North Atlantic enters non-binding MOU with N.L. government to lease Bull Arm fabrication site
North Atlantic was awarded the lease for Bull Arm, entering into a non-binding memorandum of understanding with the provincial government to develop a "green energy centre of excellence" at the site in collaboration with private and public partners to "support the energy transition."
"Commercial items in the non-binding MOU protect the provincial government's interests as the owner of this major industrial site, while providing North Atlantic the flexibility it needs to successfully attract investment and business to the site and earn a return on its investment," reads a statement issued by the Department of Industry, Energy and Technology on Thursday morning.
The property has a long history as the host for oil and gas megaprojects, originally developed for Hibernia and playing a role in the development for the Hebron project.
North Atlantic will take on operational and maintenance costs while kicking back a share of profits to the province.
"Our goal throughout this process has been to maximize the economic and employment benefit to the people of Newfoundland and Labrador, while also providing a viable long-term business opportunity for potential proponents of the Bull Arm site," said Industry Minister Steve Crocker in the statement.
"North Atlantic's plan for this site and the MOU is consistent with this goal."
The lease for the Bull Arm Site is currently held by Bull Arm Fabrication Inc., which operates the site on behalf of the provincial government.
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