Calship Receives Loan To Finance Improvements
Ocean Science and Engineering, Inc., 1601 Water Street, Long Beach, Calif. 90802, has announced that it had completed arrangements for a $500,000 term loan from its parent, Berry Enterprises, Inc. The loan will be secured by a pledge of the stock of its subsidiary, California Shipbuilding and Dry Dock Company (Calship), and proceeds will be used to finance capital improvements underway at the shipyard, and for working capital.
Calship is engaged in a major facilities improvement program. During the past six months, the company has added three drydocks, thereby increasing vessel lifting capacity from 2,500 tons to an aggregate of 7,300 tons. The added drydocks also provide greater flexibility in meeting customer reauirements for marine repair and overhaul services. "The added facilities will increase the company's ability to handle commercial business, including tugs, barges, fishing boats and supply boats for the offshore petroleum industry," according to A.A. Walker, president of Calship. He stated that "The company is de-emphasizing marine repair work for agencies of the United States Government, because of continuing losses incurred in such work and difficulties in contract administration." Calship and a predecessor company have operated a ship repair yard on West Water Street in the City of Long Beach since 1908, which is the oldest commercial establishment in the Long Beach harbor area. In addition to its ownership of 100 percent of the stock of Calship, Ocean Science and Engineering, Inc. owns T&H Compressor Repair Company which sells equipment and services to the petroleum industry in California, and Texas Compressor Company which performs similar services in Houston, Texas.