(PENSACOLA, F.L.) --- Triumph Gulf Coast controls 75% of Florida’s Deepwater Horizon Oil Spill settlement, about $1.5 billion, for economic development in eight Northwest Florida counties.
Florida Legislature created the nonprofit to oversee funds Florida recovered for economic damages from the 2010 British Petroleum oil spill.
The money must be used in Escambia, Santa Rosa, Okaloosa, Walton, Bay, Gulf, Franklin, and Wakulla counties. As of January 2024, the board had approved $531 million in grants and had $969 million remaining, according to Triumph’s annual report.
(Photo Credit: Triumph Gulf Coast website)
The board approved a $32 million grant to the University of West Florida (UWF) in August 2025 for its $132 million “Research for Tomorrow” initiative. UWF is using a large part of that funding to add space for a Center for Cybersecurity and Center for Computational Intelligence within its Institute for Analytics and Industry Advancement
In August 2025, Pensacola State College received approval for $3.25 million to renovate a building for workforce training. Renovations have not been completed.
American Magic is seeking an $8.5 million Triumph grant to relocate its America’s Cup sailing team headquarters to the Port of Pensacola, according to a pre-application filed in 2024. The project would bring 170 jobs averaging $105,000.
Photo Credit: Stephen Van Elk, Pexels.com)
In June 2026, the Triumph board approved a term sheet for a $76 million grant to Birdon, an Australian shipbuilding company, to build a facility at the Port of Pensacola. Total project cost is $275 million.
Birdon and the City of Pensacola plan a 400,000 sq. ft. facility that will create 2,000 jobs.
“This represents the largest single job creation project in the city of Pensacola’s history,” Mayor D.C. Reeves said June 22, 2026.
Under Triumph rules, Birdon could face clawbacks if it fails to create 2,000 jobs by 2030, the term sheet states. The agreement does not penalize the company if jobs go to workers who relocate from other states.
The Birdon term sheet lists 563 jobs averaging $112,000 for “Tier 2 shipbuilding,” which requires specialized welding and marine systems experience, according to U.S. Department of Labor classifications. The Triumph term sheet for the $76 million Birdon grant contains no resident hire requirements. Grant applications are scored on job creation, wages, capital investment, and economic diversification, according to Triumph’s 2023 guidelines.
The next step for the Birdon deal is a final grant agreement, which Mayor Reeves said the city hopes to bring to the Triumph board later this summer. Pensacola City Council must also approve lease terms with the company.
To add to or correct any information in this report, please contact me at pepper.w@lead4earth.org
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