Industry Canada

Industry Canada

May 01, 2012 13:14 ET

Minister of Industry Announces Support for Quebec Tug Operator

OTTAWA, ONTARIO--(Marketwire - May 1, 2012) - The Honourable Christian Paradis, Minister of Industry, announced the Harper Government's support for the construction of a 25-metre tug at Ocean Industries Inc.'s shipyard, located on l'Isle-aux-Coudres, Quebec.

"Our government stands firmly behind the Canadian shipbuilding industry, which has a long and proud history in the design and building of quality vessels," said Minister Paradis. "This contribution maintains shipbuilding jobs and supports growth in the industry."

Through the Structured Financing Facility (SFF) program, the Harper Government will invest up to $1.59 million in Ocean Remorquage Montréal for this project. The tug construction project will contribute to the ongoing operation of Ocean Industries and will support the apprenticeship program for electricians and welders.

Ocean Industries Inc.'s shipyard is part of Ocean Group, which provides numerous marine services on the St. Lawrence River and on the Great Lakes, including tug operations, ship construction and repairs, and dredging.

Created in 2001, the SFF helps ensure the existence of shipyard capability for federal marine procurement and maintenance requirements. In this current context, following the announcement of the National Shipbuilding Procurement Strategy (NSPS), the program is intended to act as a bridge for the industry until the NSPS is implemented. The SFF program provides interest rate support to qualifying purchasers of vessels built in Canada, resulting in lower financing costs for building or modifying vessels or offshore marine structures.

For more information, visit the Structured Financing Facility website.

Contact Information

  • Margaux Stastny
    Director of Communications
    Office of the Honourable Christian Paradis
    Minister of Industry

    Media Relations
    Industry Canada