Burin Peninsula

The eventual collapse of the Atlantic northwest cod fishery led to local mass unemployment during the second half of the 1990s.

[citation needed] Ownership left Canada when the American company Friede Goldman Ltd. bought the facility in 1998, and remained in American hands when ownership changed again in 2002 to Kiewit Offshore Services Ltd.[citation needed] By 2019, the shipyard had been idle for four years and was acquired by Marbase Marystown Inc. (usually just Marbase), under a 20-year lease with the intention of establishing a service hub supporting regional aquaculture, the first of its kind in Canada.

[3][4] Marbase is a partnership between one Newfoundland businessman, Paul Antle, and the Norwegian company Amar Group AS.

[4] In 2019, Marbase Cleanerfish Ltd., began work on a commercial lumpfish hatchery in Marystown, with an anticipated customer base of Atlantic salmon farm operators.

The Burin Peninsula's economy is tied to the ocean, consequently most of its settlements are located on the coast; some are outports and have no road connection (such as South East Bight).

[11] The French Islands of St. Pierre et Miquelon are the last colonies of France in North America, they are located just a 25 km ferry ride from Fortune.