OTTAWA, ONTARIO--(Marketwire - July 13, 2012) - The Honourable Christian Paradis, Minister of Industry, announced the Harper government's support for the construction of a 34-metre tug at Ocean Industries Inc.'s shipyard, located on l'Isle-aux-Coudres, Quebec.
"This is just one more way the Harper government is working to create jobs, economic growth and long-term prosperity," said Minister Paradis. "This contribution demonstrates our commitment to maintaining shipbuilding jobs and to supporting growth in the industry."
Through the Structured Financing Facility (SFF) program, the Harper government will invest up to $3.39 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.