Marine Base Terminal in Bay Bulls Expands
with Support from Provincial Government

Pennecon Energy Marine Base (Pennecon) is expanding operations in Bay Bulls with the construction of a third dock to allow for additional projects at the terminal facility. The Provincial Government announced a $500,000 contribution today to help Pennecon create 15 new full-time permanent jobs over the next three years and 23 jobs by 2015. Pennecon is increasing capacity and preparing for future growth in the oil and gas sector.

“This expansion project will provide Pennecon the ability to explore new customers and related export opportunities in Greenland and the Arctic,” said the Honourable Derrick Dalley, Minister of Business. “As we improve export capability in the province we are also growing the oil and gas industry and enhancing our presence in the global marketplace.”

Pennecon operates the marine terminal facility in the port of Bay Bulls servicing offshore oil projects including Hibernia, Terra Nova and White Rose. The location is ideal for all types of light and heavy marine industrial activity from loading and discharging vessels to drill rig repairs and upgrades.

“The oil and gas industry is extremely important for Newfoundland and Labrador and projects like this ensure its future viability,” said Keith Hutchings, MHA for Ferryland. “It is another example of the Provincial Government’s commitment to help local companies compete globally and at the same time, provide sustainable business opportunities and employment growth in the oil and gas sector.”

Minister Dalley noted that construction is underway and it is anticipated that the third dock will be completed and available for use in October of this year.

“The construction of a third berth will give us the flexibility to accommodate two large scale projects simultaneously; and once complete, a reinforced concrete pad will be installed at the base to provide better capacity of cable spooling for deepwater mooring projects,” said David Elliott, General Manager, Pennecon Energy Marine Base. “The expansion will create new jobs and new opportunities to secure offshore contracts in Eastern Canada, Greenland and the Arctic.”

The Provincial Government’s contribution of $500,000 is provided through the Oil and Gas Manufacturing and Services Export Development Fund. The fund is designed to support new business opportunities for large-scale, export-based petroleum fabrication, manufacturing and service provision. Projects must have a minimum total investment of $1 million and must generate incremental local employment benefit and revenue.

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2011 07 21                                                                          10:50 a.m.