Marystown Shipyard being sold by Kiewit Offshore Services

The idled Marystown Shipyard will soon have a new owner.

KiewitOffshore Services has entered intoan agreement to sellthe property and assets of theshipyard to a private Newfoundland company, according to DanielVilleneuve,the CEO and president of the unnamed purchasing company.

In a press release,Villeneuve said the sale will include all of the assets and property associated with the shipyard site, whileKiewitwill retainownership of its Cow Head fabrication site.

"We are fullycommitted to returning to the area's roots of shipbuilding, to build a stable workforce and towork with the union and the town council of Marystown," Villeneuve said in the release.

In the same release,Glynn Smith of Kiewitsaid the sale will allow the company which has owned the shipyard since 2002 to centralize itsoperations atCow Head.

"We continue to look for opportunities tobring work there and value the strong relationships we have built with the local workforceand the Marystown and the Burin Peninsula community," Smith said.

Kiewit workers finished up the last major project at the shipyard building theHebrondrilling support module in December2015.

An online profile featuring Villeneuve says he is owner of VinKing Marine Enterprises which hascalledPort Harmon, Stephenvillehome since2013.

It goes on to say the company owns the deep-sea port at Port Harmon and also has an adjacent 400-acre storage and staging property.