Superport Marine Services Ltd., CCAA

Superport Marine Services Ltd. (“SPM”), a Port Hawkesbury, Nova Scotia-based marine services company which operates primarily out of the Strait of Canso, obtained CCAA protection on January 31.

SPM typically employs anywhere between 40 and 80 people and has worked on many large marine projects in Atlantic Canada over the last 35 years, providing services to the seismic industry, as well as various government entities and national security departments.

SPM historically operated alongside a related company McGregor GeoScience Ltd. (“MGS”), which was the largest privately-held ocean survey entity in Canada.

In March 2022, when MGS and SPM were completing a major seabed survey contract for Hydro Québec, MGS filed an assignment in bankruptcy. This triggered SPM’s guarantees, removed its operational partner, and significantly compromised its ability to service its operational costs and liabilities. Since then, SPM has worked with its secured lenders, Maynbridge Capital and BMO, to service its debt.

However, in January 2025, BMO indicated its intention to appoint a private receiver over its sole secured asset, the Strait Raven, a tugboat which is essential to SPM’s operations, so SPM sought CCAA protection. Maynbridge was supportive of the CCAA application and is providing a DIP loan.

Grant Thornton is the monitor.

Counsel is O’Keefe & Sullivan for SPM, McInnes Cooper for BMO, and Burchell Wickwire Bryson for Maynbridge.