The Quebec government has announced a new lease on life for the Davie shipyard, which has been fighting for survival for years. Industry Policy Minister Elaine Zakaib says as many as 700 workers could be employed at the facility in the next three years.
Zakaib said the government has approved the sale of the shipyard from Ontario's Upper Lakes Group to Zafiro Marine, a British company. The government was involved in the sale through its investment arm, Investissement Quebec, which lent Davie $35 million in the form of convertible debentures. Investissement Quebec had recommended that the sale be approved. Upper Lakes Group acquired Davie in the hopes of winning a large shipbuilding contract from Ottawa, which was embarking on an ambitious $35-billion plan to renew its naval fleet. Quebec lost out in the bidding competition to Halifax and Vancouver.
