The Maritime Administration has approved in principle an application by G&A Limited I & II, Houston, for a Title XI guarantee to aid in financing construction of three jackup drilling rigs. Two vessels will be owned by G&A I and the other by G&A II.

The rigs are mat-supported and are capable of drilling in water up to 200 feet. They will be operated on the U.S. continental shelf. Bethlehem Steel Corporation, Baltimore, is the builder.

The Title XI guarantee covers $64,070,000 or 75 percent of the estimated cost of $85,428,600.