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Tuesday, 01 April 2008 11:08 |
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Subic Drydock Corp. (SubicDock), a ship repair company in Subic, has installed a second drydocking facility called the AFDL-21 at the free port, bringing the market value of its facilities to $8 million. “Although the total investment was $4 million in both docks, all from internally generated funds, the current market value of the facility is $8 million,” SubicDock president Catalino Bondoc said via text message. SubicDock earlier said it had acquired the AFDL-21, a small auxiliary floating dry dock, and had installed it at Subic’s Bravo Pier alongside the AFDM-5, a medium auxiliary floating dry dock installed at the free port in 2007.
Bondoc said SubicDock bought the two docks for $4 million. After upgrading them, it received an offer from a Japanese company willing to buy the AFDM-5 for $7 million and the AFDL-21 for $1 million. But the company decided not to sell the docks to be able to expand its services. “With these two dry docks, we are now able to serve a wider range of vessels and aim to be one of the leaders in the Philippine ship repair industry,” Bondoc said. “Our vision is to be a world-class provider of ship repair, overhauling, installation, fabrication, and port general services.”
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