Page last updated at 18:29 GMT, Wednesday, 19 November 2008

New deal for Oyster card company

Oyster card
TfL says savings have been made, but will not release details

Transport for London (TfL) has awarded its lucrative Oyster card contract to two key firms in the consortium that held the cancelled contract.

TfL announced in August that it would not renew its existing contract with TranSys after it expires in 2010.

A TfL spokesman would not say how much the new contract with Cubic and EDS would cost, citing competition rules.

It has said it is looking for substantial savings in any new deal for maintaining the payment system.

Oyster cards are the widely used pre-pay ticketing system that can be used on all London tubes, buses, the Docklands Light Railway, the Overground and some regional train services.

Despite the secrecy surrounding the new deal, the spokesman said: "We are pleased with the deal we reached."

As part of the new deal, TfL has obtained the rights to the Oyster brand, although the price paid for the name was also not released.

In August, there were two failures in the system used for 38m journeys each week, causing confusion and costing TfL more than 1m in lost revenue.

The TfL spokesman said that money was recovered from the company that holds the existing contract, TranSys, which expires in 2010.

That contract, which originally was to run until 2015, was worth an estimated 100m.

The new contract with the two principles of the TranSys consortium will run from 2010-2013.

Print Sponsor

Oyster 100m deal will end early
08 Aug 08 |  London

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Sign in

BBC navigation

Copyright © 2019 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific