Recent changes to Canada’s Federal government’s New Building Canada Fund, announced by Infrastructure Minister Amarjeet Sohi, will enable significant investments in infrastructure systems, including ferry replacement and refits. Ferry operators across Canada will have access to the Fund that may inject billions of dollars in transportation infrastructure projects, providing the proposed projects be completed within a three year timeframe.
Under the program the federal government also plans on funding projects delivered as “Public-Private Partnership” (P3).
Canadian Ferry Operator Association (CFOA) members, Davie Shipbuilding and other shipyards throughout Canada are in position to benefit from these federal initiatives, thereby creating and retaining employment and investments in their communities.
According to Davie Shipbuilding, many Canadian ferries, whether federally, provincially or privately owned, are beyond the age of economic repair and their replacement is a growing imperative.
The shipbuilder said it is positioned to offer a “Fast Track” program designed to build the vessels based on existing conceptual designs at reduced upfront costs for ferry operators and owners. This approach would allow the participants to take full advantage of the federal funding which is being made available within the required three year time frame.
Gerry Neven, Davie’s VP Commercial, stated, “Davie is highly experienced with the P3 contractual model – our current program for the Royal Canadian Navy has created a new alternative ownership model for the federal government using Canadian institutional financing, which can be easily applied to Canada’s ferry fleet. By bringing private investment into financing structures together with the federal, provincial and municipal governments, we can create significant benefits and flexibility for the taxpayer.”