The Honourable Siobhan Coady, Minister of Natural Resources, and the Honourable Bernard Davis, Minister of Tourism, Culture, Industry and Innovation, today announced $524,000 through the Innovation and Business Development Fund for a project led by Virtual Marine Technology Incorporated.
The project aims to increase market growth for Virtual Marine, will result in the company securing 20 new high-skilled positions locally, and will assist the company in bringing cutting-edge technologies to export markets. Over a three-year period, Virtual Marine will build three life boat simulators, which bring together the realism of being in a lifeboat cabin, with the sensation of movement replicating a lifeboat in emergency scenario sea states. These simulators will be built and shipped using local Newfoundland and Labrador suppliers that are part of Virtual Marine’s supply chain.
The company will install these offshore training simulators in three locations globally (Scotland, Qatar and Trinidad). This project will allow for an inflow of capital to Newfoundland and Labrador from Virtual Marine’s training sales abroad, and result in increased opportunities for additional research with Newfoundland and Labrador post-secondary institutions. The three simulators will also be satellites to the main hub in St. John’s, allowing the new data from the simulators to be used to create customized training, ultimately enhancing available offshore emergency training for the oil and gas and other marine sectors locally and globally.
The Innovation and Business Development Fund is focused on investments to grow and diversify our province’s oil and gas supply and service capabilities. This fund is playing a role in facilitating the necessary collaboration, investment and industry growth required to position Newfoundland and Labrador globally as a preferred location for oil and gas development. The Department of Natural Resources and Department of Tourism, Culture, Industry and Innovation are collaborating on the delivery of the fund.
The program supports priorities outlined in Advance 2030 – A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry by investing in innovation and business development opportunities, enhancing supply and service capabilities and infrastructure that leads to local business growth, joint ventures, and export opportunities.
“With support from the Innovation and Business Development Fund, Virtual Marine is demonstrating globally the international competitiveness of Newfoundland and Labrador firms and the leading-edge technology being developed in our province, while ensuring Newfoundlanders and Labradorians benefit through the creation of highly-skilled local positions. We encourage other local companies to learn more about the fund and its benefits – and work with us to grow Newfoundland and Labrador’s oil and gas industry.”
Honourable Siobhan Coady
Minister of Natural Resources
“Information and technology are very important to Newfoundland and Labrador. A global leader in simulated training, Virtual Marine is a home-grown tech company that is generating wealth, growing a talent pool and creating employment for the province. Virtual Marine is recognized and certified by the world’s leading offshore safety organizations, and this contribution from the Innovation and Business Development Fund will only help solidify Newfoundland and Labrador as a centre of excellence in marine simulation.”
Honourable Bernard Davis
Minister of Tourism, Culture, Industry and Innovation
“We are thrilled to accept support for our Scotland, Qatar and Trinidad initiatives through the Innovation and Business Development Fund. These projects will advance our research and our provision of safe, reliable, simulation training for Lifeboat Coxswains. It is through these initiatives that Virtual Marine can provide risk-free simulation training ensuring readiness, competence and confidence in the operation and launching of lifeboats worldwide.”
Capt. Anthony Patterson
President and CEO, Virtual Marine Technology Inc.
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Innovation and Business Development Fund
Tourism, Culture, Industry and Innovation