May 28, 2010
FREDERICTON (CNB) - The provincial government is providing a $1.5-million loan to Floating Pipeline Co. Inc., a Saint John company that manufactures modules designed to transport compressed natural gas.
The loan is for working capital and to purchase new equipment.
Acting Business New Brunswick Minister Jack Keir and Supply and Services Minister Ed Doherty announced the loan with company officials in Saint John today.
"We are proud to support this innovative company, which is a critical member of the energy industry supply chain here in Saint John," said Keir. "This company has formed important partnerships with national and international companies to help bring their products to diverse markets around the world. Our investment is proof of our commitment to support the advanced manufacturing capacity in New Brunswick."
Floating Pipeline Co. Inc. was formed in 2002 to market and develop gas transportation modules by rail, road and sea.
The company has 18 full-time staff at the Port of Saint John and five full-time employees in Halifax. The expansion is expected to create up to 50 jobs in Saint John by the end of this year, providing employment for welders, pipefitters and engineering technologists.
Company president Len Thompson said the loan will help his company meet current and future contract obligations.
"We are looking forward to bringing our product to new export markets and grateful for the government's confidence in our business plan going forward," said Thompson. "This project will allow us to create more skilled welding and fabrication jobs in Saint John, taking advantage of the excellent labour force here in our own backyard."
MEDIA CONTACTS: Ashley Bursey, communications, Business New Brunswick, 506-461-0942, email@example.com; Steven Williams, vice-president of marketing, Floating Pipeline Co. Inc., 506-653-1034.