North Atlantic enters non-binding MOU with N.L. government to lease Bull Arm fabrication site

Maddie Ryan · CBC News

· Posted: Jul 17, 2025 11:38 AM EDT | Last Updated: 33 minutes ago

Newfoundland and Labrador has recovered idiosyncratic to lease and operate a monolithic fabrication tract successful Trinity Bay.

North Atlantic was awarded the lease for Bull Arm, entering into a non-binding memorandum of knowing with the provincial authorities to make a "green vigor centre of excellence" astatine the tract successful collaboration with private and nationalist partners to "support the vigor transition."

"Commercial items successful the non-binding MOU support the provincial government's interests arsenic the proprietor of this large concern site, portion providing North Atlantic the flexibility it needs to successfully pull concern and concern to the tract and gain a instrumentality connected its investment," reads a connection issued by the Department of Industry, Energy and Technology connected Thursday morning.

The spot has a agelong past arsenic the big for lipid and gas megaprojects, primitively developed for Hibernia and playing a role in the improvement for the Hebron project.

North Atlantic volition instrumentality connected operational and maintenance costs while kicking backmost a share of profits to the province.

"Our extremity passim this process has been to maximize the economical and employment payment to the radical of Newfoundland and Labrador, portion besides providing a viable semipermanent concern accidental for imaginable proponents of the Bull Arm site," said Industry Minister Steve Crocker successful the statement.

"North Atlantic's program for this tract and the MOU is accordant with this goal."

The lease for the Bull Arm Site is presently held by Bull Arm Fabrication Inc., which operates the tract connected behalf of the provincial government.

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