Supporting Quebec's maritime sector - Quebec supports the growth of Groupe Océan

QUEBEC CITY , July 22, 2025 /CNW/ - Christine Fréchette, Minister of Economy, Innovation and Energy and Minister responsible for Regional Economic Development; Jonatan Julien, Member of the National Assembly for Charlesbourg , Minister responsible for Infrastructure and Minister responsible for the Capitale-Nationale region; Kariane Bourassa, Member of the National Assembly for Charlevoix-Côte-de-Beaupré and Parliamentary Assistant to the Minister of Finance; and Bicha Ngo , President and CEO of Investissement Québec, are announcing investments from the Government of Quebec totaling $145 million in the capital of Groupe Océan. This support will help foster the growth and sustainability of this major company in the maritime sector and maintain its head office and well-paying jobs in Quebec.

The Quebec government is investing $75 million in preferred shares. This amount is supplemented by contributions of $34 million from the Fonds pour la croissance des entreprises québécoises, administered by Investissement Québec as a government agent, and $36 million from Investissement Québec's own funds.

With this support, Groupe Océan will be able to further contribute to Quebec's maritime strategy by developing its shipyards, including those located in Quebec City and L'Isle-aux-Coudres, in Charlevoix. The company intends to increase its ability to take advantage of opportunities offered by the Government of Canada 's National Shipbuilding Strategy and consolidate its position in this market.

In the current geopolitical context, it is more necessary than ever to invest in the growth and productivity of companies to make them more attractive and competitive in strategic sectors such as the maritime and defense industries.

Quotes:

"By supporting Groupe Océan, our government is ensuring that its head office remains here, while promoting the growth of this Quebec flagship on the Canadian and international markets. We are thus consolidating Quebec's position in the defense industry, encouraging innovation, and strengthening Quebec's supply chain in the maritime sector, a strategic sector of our economy."

Christine Fréchette, Minister of Economy, Innovation and Energy and Minister responsible for Regional Economic Development

"For over fifty years, the Ocean Group has generated substantial benefits and contributed to the vitality of the National Capital Region. Thanks to this investment, we are maintaining our decision-making center here, benefiting the economy of the entire region and Quebec."

Jonatan Julien, Member of Parliament for Charlesbourg , Minister responsible for Infrastructure and Minister responsible for the Capitale-Nationale region

"Our government is there to promote the prosperity of local businesses, like Groupe Océan, which showcases Quebec and Charlevoix expertise in the naval industry. I welcome this support, which helps maintain many specialized jobs in L'Isle-aux-Coudres."

Kariane Bourassa, Member of Parliament for Charlevoix-Côte-de-Beaupré and Parliamentary Assistant to the Minister of Finance

"By taking a stake in Groupe Océan, Investissement Québec is supporting a unique company, a true flagship whose activities generate significant economic benefits for Quebec and its regions. This financial intervention by the Crown corporation is perfectly in line with its mission: to preserve the company's Quebec shareholding while allowing it to maintain its strategic position in the maritime industry, a key sector of our economy."

Bicha Ngo, President and CEO of Investissement Québec

"The Caisse has been supporting Groupe Océan in its growth in Quebec and internationally for over ten years now. This new investment is perfectly in line with its strategy to create North American and global champions while generating benefits in Quebec. After supporting Groupe Océan in preparing its succession in recent years, we are continuing our commitment today by supporting the growth of this flagship company in Quebec's maritime economy, which is well positioned to seize the many opportunities this sector offers."

Kim Thomassin, Senior Vice President and Head of Quebec at La Caisse

"This milestone represents the culmination of rigorous growth planning undertaken several years ago. We are proud to be able to count on strong partners, rooted in Quebec, to write the next chapter in the history of Groupe Océan. We will do so surrounded by a fabulous team and the reputation that precedes us."

Jacques Tanguay, President and CEO of Groupe Océan

Noah Note: Groupe Ocean is a fairly underdiscussed company. They currently own the Isle-aux-Coudres shipyard, fscilities in Quebec City, and more famously the Verreault shipyard, which they acquired in 2022.

This includes Verreaults 244x26 meter dry dock, one of the largest in the country. The company primarily specializes in the construction of Tugs and Trawlers, along with Ship Repair, Dredging, and Towing.

Groupe Ocean is currently a member of the NSS, under contract for the construction of the RCNs newest Large Tugs. They're also doing the Life Extensions for CCGS Martha L. Black and CCGS Griffon.

The Quebec government has been keen to jump on the NSS. Its been a major point of the Legault government this year to ensure Quebec is involved in the Defence Industrial Base. He even made it one of his major discussion points in todays First Minister's meeting.

Groupe Ocean, for its part has been very vocal on reforming the NSS. Along with Ontario, they have been keen on pushing for a change to the 1000t limit currently imposed on yards outside the big three by adding a new 'Medium Yard' category that would allow them to take on larger vessels for the RCN/CCG, such as the Continental Defence Corvette.

Until now these requests have fallen on death ears. There weren't many projects left available beyond that 1000t limit that they could jump on. There still really isnt, CDC being the major one. MSMM will conform to the 1000t limit, despite many a complaint about how restrictive it is to the design.

Now that the Quebec government is involved though expect the conversation to come back up. By this point the major yards are booked fairly full for the next two decades, and fulfilling contracts like CDC might prove difficult depending in desired timelines.

That doesnt mean they arent trying. Seaspan and Davie both have designs theyre working on. So it wont be without a fight. There is also competition from yards like Ontario, who under Team Vigilance have already got a jump start.

It will be interesting to see where this leads. Perhaps more of the same, that is a safe bet but you never know.