Page 16: of Maritime Reporter Magazine (September 1969)

Tidewater Marine To Spend $21-Mil lion On Marine Equipment Tidewater Marine Service. Inc.. will spend $21-million in the next 17 months on new vessels and re-lated marine equipment. John P. Laborde, president, told shareholders at the corporation's annual meeting in New Orleans that the expansion program will be accomplished in four phases, the first of which has begun. Construc-tion already started or vessel con-tracts due to be let in the immedi-ate future are valued at $13,645,000. Tidewater Marine is primarily engaged in providing marine trans-portation to the offshore oil and gas industries on a worldwide basis. During the fiscal year ended March 31, 1969, the company realized net earnings of $5,If7.000 on gross rev-enues of $47,513,000. In addition to the immediate vessel building program, the com-pany is presently spending $1.8-million on up-dating and convert-ing existing equipment and facili-ties, including expanded mainte-nance facilities at Tidewater's op-erational headquarters in Morgan City, La. Additional expenditures totaling Telephone or write for full details on the most versatile and efficient couple-able chassis in the industry. An executive account manager will immediately be at your service. Telephone (205) 897-2241 DORSEV TRAILERS ALABAMA A Subsidiary of The Dorsey Corporation 20-foot chassis operates on either one or two axles. In tandem opera-tion, hangers automati-cally lock into a load-equalizing suspension. EXTEND WHEELBASE TO CARRY MAXIMUM WEIGHTS HAUL FLATS, GONDOLAS, TANKS OR COMBINATIONS $:.7-million will be made for constructing new utility vessels, barges, tugs, and extremely high horsepower cargo-towing vessels to be used in domestic and foreign operations. Of the above amounts, approxi-mated $7.2-million of construction will be clone in foreign countries where Tidewater Marine is present-ly operating. Mr. Laborde said the expansion program will be financed through internal cash generation and bank-borrowing, with the bulk of invest-ment concentrated in larger cargo ve-^els and tugs. The comnany's present policy of diversification will be continued, said Mr. Laborde, with particu'ar attention given to areas outside the field of marine transportation. Re-elected to membership on the beard of directors for one year terms were Mr. Laborde, Damon P. Bankston, Emile Z. Berman, Tohn F. Bricker, David B. Graf, Peter V. Guar'sco, Kenneth E. Hill, C. E. Laborde Jr., Carl S. Petty, John E. Pottharst Jr., Warren M. Shaple'gh, and Burch Williams. Immediately following the share-holders meeting, the board met and re-elected John P. Laborde as chairman and president. Also re-elected were Mr. Bankston as ex-ecutive vice-president; Sam S. All-good, vice-president for sales ; Wi!-l;am E. Bright, vice-president, manager U.S. Gulf Coast; Fred-erick H. Culver, vice-president, as-sistant manager U.S. Gulf Coast; F. J. Deutschmann vic?-pr°sident. administrative; A. Howard Hogue, vice-president, U.S. West Coast; Richard A. Philippi, vice-president and treasurer; Uawddy Williams, vice-president, South America, and C. E. Laborde Jr, secretary and general counsel. Tidewater Marine Service, Inc. was organized in 1954 and paid its first cash dividend in 1962. It pres-ently operates almost 375 vessels in the U.S. and abroad and has ap-proximately 4,500 shareholders. Newport Mews Awards Subcontract On DLGWs To Nuclear Service Co. A subcontract valued at over $3-million has been awarded to the Marine and Industrial Design Divi-sion of Nuclear Service and Con-struction Company by the Newport News Shipbuilding and Dry Dock Company cf Newport News, Va., a subsidiary of Tenneco, Inc. The subcontract involves certain non-nue'ear engineering and design work for two nuclear-powered Xavv frigates, DLGN-35 and DLGN-37, which are being con-structed by the Virginia shipbuild-er. William O. Whitaker, general manager of the Marine and Indus-trial Design Division at Camden, N.I., stated that the subcontract will add two years to the Division's present backlog of work involving naval ships and commercial plant expansions. 18 Maritime Reporter/Engineering News DORSEY DX 20-40 IS THE ONLY COUPLE-ABLE CHASSIS THAT HAULS UNCOUPLED CONTAINERS AND DOES MANY MORE THINGS THE OTHERS CANT HAUL A SINGLE 20 - FOOT CONTAINER WHEN COUPLED -iH/fu/ 6e tied to a captive At/Aim (or hmdluuj 20-(t. wnMnm?