Title XI Granted For Drill Rig Cheyenne Total Cost $32.6-Million
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Finance
MarAd approved in principle a Title XI guarantee of $24,472,000 for Tidelands II, Inc., a Temple Drilling subsidiary, toward the $32,630,000 jackup drilling rig Cheyenne being built by Bethlehem Steel at Sparrows Point.
MarAd has approved in principle an application by Tidelands II, Inc., a wholly owned subsidiary of Temple Drilling Co., Houston, Texas, for a Title XI loan guarantee to aid in financing construction of the offshore jackup drilling rig Cheyenne.
The 220-foot rig, which can drill in water 12 to 200 feet deep, is being built by Bethlehem Steel Corp., Sparrows Point, Md. The vessel is scheduled to be delivered by April 1982. Plans call for it to operate initially in the Gulf of Mexico. The Title XI guarantee amounts to $24,472,000, or roughly 75 percent of the vessel's $32,630,000 estimated actual cost.
Mentioned in this article
Company
Tidelands II, Inc.rig owner; Temple Drilling subsidiary
Temple Drilling Co.parent company, Houston, Texas
Bethlehem Steel Corp.builder, Sparrows Point, Md.
Organization
MarAdMaritime Administration
Vessel
Cheyenneoffshore jackup drilling rig
GeoLocation
Gulf of Mexicoinitial operating area
Transcribed from the December 15, 1981 print edition of Maritime Reporter &
Engineering News. Text is OCR-derived and may contain errors.
