The Institute models marine environments and predicts and improves the performance of engineered systems that operate in them. Specialized measurement tools allow companies to evaluate the efficiency and performance of prototypes and existing technologies, improving competitiveness and opening market opportunities. Those tools also allow government departments to improve operational and other efficiencies in maritime and offshore activities.

IOT has established an international reputation for the quality of its work, building an impressive record of collaborative and contractual research and a history of solid scientific achievement. It has helped to commercialize vessel prototypes, marine safety technologies, simulation software and more. Ongoing research projects provide the long-term investment in knowledge required for Canada to compete in the global marketplace of the 21st century.

In 2003 the Institute officially opened its Ocean Technology Enterprise Centre, a facility to assist in the growth and development of new ventures in ocean technology. With a New Entrepreneurs Program and an Ocean Technology Co-Location Program, the centre helps new and established enterprises to develop their concepts and technologies in a supportive environment, with access to NRC-IOT facilities and expertise.