Portland-based ship repair firm Vigor Industrial has agreed to buy the largest floating drydock in the country for $40 million.
Vigor announced the deal with Daoda Marine Heavy Industry Company, which will build the drydock in Jiangsu Province, China. The 960-foot-long, 186-foot-wide dock is scheduled to arrive in Portland by March 2014. When it is installed in Portland, Vigor will be able to bid on larger ship repair contracts, including cruise ships and military jobs, said CEO Frank Foti.
The purchase agreement comes 12 years after Vigor sold Drydock 4 and watched it sail away to the Bahamas. The new drydock "is nearly an exact duplicate" of the one sold in 2001, Foti said. The market and Vigor have changed since then, he said.
Read more at OregonLive.com.