Ocean Group drops anchor in the Gaspé, buying the Verreault shipyard

Ocean Group is backed by Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ.

  • Ocean Group is a Quebec City-based maritime services provider
  • The acquisition of the Verreault shipyard increases the company’s capacity and adds approximately 100 workers to its workforce
  • The shipyard specializes in ship repair and conversion

Ocean Group this week announced it has acquired the Verreault shipyard, located in the municipality of Les Méchins, in the Gaspé Peninsula. No financial terms were disclosed

The acquisition of the shipyard, which specializes in ship repair and conversion, will see Ocean Group increase its capacity as well as adding approximately 100 workers to its workforce.

The expansion of Ocean Group’s activities and offering will enable it to position itself more advantageously for the realization of large-scale projects, particularly those emanating from the National Shipbuilding Strategy. The company is already a partner of the Royal Canadian Navy and the Canadian Coast Guard.

Based in Quebec City, Ocean Group is a maritime business offering services across shipbuilding and repair, harbour towing and transportation and specialized marine equipment rental and dredging. It employs more than 1,000 people.

Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ made a C$112 million investment in Ocean Group in October 2018.

CDPQ, headquartered in Montreal, invests to generate sustainable returns over the long-term on behalf of Quebec public pension and insurance plans. As of December 31, 2021, it had net assets totaled C$419.8 billion.

Fonds de solidarité FTQ is the largest development capital network in Québec. As of November 30, 2021, it held C$18.3 billion in net assets and more than 730,000 owner-shareholders.