I knew a guy who had bought a smallish Zodiac SIB, and ran it through a barbed wire fence on the way home. Had it repaired, patches and and evidence of stitching everywhere, made it look like Frankenstein's dinghy. He ran it for several years like that though, and as far as I know he had no other problems with it.
So, yeah, it can likely be repaired, but the economy of repair vs replace is kind of up to you.
jky
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