The ocean technology sector is one of the fastest growing components of the Newfoundland and Labrador economy. In 2006, the ocean technology industry in the province comprised 52 companies with annual revenues of more than $225 million and annual growth of 15 percent. At the time the industry employed 1,430 people. Including 11 public institutions, the total value of private and public sector activities was just over $260 million.
“The ocean technology sector facilitates the use and monitoring of the ocean and coastal resources by developing, producing or adding value to products and services based primarily on technological and business innovation.”
Early development of the sector was largely led by governments through the provision of infrastructure plus educational and research programs. The sector has since evolved into an industrial cluster located in and around St. John’s consisting of three highly interdependent pillars: companies, research and educational institutions plus government departments and agencies active in the sector or which foster growth in the sector.
In recent years, OceansAdvance Inc. was established to ensure that the cluster continues to evolve and to build an industry that will create advanced employment opportunities and contribute significantly to the province’s economy.