Houtech Limited IV, a subsidiary of Houtech Well Service, Inc., both of Houston, has applied to the Maritime Administration for a Title XI guarantee to aid in financing the construction of a 120-foot, jackup workover/drilling rig intended for operation in the Gulf of Mexico. Bethlehem Steel, Beaumont, Texas, is the proposed builder, with delivery scheduled for September 1982.
The requested guarantee is for $12 million, or up to 75 percent of the $16,632,000 estimated cost of the rig.