Acquisition of one of the largest shipyards in Canada

City of Québec, October 5 2022 – Ocean Group is proud to announce the acquisition of Shipyard Verreault, located in Les Méchins in the Matanie region of Quebec. Founded in 1956 by Captain Borromée Verreault, this shipyard specializes in ship repair and transformation, and plays a leading role in the Quebec and Canadian maritime industry. With this acquisition, Ocean Group has increased its capacity and expertise to meet the needs of its customers.

“Combining our expertise with that of Verreault Shipyard is a concrete example of our desire to increase our service offering for the benefit of our customers. The synergy of our respective strengths, the sum of our experiences and the competence of our teams allow us to approach this new milestone in our growth with confidence. For its 50^th anniversary, we are giving ourselves all the tools we need to better face the exciting challenges that the future promises,” declared Jacques Tanguay, President and CEO of Ocean Group.

With this transaction, Ocean Group also acquires the two Verreault shipyard tugs that currently provide services at the Les Méchins and Matane docks.

This new acquisition will allow Ocean Group to pursue its growth plan, which is essentially based on the expansion of its activities and its service offer, in order to position itself favourably for larger projects, particularly those arising from the National Shipbuilding Strategy (NSS) with the federal government.

Ocean Group has a solid expertise in the realization of large-scale projects, notably due to the important contract for the construction of four large tugs for the Canadian National Defence, which will put the company in a more than enviable position to obtain new contracts in shipbuilding and repair.