Businesses and skilled tradespeople in Newfoundland and Labrador are breathing a sigh of relief at Wednesday's news that the province has reached a deal on the Hebron oilfield project.

While talks were shelved for 16 months, people at offshore service firms such as A. Harvey and Company in St. John's were beginning to worry.

Geoff Cunningham, manager of offshore operations at Harvey, told CBC News that hope for a future project had been waning but is now restored.

"The sense around the business community was that we were starting to see the effects of no next project — investment and employees going elsewhere," Cunningham said. "I think we needed it, I think we really do."

Along with increased "super royalties" and a 4.9 per cent equity stake in the development for the province, the Hebron deal also brings the promise of engineering and construction work when design and construction begin on the gravity base structure, which will be built in the province.

Jerry Byrne, president of D.F. Barnes in St. John's, said his company has been busy with projects in Alberta but the Hebron project will allow the firm to refocus its resources in Newfoundland and Labrador.

"I think this is the missing piece of the puzzle to allow us to have a sustainable industry," Byrne said. "It's not a moment for me, it's more for our children of our province, for the future generations.

"This is really the beginning of something special."

Coming home

Skilled tradespeople from the province who are working in Alberta are also excited about the prospect of returning to Newfoundland and Labrador to work in light of Wednesday's announcement.

Projects like Hebron and Inco's proposed hydromet plant in Long Harbour, Placentia Bay, are expected to create thousands of jobs over the next few years.

Herman Bolt keeps his home in Little Bay East but has been travelling back and forth between Newfoundland and Western Canada for 11 years to work.

Bolt said he tries to make it home to visit his family every six to eight weeks, but he told CBC News he's hopeful he will soon be able to stay permanently in Newfoundland for work.

Bolt was in Edmonton watching the news when he heard Newfoundland and Labrador Premier Danny Williams make the announcement Wednesday that a Hebron deal had been reached.

"I said, 'Oh Jeez, there's gonna be some work back home.' So we'll be able to go back home and work in our own province for a change," Bolt said.

Chance to return home

David Wade of Newfoundland and Labrador's Building and Construction Trades Council, an umbrella group that represents trades workers and unions, said Bolt and many like him who have had to move west for work will get the chance to come home.

"With the work that we seem to have on our horizon … it suggests to me that all of the people in Alberta that want to return home and work will have that opportunity," Wade said.

After announcing the Hebron project Wednesday, Williams told reporters that soon, Newfoundland and Labrador will have more work than people to do it.

"There's more work here possibly than we can accommodate, quite frankly," Williams said.

He added that there will be more fabrication work with the Hebron project than there was with the White Rose oilfield project.

He said that the question now is making sure construction yards in the province are available to do the work. If there isn't a large enough workforce, then workers will be brought in from other parts of Canada and the world.