Created in 2006 when TECO purchase the assets for the bankrupt MIL-Davie, the new Canadian unit was based in Lauzon, Quebec.
After the Fincantieri deal fell through, the yard underwent financial restructuring in July 2011 in order to qualify to bid for a portion of the $40 billion contract known as the National Shipbuilding Procurement Strategy which will see ships built for the Canadian Coast Guard, Canadian Forces and Department of Fisheries and Oceans.
[1] This procurement strategy had its bidding deadline extended by three weeks specifically to accommodate the Davie restructuring.
The Canadian engineering conglomerate SNC-Lavalin, Upper Lakes Groups Inc. and South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) were partnered in this joint venture.
[2] Upper Lakes, which was the only owner of the yard, was sold to British owned and Monaco based Zafiro Marine Industries (now as Inocea) in November 2012.