The provincial government has set aside just over $2 million for a pre-feasibility study into a floating drydock, something the energy minister calls “an exciting new industry” for the province.

Minister Lloyd Parrott says the project is about more than economic development at Bull Arm.

He believes a floating drydock, which can be used “anywhere along the eastern seaboard,” will open up opportunities for the province.

He says because NL is located on the easternmost tip of the continent, it’s closest to Canada’s NATO allies. “It gives us the capability for decommissioning or commissioning those types of ships.”

“The other thing it does , is it helps us open the Gateway to the North. So, if we have an icebreaker, or anything that’s (using) the Gateway to the North, and they have an incident, we have a piece of equipment here in Newfoundland that is not accessible anywhere else on the eastern seaboard, that can go an recover, or you can go and do that work in situ.”