N.S. government lends Irving $20M

The Nova Scotia government is lending $20 million to the Halifax Shipyard to help modernize and upgrade its wharves, cranes, fabrication areas and offices.

Premier Darrell Dexter said Thursday the loan to the yard, owned by Irving Shipbuilding Inc., will help secure a stronger future.

"This is a sound investment in a successful company," he said in a release. "This investment will not only improve infrastructure at the shipyard and create jobs during construction, it will help the shipyard modernize its facility so it will stay competitive and able to bid on more contracts in the future."

Last fall, the shipyard announced a $219-million contract to build nine mid-shore patrol vessels for the Canadian Coast Guard.

The government said the upgrades to the shipyard will make it one of the most modern on the eastern seaboard.

Jim Irving, CEO of Irving Shipbuilding, thanked the province for its commitment to the yard.

"Today's news is about investing for the long term and securing this Nova Scotian centre of excellence for made-in-Canada ships," he said.

The shipyard employs about 350 people.