The Maritime Administration has approved in principle an application by Houtech Limited I, Houston, for a Title XI guarantee to aid in financing the construction of two jackup offshore workover and drilling vessels.
The rigs are mat-supported and capable of drilling in water up to 73 feet deep. They will be operated primarily in the Gulf of Mexico. The builder, Bethlehem Steel Corporation, Beaumont, Texas, expects to deliver both vessels by next November.
The total Title XI guarantee for the two vessels covers $20,600,000, or slightly less than the allowable 75 percent of their $28,176,000 combined estimated cost.