What does the flag of Saint-Pierre-et-Miquelon represent?

The local flag of Saint-Pierre and Miquelon is blue with a yellow ship, said to be the Grande Hermine, which brought in Saint-Pierre Jacques Cartier on 15 June 1535. Three square fields placed along the hoist recall the origin of most inhabitants of the islands, from top to bottom, Basques, Breton and Normans.