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Commodity Pricing

Oceans Ltd. Hit Particularly Hard by Economic Crisis

(St. John’s, NL – June 24, 2020) Oceans Ltd., a locally owned company with offices in St. John’s, Newfoundland and Labrador and Halifax, Nova Scotia, has been struck particularly hard by the recent economic crisis.  The crash in global oil prices, coupled with the COVID-19 pandemic, has created significant financial challenges for the company which has a primary focus of providing innovative scientific solutions for the offshore oil & gas industry.

While their niche market has been the offshore oil & gas industry, Oceans Ltd. have always been a community minded company that invested in medical research. The revenue generated from oil & gas contracts, such as Terra Nova, White Rose, and Sable Island, was used to discover a ground-breaking novel molecule that has proved successful against certain types of brain and breast cancer. While undergoing safety trials, Oceans Ltd. is leading the way nationally with their medical research efforts directly because of the local offshore oil & gas industry.

“I don’t think the general public is aware of the huge impact the oil & gas industry has on creating revenue streams for key areas such as infrastructure, education, not-for-profits, and in our case, medical research,” said CEO Judith Bobbitt. “The benefits go far beyond the actual oil & gas projects and are interspersed to local businesses and other areas of the economy. I fear that without a recovery package, in the form of incentives from the Government of Canada, the Newfoundland and Labrador offshore industry and the provincial economy will be crippled beyond repair.”

Oceans Ltd. has been apart of Newfoundland and Labrador offshore oil & gas industry since its inception in 1981. The company is comprised of meteorologists, physical oceanographers, biologists, biochemists, chemists, and engineers who investigate the marine environment and its applications. It provides site-specific, area, and route forecasting services to various offshore and marine clients and is leading in the field of physical oceanography, iceberg measurements, marine weather forecasting, environmental biomonitoring, and seaweed research.

From Noia | Issued June 24, 2020