Crosbie Group made a deliberate pivot away from dependency on Newfoundland’s offshore oil industry.Greg Locke/Reuters
In 2016, Crosbie Group – a family-run Newfoundland firm in offshore oil and marine construction – faced a major challenge: the expected loss of a long-term contract that accounted for 20 per cent of its business. For many companies, that kind of hit would spark defensive cost-cutting, if not outright panic. Crosbie chose a different path. Under the guidance of then-COO G. Mark Collett, who would become CEO in 2022, the company turned the crisis into a turning point. Instead of bracing for impact and hoping for the best, it launched a strategy set on market diversification and long-term stability.
When this all came to a head, Collett had only just joined the company – but he wasn’t blindsided. During the final stages of his recruitment, fourth-generation chair Rob Crosbie called to personally disclose the potential loss. The moment stuck with Collett. “He didn’t have to tell me that,” he said. “But that’s just how they treat people. And that meant something to me.” Crosbie’s honesty reflected the company’s culture – and ultimately convinced Collett to move forward, despite the looming risk.
What followed was a deliberate pivot away from dependency on Newfoundland’s offshore oil industry. At the time, Crosbie’s industrial services business was anchored by three primary offshore clients, making it highly vulnerable to market shifts. In Collett’s mind, the heavy impact of losing a single contract confirmed the need to expand into adjacent sectors.
In 2017, Crosbie made a 50 per cent investment in MacKinnon & Olding, a Nova Scotia-based company serving shipbuilding and marine markets. The move offered geographic and sector diversification, but it wasn’t a quick deal. Collett spent more than a year cultivating a relationship with the MacKinnon family; he wanted to align on values as well as operations.
Newfoundland and Labrador offshore oil industry hoping election brings sea change
How Quebec and Newfoundland overcame a century of hurt to reach a new deal on Churchill Falls
One such pivotal moment came when MacKinnon & Olding’s leadership reached out for help with scaling internal financial systems. Rather than using the situation as leverage, Crosbie sent its VP of Finance to help resolve the issue – and, in turn, showcased Crosbie’s partnership-oriented ethos in action.
Since then, MacKinnon & Olding has tripled in size. The companies now have a unified executive team, integrated systems, and crucially, a shared commitment to safe, disciplined operations. “We’re one company with multiple brands,” says Collett.
Further to its diversification mission, Crosbie followed a similar playbook in Guyana. Recognizing the potential of the country’s emerging offshore oil industry, the company partnered with family-owned Farfan & Mendes in 2019 to form Panthera Solutions Inc. The joint venture has since grown to employ 60 people and operates on four offshore production vessels, with contracts in place for a fifth. For Crosbie, the project represented both international growth and a return to the company’s roots, since it mirrored Newfoundland’s own oil-driven transformation in the 1990s.
Looking ahead, Crosbie has set its sights on Ontario, where many family-owned businesses are approaching a generational crossroads. The company is actively scouting acquisition opportunities where retiring founders are seeking responsible stewards for their businesses. “We’re not in a rush,” says Collett. “We want to find the right fit, culturally and operationally. That’s where the value really lies.”