Partnership builds on Mammoet’s established presence at Port of Argentia and shared confidence in the growing market for ship repair and marine industrial services.

ARGENTIA, NL – October 21, 2026 – Mammoet Canada Eastern Ltd., Port of Argentia Inc., and Argentia Capital Inc. (ACI) have signed a Memorandum of Understanding (MOU) to advance the development of a floating dry dock and marine repair facility at Port of Argentia. The initiative brings innovative marine technology and new industrial capacity to Newfoundland and Labrador.

The partnership integrates Mammoet’s global expertise in engineered heavy lifting, transport, and marine operations, specialized technology from its subsidiary Tugdock Submersible Platforms Ltd., and Port of Argentia’s strategic marine infrastructure and development capabilities.

At the centre of the initiative is Tugdock’s Submersible Platform (TSP), a modular floating dry dock system designed to accommodate a wide range of vessels and industrial applications. Its scalable design provides a flexible alternative to conventional dry‑docking infrastructure and can adapt to evolving market requirements.

 “This partnership represents an exciting opportunity to build on Mammoet’s established presence at Argentia and introduce advanced, scalable marine technology to the Canadian market,” said Jeremy Asher, Managing Director. “By combining our technical expertise and Tugdock’s adaptable platform with the Port’s strategic infrastructure, we see significant potential to develop a competitive marine repair and servicing operation.”

The proposed facility would leverage Port of Argentia’s world‑class graving dock infrastructure, deep‑water and ice‑free harbour, extensive industrial land base, and separation from residential areas, conditions that support year‑round, around-the-clock marine industrial operations. The project would also benefit from access to a skilled regional workforce with extensive experience in marine, industrial, and heavy construction sectors.

“We have developed a strong working relationship with Mammoet through its operations at the Port, including its presence at the Cenovus Graving Dock site and its role in the Port’s offshore wind marshalling projects,” said Scott Penney, CEO, Port of Argentia. “Our advanced marine infrastructure, combined with Mammoet’s global expertise and innovative technology, presents an exciting opportunity to expand marine industrial capabilities at Argentia. This partnership aligns perfectly with the opportunities we see emerging across Canada’s marine industry.”

The facility is intended to serve a diverse marine market, including commercial vessel operators, the Canadian Coast Guard, the Royal Canadian Navy, offshore oil and gas operators, and the emerging offshore wind industry.

“Port of Argentia should be viewed not just as a location for individual projects, but as a strategic national industrial and marine hub capable of supporting Canada’s long‑term trade, economic security, critical minerals, defence, and industrial development objectives,” said Carl Sheppard, CEO, Argentia Capital Inc. “The former Cenovus Graving Dock site is a valuable marine industrial asset. This MOU provides an opportunity to work collaboratively with partners who bring proven technology and expertise to explore new marine industrial opportunities at Port of Argentia.”

Through the MOU, the partners will advance plans for a scalable, multi-client facility that strengthens Newfoundland and Labrador’s marine supply chain, creates opportunities for local businesses and skilled trades, and expands the province’s marine industrial capabilities.

In the coming months, the partners intend to initiate a formal Expression of Interest (EOI) process to identify a globally recognized marine industrial operator with the expertise and capacity to operate the proposed facility and support the development of marine services at Port of Argentia.

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About Port of Argentia Inc.
Port of Argentia Inc. operates the Port of Argentia on Placentia Bay, Newfoundland and Labrador. The Port offers deep-water, ice-free berths and an extensive industrial land base, and it serves energy, logistics and marine industrial clients.

About Mammoet
Mammoet helps clients with Smarter, Safer and Stronger solutions to any heavy lifting or transport challenge. We aim to develop long-term relationships in order to understand their businesses and challenges best, so we can realize the most efficient and cost-effective approaches. We have a unique global network and an unparalleled fleet of equipment. Through deep and longstanding engineering expertise and the highest quality and safety standards in execution we bring an intelligent and flexible approach to projects across a wide breadth of industry sectors. Clients trust us to help them achieve feats that were once considered impossible, and we have often broken records in doing so. Its marine technology partner, Tugdock Submersible Platforms Ltd., develops and operates the Tugdock Submersible Platform, a modular floating dry dock system.

About Argentia Capital Inc.
Argentia Capital Inc. is a development and capital platform that advances infrastructure opportunities at Port of Argentia and in the broader Atlantic Canada marine industrial sector. ACI is a joint venture between Port of Argentia Inc. and Torrent Capital Ltd. (TSXV: TORR). It works across the energy, marine industrial, critical minerals, defence and infrastructure sectors.