The name "Ship's Company" is in reference to the theatre's first (and continuing) home in Parrsboro on board the MV Kipawo, one of Canada's longest-serving ferries, which is now permanently beached on the western shore of Parrsboro Harbour. The theatre company made use of the ship after a museum proposal fell through in the mid-1980s. A 2004 expansion of the theatre's facilities saw a large performance hall built with the MV Kipawo being fully enclosed in the outdoor lobby.
