Funding for the CAT high-speed ferry was cancelled in 2009. (CBC)

A report that's expected to determine whether a ferry service between Yarmouth, N.S., and the United States could be financially viable is scheduled to be released Friday.

Nova Scotia Premier Darrell Dexter also plans to respond to the report following its release in Halifax.

The CAT ferry used to run between between Yarmouth and Bar Harbor and Portland, Maine.

In 2009, the NDP government cancelled a subsidy that had kept the Bay Ferries Ltd. ferries running, effectively ending a service that had lasted more than a decade.

The decision to end the annual $6-million subsidy for the Bay Ferries Ltd. operation has been contentious.

Dexter has said a ferry link from Yarmouth must be financially sustainable and it has been difficult to find a partner to help the provincial government fund the service.

The province's announcement of the review panel's creation in April was met with optimism from the Nova Scotia Chambers of Commerce.

The organization said at the time the panel's creation was a good first step in restarting the service.

The decision to cancel the service sparked protests in Yarmouth, where local politicians and business leaders say it has harmed the local economy.