They’ve signed a five-year deal with BC Ferries and are looking to build $50M graving dock.

Mark Collins, BC Ferries’ President and CEO (far left) and Ian Maxwell, President and CEO Ralmax Group of Companies, owners of Point Hope Maritime (far right) oversee the signing of the contract by Mark Wilson, BC Ferries’ Vice President of Engineering (centre left) and Riccardo Regosa, General Manager Point Hope Maritime (centre right). (Photo by Point Hope Maritime)

One of Victoria’s local shipyards has signed a long-term deal with BC Ferries that could be worth millions of dollars.

Point Hope Maritime Ltd. has entered into a five-year supply agreement with the Crown corporation for scheduled dry-docking, maintenance, repairs and other services for eight vessels:

Kahloke, Klitsa, Kuper, Kwuna, Nicola, Nimpkish, Tachek and Quadra Queen II.

As the company has expanded over the years, Point Hope can now accommodate up to six vessels in the yard, with the ability to have others moored nearby to be serviced afloat. They employ up to 200 workers in ship repair and maintenance services, but also hope that number will soon increase.

Point Hope is hoping to further expand their facility by building a $50 million graving dock and double their current workforce. They are currently awaiting federal approval.

BC Ferries could further benefit from the new graving dock as it does not have its own dry-docking facilities and instead sources this work out to various companies in the Greater Victoria and Greater Vancouver areas.

Over the past decade, the company says it has spent approximately $1 billion at Seaspan’s Vancouver Shipyards, Vancouver Dry Dock, Esquimalt Drydock Company, the Esquimalt Graving Dock, and Allied Shipbuilders.

They’ve already stated they plan to make around 20 scheduled dry-dockings over the span of the five-year contract, which will contribute millions of dollars in supporting local employment and services in Victoria.

The public has a chance to visit the Point Hope shipyard this weekend during the Vic West Street Fest on Sunday from 10 a.m. to 3 p.m.