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Point Hope Maritime has inked a deal to buy the Esquimalt Drydock Company.

The agreement will position Point Hope to provide job stability and strengthen the company's capability to bid on larger ship refit and repair contracts.

"With this agreement we are able to work on bigger vessels," said Point Hope general manager Riccardo Regosa. "Equally important, we will have access to an enormous treasure of experience of working in graving drydocks."

Point Hope parent company Ralmax Group of Companies has been working with Esquimalt Dry Dock president Joe Sansalone for some time. The drydock company will now operate as a division of Point Hope Maritime along with its employees.

"Joe’s business has been built over many years on his reputation for professionalism, quality service and relationships," said Sage Berryman, Ralmax Group of Companies co-CEO. "Relationships are important to us and are foundational to how we operate."

One key relationship for both companies is with BC Ferries. Esquimalt Dry Dock has refit large vessels for BC Ferries, such as the Spirit of Vancouver Island. Point Hope Maritime has performed refit and maintenance work on smaller ships like the Klitsa which services the Mill Bay-Brentwood Bay route.

"For us it is important to maintain the vessels of BC Ferries but also for other clients that we serve in this area," said Regosa. "It is great that we have been able to do this step and it will be important for the marine industry as a whole."

Point Hope Maritime will continue to work at the Harbour Road shipyard. The Esquimalt Dockyard division will work at the Esquimalt Graving Dock which is a multi-user facility owned and managed by Public Works and Government Services Canada.

Regosa said clients are saying they are in the market to buy bigger assets. It is his hope they will be able to dock them at the existing facility at the Esquimalt Graving Dock. Having access to Esquimalt Drydock Company will put Point Hope Maritime one step closer to making that hope a reality.

"We are focusing on continuing to grow the maritime industry in this region by investing heavily in infrastructure and people," said Regosa.