The Maritime Administration has approved in principle an application from Glendel Ltd. II for a Title XI guarantee to aid in financing an inland posted barge drilling rig. Glendel II is a limited partnership with offices in common with its corporate general partner, Glendel Drilling Company Inc., The Woodlands, Texas.

Built by Vemar, Inc., Channelview, Texas, the 190-foot by 50-foot drilling rig was delivered last December. The approved Title XI guarantee covers $6,835,000, or approximately 75 percent of the vessel's estimated depreciated cost of $9,114,449.