Canadian Shipyard Gets Government Finance for Naval Ship Construction

Irving gets $304 million assistance for next-generation naval ship construction from Nova Scotia authority

Irving Shipbuilding Inc. is getting $304 million from the Nova Scotia government to help prepare for the construction of the Royal Canadian Navy's next fleet of vessels, according to a CBC news report.

The government's assistance package, includes a forgivable loan worth up to $260 million and a repayable loan of $44 million for human resources, technological and industrial development.

The company said it needed provincial support to be the winning bidder for the federal $25-billion shipbuilding contract to build 21 combat vessels.

The contract is expected to maintain a steady flow of work at the Halifax Shipyard over the next 20 to 30 years.