The Maritime Administration has approved in principle an application by Point Express, Ltd., Morgan City, La., for a Title XI guarantee to aid in the construction of three tug/supply vessels. Halter Marine, Inc., Moss Point, Miss., delivered the first of these 191-foot-long, 4,000-bhp vessels in December 1980. The remaining two are expected to be delivered by next June. All three are designed for use in coastwise or foreign trades that support the U.S. petroleum industry's offshore exploration for oil and gas.
The guarantee will cover $9,070,529, or 87½ percent of the vessels' $10,366,319 combined estimated depreciated actual cost.