The award, announced by Minister of Public Works and Government Services Diane Finley, has an estimated value of $3.2 billion.
"The decision supports the long-term benefits of the government's National Shipbuilding Procurement Strategy in creating a sustainable shipbuilding industry once again here in Canada," she said on Monday.
"Today's announcement illustrates our commitment to eliminating boom and bust cycles, while providing best value for taxpayers, and ensuring affordable and timely delivery of ships."
As many as five medium-endurance multitask vessels and as many as five offshore patrol vessels will be acquired by the Coast Guard under the contract.
The National Shipbuilding Procurement Strategy, now in its fourth phase, is designed to revitalize Canadian shipbuilding, which will result in long-term jobs and economic growth.
Additional details of the award to Vancouver Shipyards were not given.
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