USA – Southwest buys Norshipco

San Diego`s Southwest Marine officially acquired the Norfolk, VA shiprepairer Norshipco on October 1. This gives Southwest significant repair capacity on both coasts. Terms were not disclosed, but Norshipco has not been operating profitably.

Southwest`s annual revenues will rise to approximately $400 million following the deal. It now has facilities in San Diego, San Pedro and San Francisco (San Francisco Drydock) in California, Ingleside Texas, and Norfolk, Virginia. The group is focused primarily on naval repair work, though Norshipco had been working to attract more commercial business in recent years to offset the decline in naval spending.