MarAd Approves Title XI Application For Guarantee Of Offshore Drilling Rig
Page 493 words
Finance / Government
The Maritime Administration approved in principle a Title XI guarantee application by Keyes Offshore, Ltd. V of Houston for a drilling rig being built by Litton's Ingalls Shipbuilding Division. The approved guarantee is $26,490,000 against an estimated cost of $35,320,554.
The Maritime Administration has approved in principle an application by Keyes Offshore, Ltd. V, Houston, Texas, for a Title XI guarantee to aid in financing a drilling rig.
The 180-foot by 175-foot vessel is being built by Litton Systems' Ingalls Shipbuilding Division, Pascagoula, Miss. The rig was designed for use in both exploratory and workover drilling situations, and is expected to operate in the Gulf of Mexico. The approved guarantee is for $26,490,000, or slightly less than 75 percent of the rig's $35,320,554 estimated actual cost.
