Irving Shipbuilding to invest $300 million in Halifax Shipyard
This investment is a part of the Halifax Shipyard Modernization Program, a 2-year engineering and construction investment to prepare the company's facilities to build Canada's future combatant ships. Site preparation and preliminary construction is well underway, with major demolition and construction to begin soon.
"Irving will invest approximately $300 million in the Halifax Shipyard Modernization Program, which is designed to ensure our facilities are ready to undertake production of the AOPS vessels scheduled to start in 2015, as well as the larger combatant ship contract currently scheduled to begin production between 2020 and 2022," said Jim Irving, co-CEO.
To date, Irving Shipbuilding has awarded $127.7 million in contracts associated with the Halifax Shipyard Modernization Program, creating approximately 733 full time equivalent (FTE) positions directly within the selected suppliers and indirectly within those suppliers' subcontractors and approximately $58 million in annual employment income over the two-year program period across Canada (See Note).
Of the contracts let to date, 53% of the total contract value has been awarded to companies owned or operating in Nova Scotia, generating approximately 370 full time equivalent (FTE) positions directly within selected Nova Scotia suppliers and indirectly within those suppliers' subcontractors, as well as $26 million worth of employment income within the province over the two year period. ■