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
Contingency:£100,000
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
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