Bay du Nord oil project hits key milestone as N.L., Equinor sign benefits agreement

Under the agreement, the Bay du Nord project would provide up to $6.4 billion in direct revenue to the Newfoundland and Labrador government over its first 25-year phase, through royalties, taxes and a possible equity stake, officials said. Equinor will also provide the government with a $200 million "fabrication fund," which Wakeham said would be use to build a floating dry dock capable of serving ships weighing more than 18,000 tonnes.