Southern Drilling Company, a subsidiary of Marine Drilling Company, Corpus Christi, Texas, has applied to the Maritime Administration for a Title XI guarantee to aid in financing the construction of two jackup drilling rigs. Being built by Bethlehem Steel, Beaumont, Texas, the two rigs are scheduled for delivery in September and November this year. They are intended for operation in the Gulf of Mexico.

The estimated cost of the two drilling rigs is $55,127,000. The requested guarantee is for $38,000,000, which is less than the 75 percent financing guarantee for which the rigs are eligible.