Text Size
Bookmark and Share
Innovation, Trade and Rural Development
August 26, 2011

Ocean Technology Company Targets Increased Sales

As demand grows for technologies that simulate ‘real life’ marine environments, Virtual Marine Technology is intensifying its business development activities with a $491,185 investment from the Provincial Government.

“Globally, the volume of activity taking place on or beneath the ocean surface is expanding at an incredible rate,” said the Honourable Susan Sullivan, Minister of Innovation, Trade and Rural Development. “With such activity, it is important for personnel to have access to technology where they can simulate marine environments in a safe and cost-effective environment. The company has identified this requirement and is well-positioned to create awareness and ultimately sell its product to companies and organizations operating in the defence and oil and gas sectors, as well as others operating in marine environments.”

Launched in 2005, Virtual Marine Technology began as a project of students attending the Faculty of Engineering and Applied Science at Memorial University. It later was located within the Genesis Centre, Memorial University’s not-for-profit incubation centre and has since opened offices in St. John’s and a satellite office in Victoria, British Columbia.

“It is incredibly exciting to see the evolution of a company from an initial idea to full-fledged business,” said Bob Ridgley, MHA for St. John’s North. “As Virtual Marine Technology continues its pattern of growth, I’d like to wish them well in their pursuits.”

Through investments totalling more than $1.5 million, the Provincial Government has worked closely over the years with Virtual Marine Technology to help the company develop, market, and sell its products. As a result, the company has assumed a leadership position in Newfoundland and Labrador’s ocean technology sector, which is valued at over $500 million.

“Our company is in the midst of an exciting period of growth,” said Captain Anthony Patterson, President and Chief Executive Officer of Virtual Marine Technology. “We’ve secured key oil and gas contracts in Atlantic Canada and the Gulf of Mexico and we’re building on that success in Brazil and the North Sea. The Provincial Government investment will help us establish domestic and international partnerships that will allow us to pursue simulation contracts of increasingly greater value.”

This investment was made through the OceanTech Smart Growth program. Initiated under Oceans of Opportunity: Newfoundland and Labrador’s Ocean Technology Strategy, a five-year, $28 million strategy designed to capitalize on opportunities and expand the local ocean technology sector, this program helps private sector enterprises advance projects that focus on ocean intelligence, ocean observation, and vessel observations.

- 30 -

Media contacts:

Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
scottbarfoot@gov.nl.ca
Tess Burke
Communications
Government Members Office
709-729-3551
tessburke@gov.nl.ca
Matt Simms
Virtual Marine Technology
709-738-6306
 

2011 08 26                                      1:35 p.m.

 
Last Updated:
This page and all contents are copyright, Government of Newfoundland and Labrador, all rights reserved.