Increased Cost Of Tug/Supply Vessels Approved By Mar Ad

The Deputy Assistant Secretary, U.S. Department of Commerce, Maritime Administration, has approved increases in the actual costs of three ocean tug/ supply vessels financed with the aid of Title XI mortgage guarantees.

The increases are the result of construction delays, additional escalation resulting from employee raises at the shipyard, and various changes, extras and owner-furnished items.

The three vessels—the Ocean Fin, Ocean Tarpon, and Ocean Bonita—are part of a group of eight being built for Ocean Marine Services, Inc. Guarantee closings already have been held for the other five vessels.

The maximum amount of the guaranteed obligations for the three tug/supply vessels has been increased by $2,198,014 to $14,- 132,337. That guarantee represents 87y2 percent of the estimated actual cost of the vessels.

The shipowner has indicated that the vessels will be placed in operation off the East Coast of the United States.

Maritime Reporter Magazine, page 4,  Jul 1978 California

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