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DFDS Seaways has today made an offer which could save 202 MyFerryLink (MFL) jobs if accepted - which would leave another 400 workers unemployed.
The Dover, Calais and Dunkerque ferry firm filed the offer to SCOP Seafrance, who employ the staff in Dover and Calais.
If accepted it will have a fleet of nine cross-Channel ships and will employ 1,000 French staff, 650 based in Calais.
There are about 600 French jobs and 70 Dover-based roles that hang in the balance after Eurotunnel walked away from MyFerryLink last month.
It means DFDS' offer will leave more than 400 workers at MyFerryLink out of a job.
Niels Smedegaard, CEO of DFDS said: "We have decided to make an offer for part of SCOP Seafrance, and thus attempt to save more than 200 jobs by operating three ships instead."
On Monday an offer to buy MFL ferries Berlioz and Rodin was accepted by Eurotunnel, who owned them.
Three vessels will operate the Dover to Calais route consisting of the new ships and one existing DFDS ship.
Mr Smedegaard said: "Given the overcapacity in the market, DFDS had originally planned to operate two ships on the route in order to adapt the capacity to the market situation.
"However, following our dialogue with various stakeholders, DFDS has been in the French ferry market for 15 years, and in recent years with ships under the French flag and with French crews."
DFDS has not confirmed if any Dover-based jobs will be included.