KiwiRail has confirmed it sank $424 million into its ditched iRex Interislander ferry project as it laid out some stark realities to a Parliamentary select committee.
The Transport and Infrastructure select committee was also warned on Thursday that it was still unknown if the existing Interislander ferries would hold out until new, second-hand ferries arrived. It also warned that the Picton wharf only had two or three years left in it, and said external forces were to blame for the iRex project blow out.
It comes shortly after the National-led Government pulled the pin on funding on KiwiRail’s $3 billion iRex project, for two new ferries and joining infrastructure in Picton and Wellington, citing large cost blow outs.
