Shearwater is divided into two sections by Main Road, referred to locally as the Upper and Lower Base but part of the same complex.

The Upper Base, on the east side of Main Road, houses the airfield and administrative buildings of 12 Wing Shearwater as well as a skate park, pool, gym, and youth centre.

The Lower Base, a thin strip between Main Road and Eastern Passage, holds some maintenance buildings, the Atlantic fleet diving unit, training facilities, and a yacht club.

The base currently operates combat ready CH-148 Cyclones in conjunction with the Royal Canadian Navy.

In the Second World War, it served as a home to flying boats which conducted marine operations.