Ocean becomes a dominant player in reactivating shipbuilding in Northern New Brunswick.

Québec, August 5, 2014 - Ocean announces a major collaboration with the New Brunswick Naval Center and the provincial government by becoming a leading partner in reactivating the Bas-Caraquet shipyard, inactive for seven (7) years.

By extending its Canadian presence in New Brunswick, Ocean takes another step in the diversification of its markets and increases its production capacity. This implementation positions geographically Ocean to access new markets. Estimated needs in the medium term in the Maritimes for ship repair or construction of vessels suggest a promising future.

"Business prospects combined with the availability of a shipyard, the recent upgrade of its facilities and as well as the government’s will to revive the shipyard constitute a real opportunity," says Jacques Tanguay, First Vice President and General Manager.

To initiate the revival of the project, Ocean will begin, over the coming months, the first phase of the construction of a floating drydock with a capacity of nearly 7,000 tons. The latter will be constructed in three (3) sections to a total length of 350 feet.  This large-size equipment, additional to those already existing at Ocean, will bolster the range of services offered to customers. Furthermore, the drydock will meet the needs of Ocean for the repair of its largest ships.

These new activities, which fall in tandem with Ocean’s current operations, will create 57 to 77 jobs in the Acadian Peninsula.