Zapata Corporation of Houston announced that an agreement has been signed for the sale of its four products tankers to a subsidiary of Ogden Corporation for $89.5 million. The amount includes $52.3 million cash and $37.2 million in assumption of debt. Zapata said that its net gain after tax from the transaction would be approximately $13.7 million in the quarter ended March 31, 1981. The sale is subject to certain regulatory clearances and approval by the boards of directors of both companies.
The four U.S.-flag, 35,000-dwt tankers involved in the transaction are the diesel-powered Zapata Courier, Zapata Patriot, Zapata Ranger, and Zapata Rover, which transport bulk cargoes, including refined petroleum products and crude oil. They were delivered by Todd's San Pedro yard in 1976-77. The transaction will terminate Zapata's involvement in the bulk shipping business.