In 1994, midway through the MCDV project, the shipyard's owners sold HDIL to Irving Shipbuilding Inc. of Saint John, New Brunswick who renamed the yard Halifax Shipyard Limited.
 In 1998, the shipyard purchased a replacement floating dry dock for the Scotiadock.
 The floating dry dock General Georges P Vanier was built by Canadian Vickers Ltd. in 1964.
 Upon purchase by Irving Shipbuilding, the dry dock was renamed Scotia Dock II.
The original dry dock was later scrapped.

Like all Canadian shipyards, Halifax Shipyard Limited underwent a dramatic slowdown in new construction and refit business during the late 1990s and throughout the 2000s due to changes in Government of Canada tax and tariff policies for ship owners, as well as a reduction in federal government construction for warships, icebreakers, ferries and scientific vessels.
 On June 27, 2003 Irving Shipbuilding announced it had an agreement with the federal government to permanently close the country's largest shipyard, Saint John Shipbuilding in Saint John.
 The competing Davie Yards Incorporated in Lauzon, Quebec experienced similar financial difficulty and spent much of the decade in mothball status.
 This left Halifax Shipyard Limited as the largest full-service shipyard left on Canada's Atlantic coast and the flagship facility for Irving Shipbuilding Inc.
A handful of new-build contracts for oil rig supply vessels, a cruise ship, as well as repair and maintenance contracts for Royal Canadian Navy warships and Canadian Coast Guard icebreakers and scientific vessels, public and privately owned ferries, commercial ships, and oil rigs has kept Halifax Shipyard Limited moderately busy in recent years.

In September 2009 Irving Shipbuilding was awarded a contract to build the Hero-class patrol vessel project for the Canadian Coast Guard.
 The nine vessels were scheduled to be delivered by 2014–2015.

In October 2011 Irving Shipbuilding was deemed the successful proponent for constructing 23 warships for the Royal Canadian Navy under the $35 billion National Shipbuilding Procurement Strategy.
 This merit-based competition will see the federal government enter into an exclusive contract with Irving Shipbuilding to supply the vessels over the next 20 years.

Scotia Dock II sunk in May 2010 while preparing to allow a tugboat to enter.
 Although it was subsequently raised, it was determined to be damaged beyond repair, so it was sold for scrap in 2012.
 The shipyard planned a replacement as part of its preparations for implementing the National Shipbuilding Procurement Strategy.

In 2013 Irving Shipbuilding started its $300-million modernization of the Halifax Shipyard to accommodate the building of vessels for the federal government.
In 1994, midway through the MCDV project, the shipyard's owners sold HDIL to Irving Shipbuilding Inc. of Saint John, New Brunswick who renamed the yard Halifax Shipyard Limited.  In 1998, the shipyard purchased a replacement floating dry dock for the Scotiadock.  The floating dry dock General Georges P Vanier was built by Canadian Vickers Ltd. in 1964.  Upon purchase by Irving Shipbuilding, the dry dock was renamed Scotia Dock II. The original dry dock was later scrapped. 
Like all Canadian shipyards, Halifax Shipyard Limited underwent a dramatic slowdown in new construction and refit business during the late 1990s and throughout the 2000s due to changes in Government of Canada tax and tariff policies for ship owners, as well as a reduction in federal government construction for warships, icebreakers, ferries and scientific vessels.  On June 27, 2003 Irving Shipbuilding announced it had an agreement with the federal government to permanently close the country's largest shipyard, Saint John Shipbuilding in Saint John.  The competing Davie Yards Incorporated in Lauzon, Quebec experienced similar financial difficulty and spent much of the decade in mothball status.  This left Halifax Shipyard Limited as the largest full-service shipyard left on Canada's Atlantic coast and the flagship facility for Irving Shipbuilding Inc.
A handful of new-build contracts for oil rig supply vessels, a cruise ship, as well as repair and maintenance contracts for Royal Canadian Navy warships and Canadian Coast Guard icebreakers and scientific vessels, public and privately owned ferries, commercial ships, and oil rigs has kept Halifax Shipyard Limited moderately busy in recent years.
In September 2009 Irving Shipbuilding was awarded a contract to build the Hero-class patrol vessel project for the Canadian Coast Guard.  The nine vessels were scheduled to be delivered by 2014–2015.
In October 2011 Irving Shipbuilding was deemed the successful proponent for constructing 23 warships for the Royal Canadian Navy under the $35 billion National Shipbuilding Procurement Strategy.  This merit-based competition will see the federal government enter into an exclusive contract with Irving Shipbuilding to supply the vessels over the next 20 years.
Scotia Dock II sunk in May 2010 while preparing to allow a tugboat to enter.  Although it was subsequently raised, it was determined to be damaged beyond repair, so it was sold for scrap in 2012.  The shipyard planned a replacement as part of its preparations for implementing the National Shipbuilding Procurement Strategy.
In 2013 Irving Shipbuilding started its $300-million modernization of the Halifax Shipyard to accommodate the building of vessels for the federal government.
Halifax Shipyard