The Maritime Administration has approved in principle an application by Marsea Marine Seven-Ten, Inc., New Orleans, to aid in financing the construction of four 3,900-bhp tug/supply vessels.
The vessels are expected to work in the coastwise or foreign trade of the United States to aid in offshore exploration for oil and gas. Quality Shipyards, Inc., Moss Point, Miss., is the proposed builder of the vessels, all scheduled to be delivered this year.
The Title XI guarantee covers $13,440,000 or 87 1/2 percent of the estimated cost of $15,364,392.