Thank you very much, Mr. Strickland, for talking about the Bay du Nord project. My father is part of the carpenters union in Newfoundland, Local 579. That announcement was big. The provincial PC government was able to strike a deal with Equinor and BP to build this project. That's going to bring $6 billion in revenue over its lifespan and additional investment in the floating dry dock, as you mentioned.
What's interesting in this deal is that the construction of the drill ship, also called the FPSO, will be put on tender. People and facilities around the world can put bids on it. The Cow Head facility in Marystown, Newfoundland, has built topsides for these FPSOs in the past. They have built topsides for oil rigs. That site had over 700 union members—high-paying jobs—on its last project.
I want to see that Cow Head facility used for this construction. How can they compete with international markets with the heavy tax burden that we have in Canada?
The Atlantic investment tax credit has up to 10% on equipment and capital for fishing, farming, logging, manufacturing, processing and prescribed new energy generation. At one point, that tax credit applied to offshore oil and gas, but now it doesn't. Do you think that reinstalling that tax credit could increase competitiveness and incentivize these companies to employ hundreds of unionized workers and create high-paying jobs in Newfoundland and Labrador and Atlantic Canada?