“SY SEE nanat Ls 3

Classifieds 986-6222

NEWS Mika Wakefield

Father Kilty Run-a-thon

STUDENTS OF Holy Trinity School ran a 10-kilometre course on Thursday to raise funds for
cancer research and school projects. Over the 10 years of its existence the Father Kilty
Run-a-thon (named after the founder of the school) has contributed over $32,000 to research.

pats teh aia Lett

REACHING

Carol Crenna on
Chanel for fall

Fashion: 15

Local consortium ir: $15.8M
deal to keep Versatile dock

B.C.’S AILING shipbuilding industry received a major fi-
nancial shot in the arm this wees when the federal and
provincial povernments, along «with a North Vancouver-
based shipbuilding consortium. finally reached an agree-
ment to keep Versatile Pacific Shipyards’ (VPSI) $60-
million floating Panamax dry dock in the Port of Van-

couver.

The three parties will spend
total of $15.8 million to purch «ce
the dry dock.

According to Mark McQueen,
spokesman for Capilano Howe
Sound MP Mary Collins, Versatile
will receive $7.5 million. which is
what VPSI owes to the Hongkong
Bank of Canada. The remainder
of the $15.8 million «ill be used
in the operation and marketing of
the dry dock.

As part of its pian to pay off a
long list of creditors, Versatile had
Proposed selling the dry dock to
an unnamed Asian buyer for
$14.8 million or selling it to the
federal government for $7.5 mil-
lion.

The federal government, which
initially invested over $28 milion
in the dry dock, has now agreed
to sink another $8 million into the
facility; the provincial government
will contribute $6 million; and the
Vancouver Drydock Co., a ship-
building consortium headed up by
North Vancouver-based Seaspan
International Ltd. and = Allied
Shipbuilders Lid., will add
another $1.8 million.

Under the terms of the agree-
ment the dry dock will be
Operated by the consortium in the
Port of Vancouver. The federal
government will not participate in
the management or operations of
the dry dock.

Vancouver Port Corp. chairman
Patrick Reid said Friday that the
deal to purchase the dry dock also
includes the sale of the surroun-
ding infrastructure at VPSI.

**We have the dry dock, the
pier, the cranes and the sheds. We
have the whole kit and caboodle,”’
said Reid.

He added that the dry dock will
remain in its present North Van-
couver location: ‘Everything is
included. The consortium = can
start work tomorrow if it wants."'

He added that the next step for
the consortium, and the Port of
Vancouver, will be to market the
dry dock. Reid said the amount of
business the dry dock attracts will
depend on the success of the sell-
ing job,

Mary Collins said everyone in-
volved in the negotiations to keep
the dry dock in the Part of Van-
couver worked hard.

“There's been an awful lot of
work done on this and I'd like to
pay special credit to the unions
who have made concessions,”*

By Surj Rattan

News Reporter

Collins said Friday. ‘The agree-
ment reaffirms our commitment
to keeping the dry dock in the
Port of Vancouver as a key step
in maintaining and enhancing
Vancouver's reputation as a
world-class port.”

She added that it was not easy
to convince her cabinet colleagues
to shell out another $8 million for
the dry dock.

Asked if she will now lobby Or.
tawa to give B.C. more ship-
building and ship repair work to
B.C., Collins replied:

“It doesn’t really work chat
way. People have to bid on pro-
jects and come in with low bids.
That's not really something you
can influence."’

B.C. Finance

44 We have the
whole kit and
caboodle. 99

- Vancouver Port Corp.
chairman Patrick Reid

Minister John

Jansen called the dry dock agree-
ment ‘ta prudent investment."

Marine and Boilermakers In-
dustrial Union .president George
MacPherson called the move
‘tremendous news?’ for the B.C.
shipbuilding industry.

“We worked damn hard for
this. We expect they (consortium)
can now go out and market this
thing. The next stage in our
{union’s) campaign is to address
the workers who have been
displaced,’’ said MacPherson.
“We see a great potential for the
shipbuilding industry here.”’

But Malcolm) McLaren, con-
tracts manager for Allied Ship-
builders, said the dry dock will
not revive the shipbuilding —in-
dustry in BC.

“This will have fiule effect on
shipbuilding. Shipbuilding has
declined. There isn't a great de-
mand for what we build.’ said
MeLaren. “What this does is der
the local iadustrs chase the ship-
repair market."

R ON THE NORTH SHORE SINCE 1969