6 and 7.

CEO, Fran Collins, said: “We are very proud of Red Jet 4’s two decades of service across the Solent. She’s been a much-loved member of our fleet and we are delighted that Nam Hae Express Co is adding her to its routes.

Read more: Isle of Wight ferry firm Red Funnel lists Red Jet 4 for sale

"However, with Red Jet 4 now over 21 years old, the time is right to shift our priorities towards the future.

"This aligns with the current demand for service on our Southampton to West Cowes route and positions us to make the best possible decisions to chart our course from here.

“We wish Nam Hae Express all the very best in giving Red Jet 4 a new home and a new purpose and send our wishes for fair winds and safe travels to her passengers and crew.”

Later this month, the vessel will be lifted out of the water in Southampton and hoisted onto a marine freight forwarder, before being transported to South Korea.

Nam Hae Express Co currently operates four car ferries and six hi-speed catamarans, serving popular tourist destinations, including Mokpo and Jeju Island.

Red Jet 4 was built by North West Bay Ships in Tasmania in 2003 and accommodates 271 seated passengers and four crew.

It is powered by two MTU diesel engines, giving a service speed of 35 knots.

Red Funnel's Red Jet service has been blighted with ongoing disruption in recent months.

In March, passengers were left stranded after problems with the Red Jet coincided with vehicle sailings also being cancelled.