Although budgeted for $14 million, it is generally accepted that the total cost of the project is already over $20 million, a figure which will probably rise after a $5 million claim by a shipyard is settled.
Bluenose II was built in 1962 as a replica of the Nova Scotia schooner Bluenose which won a series of fishing schooner races, the International Fishing Challenge Cup, off Gloucester, Massachusetts for many years in the 1920s and 30s earning her image a place on the Canadian dime (10 cent piece) and the Nova Scotia automobile license plate. Sadly, the project has been rife with controversy.
When the Nova Scotia government in July 2010 awarded the original $12.5 million contract to a consortium of three Nova Scotia shipyards, the total project budget was $14.4 million and Bluenose II was to be back at sea in 2012.
Even the term “restoration” has been called into question as critics say the original schooner was largely scrapped and a “restored” schooner was built keelup with new materials, although some equipment and sections were retained.