02/03/2015 01:52 EST | Updated 04/05/2015 05:59 EDT

Lease renewed for ferry that sails between Nova Scotia and Newfoundland

ST. JOHN'S, N.L. - The federal government has signed a $40-million lease renewal for a ferry that runs between Newfoundland and Nova Scotia.

Ottawa says the lease for Marine Atlantic's MV Atlantic Vision has been renewed until November 2017.

Marine Atlantic says the agreement provides better options for fleet configuration for its ferry services between North Sydney, N.S., and Port aux Basques and Argentia in Newfoundland.

With a fleet of four vessels, Marine Atlantic provides year-round ferry service between the two provinces.

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