Deputy Assistant Secretary for Maritime Affairs Bruce A. McAllister has approved in principle an application by Newpark Offshore Marine, Inc., 908 Front Street, Morgan City, La., for a Title XI guarantee to aid in refinancing an oceangoing deck barge. (Newpark Offshore, a subsidiary of Newpark Resources, Inc., was formerly known as F & S Offshore, Inc.)
The 250-foot-long barge, built by Newpark Shipbuilding & Repair, Houston, Texas, in 1979, is employed in the carriage of oilfield related equipment in the Gulf of Mexico.
The Title XI guarantee covers $1,418,000, or approximately 87½ percent of the vessel's $1,621,455 estimated depreciated actual cost.