The Maritime Administration has approved in principle an application from Houston Offshore Limited IV, a subsidiary of Houston Offshore International, Houston, for a Title XI guarantee to aid in financing the construction of a jackup drilling barge.
Bethlehem Steel Corporation, Sparrows Point, Md., was selected to build the 220-foot-long, mat-supported drilling barge. Delivery has been set for June 1, 1981. Houston Offshore Limited IV plans to use the barge along the U.S. Gulf Coast.
The approved Title XI guarantee amount of $21,607,000 represents 75 percent of the barge's $28,810,000 estimated actual cost.