The Maritime Administration has approved in principle an application by Gulfdrill Limited I for a Title XI guarantee to aid in financing a mat-supported, jackup drilling rig, Gulfdrill I. The mobile rig was specially designed and equipped for exploration drilling on the continental shelf of the United States. It was built by Bethlehem Steel Corporation.

The estimated actual cost of the rig is $22,695,400, with the approved guarantee to cover up to 75 percent of that amount, or $17,021,000.