(KRON) -- Mare Island Dry Dock (MIDD) will terminate all of its employees as it permanently closes its facility in Vallejo, city officials announced Wednesday. The commercial dry dock company has been in operation since 2013 and employs more than 80 full-time union and non-union workers. MIDD, whic h offers repair services to the maritime industry, said the closure is due to “unforeseen business circumstances,” according to the City of Vallejo. MIDD reported that it had lost a U.S. Coast Guard contract, which had an immediate impact on the company’s financial stability. “Despite efforts to secure additional financing and contracts, MIDD determined that continuing operations was no longer viable,” city officials wrote. The old ferry boat Sherman is dismantled and scrapped at Mare Island Dry Dock in Vallejo, Calif. on Friday, Dec. 13, 2019. (Photo By Paul Chinn/The San Francisco Chronicle via Getty Images) The City of Vallejo said it is helping the dozens of employees who are out of a job to transition to new opportunities. “The City of Vallejo has coordinated with the Solano County Workforce Development Board to ensure workers have timely access to job search assistance, retraining programs, and other resources,” officials wrote. MIDD was called a “significant contributor” to the local economy. ...read more read less