Merit Five Drilling Ltd., a subsidiary of Merit Drilling Company, Houston, has applied to the Maritime Administration for a Title XI guarantee to aid in financing the construction of a posted drilling barge capable of drilling to 25,000 feet.
United States Steel Corporation, Orange, Texas, is building the barge, which is to operate on the U.S. Gulf Coast. Delivery is scheduled in July this year. If approved, the Title XI financing would cover $8,625,000, or 75 percent of the estimated cost of $11,500,000.