The shipyard in Victoria was started by William Bullen in 1893 as a marine railway for hull repairs. The business grew and when Mr. Bullen suffered a stroke, the company was sold to Yarrow & Co. of Scotland just before WW1. The shipyard continued to expand and constructed a number of frigates and other ships during WW2. During the seventies, with shipbuilding on the decline, they took on a variety of non ship-related work to remain viable. The company passed through several investors hands until it was closed in 1991.
A short comprehensive history of The Yarrows Ltd. Shipyard here.