The province's Economic Development Department used a draft proposal released in October to consult with potential ferry operators about the proposed service.
Economic Development Minister Percy Paris says the consultations allowed the province to fine-tune the proposal so that a prospective operator is able to run a commercially viable business.
The deadline for proposals is Jan. 24.
In September, Premier Darrell Dexter said his government is willing to commit up to $21 million over seven years to relaunch the service.
The government has been under fire since it decided in 2009 to nix a $6-million annual subsidy for Bay Ferries Ltd., which ran a high-speed ferry service between Yarmouth and Maine.