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Located at the easternmost point of North America at the edge of the North Atlantic Ocean, OceansAdvance fosters and promotes the development and expansion of the industrial ocean technology cluster in Newfoundland and Labrador. Innovative companies draw on a highly educated workforce and team with world-class research facilities, with strong government support, to develop specialized technologies to serve local, national, and international clients. The cluster traces its roots to a 500-year history of problem-solving in harsh marine environments.
Three post-secondary educational institutions and two research institutes as well as numerous R&D labs provide specialized education, training and research in support of the sector. There are 50 companies in the ocean technology industry in the province with annual sales revenues of $509 million—a 31 per cent increase since 2006. Exports increased by 300 per cent during that period. OceansAdvance has established a target of achieving $1 billion in annual revenues by 2015.