IOW Red Funnell "Shearwater" Hydrofoil Passenger Ferry, 1988 

Videos dubbed from sVHS, taken in 1988.
Mostly taken from the deck of the Red Funnel car ferry on passage along Southampton Water, and one scene taken from the Parade at Cowes showing her coming in and dropping down off the foils.
The thumbnail shows her out of the water at Shepards Wharf at Cowes during a maintenance session, showing how large the underwater foils are.