Seal Asks Title XI On Six Tug/Supply Vessels To Cost $24 Million

Jun 1, 1981 Page 77 104 words

Government/Finance

Seal (GP), Inc. of Galveston has applied to MarAd for a Title XI guarantee covering $18 million of the $24-million cost of six 2,500-bhp tug/supply vessels, two of which will be built by Rysco Shipyard.

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Seal (GP), Inc., Galveston, Texas, has applied to the Maritime Administration for a Title XI loan guarantee to aid in financing the construction of six diesel-powered tug/supply vessels. The applicant is a subsidiary of Seal Fleet, Inc.

The 2,500-bhp tug/supply vessels are expected to be employed in the U.S. Gulf of Mexico. Rysco Shipyard, Inc., Blountstown, Fla., will build two of the vessels. The four remaining vessels have not yet been contracted for, but all six are scheduled to be delivered before December 1982.

If approved, the Title XI guarantee would cover $18 million, or 75 percent of the vessels' combined $24-million estimated cost.

Mentioned in this article

Company

Seal (GP), Inc. applicant, Galveston, Texas
Seal Fleet, Inc. parent company
Rysco Shipyard, Inc. shipbuilder, Blountstown, Fla.

Organization

Maritime Administration guarantor agency

Transcribed from the June 1981 print edition of Maritime Reporter & Engineering News. Text is OCR-derived and may contain errors.