Heddle Shipyards has divested from our operating entity on the East Coast, Heddle Marine Service (NL) Inc. (“Heddle NL”), in order to focus on our long-term strategy of strengthening and growing our shipyards on the Great Lakes. Heddle NL has been sold to Mr. Dennis Thorne and has subsequently been rebranded as Cactus Ship Repair Inc. (“Cactus”). The management buy-out of Heddle (NL) was the best-case scenario for all parties involved. Cactus will continue to perform alongside repair and maintenance projects throughout Atlantic Canada. At present, Heddle Shipyards is developing a strategic partnership with Cactus so that the two organizations can continue to support each other on various projects in the future.

Heddle Shipyards will maintain the majority ownership position of the Sydport facility in Edwardsville, Nova Scotia and Mr. Thorne will maintain a minority ownership position. At present, Heddle Shipyards is in the process of developing a Master Service Agreement with Cactus for the maintenance and operation of the Sydport Facility.

Heddle Shipyards’ long-term strategy is to strengthen and grow operations on the Great Lakes in order to better serve our customers. The target market and competitive nature of the business on the East Coast does not align with this strategy and the East Coast business will be better served under an owner-operator model. In the past year, Heddle Shipyards has purchased Fabmar Metals Inc. to strengthen our position in Thunder Bay as well as purchasing all of the equipment, machinery and inventory from Algoma Ship Repair to strengthen our operations in Port Weller and Hamilton. “I am happy and excited for Dennis and all of the employees of Cactus Ship Repair. A management buy-out was the best-case scenario for all parties involved”, said Shaun Padulo President of Heddle Shipyards. “Although we are no longer part of the same organization, we will continue to work together as strategic partners. The executive team at Heddle is lucky to count Dennis as a friend and Dennis has a close personal friendship with Heddle’s ownership, Mr. Rick Heddle and Mr. Blair McKeil.”