Page 32: of Maritime Reporter Magazine (June 15, 1969)

Marine Operations Add To Texas Gas Growth The 12 months that have passed since Texas Gas Transmission Corporation expanded from a two-division company into one of five divisions have comprised the most important year in its history, W. M. Elmer, chairman and chief ex-ecutive officer, told stockholders at their annual meeting in New York City. He added to that a declaration that Texas Gas' "over-all long-term future is brighter than ever before." He supported his remarks with a review of operations of the company's five divisions?Gas Transmission Services, Inland Wa-terways Services, Trucking Serv-ices, Oil and Gas Exploration and Production, and Offshore Marine and Dredging Services. The Inland Waterways Services division, Trucking Services divi-sion, and Offshore Marine and Dredging Services division were added to the Texas Gas corporate operation on May 15, 1968 with merger of American Commercial Lines, Inc., into Texas Gas. Mr. Elmer described the Gas Transmission Services division of Texas Gas?the company's original division?as "the most important segment of our operations," having contributed 58 percent of the com-pany's net income in 1968, before interest and Federal income taxes. He told, however, that the new five-division operation of Texas Gas is a "cohesive force which will strengthen each of the divisions' operations." The Inland Waterways Services division of Texas Gas, in providing 19 percent of 1968 net income, be-fore interest and taxes, on 15 per-cent of net plant investment, was referred to as the second largest di-vision of the company. Growth of inland waterways freight service opportunities for the division's American Commercial Barge Line Company, further improvement of inland waterways, increases in vol-ume of imported goods to be moved on the inland waterways system, and anticipated permanent authori-ty to acquire a major operator serv-ing the Gulf Intracoastal Water-way were seen by Mr. Elmer as reasons for continued and greater profitability within the division. A modernization program being con-ducted at the shipyard of Jeffboat, Inc., also a part of the Inland Wa-terways Service division, will greatly improve that company's competitive position in the ship-building industry. The Trucking Services division of Texas Gas, which contributed 12 percent of the company's 1968 earnings, before interest and taxes, on 4 percent of net plant invest-ment, was reported by Mr. Elmer to be seen as having an excellent year in 1969. Operating results thus far in 1969 for companies in the Trucking Services division? Commercial Carriers, Inc., Ter-minal Transport Company, Inc., the N.S. Cordin companies, and Piggy-Back Leasing Corporation ?indicate they will make impor-tant contributions to the company during the year, Mr. Elmer said. The Oil and Gas Exploration and Production division, which con-tributed 7 percent of 1968 net in-come, before interest and Federal income taxes, on 6 percent of net investment, continues to operate successfully, according to Mr. El-mer. Operations by companies in the Offshore Marine and Dredging Services division?Crestwave Off-shore Services, Inc., and Bauer Dredging Company?were describ-ed by Mr. Elmer. He expressed great optimism about the future of Crestwave, which he said very suc-cessfully completed its first full year of operation in 1968. Crest-wave provides a broad range of services in offshore areas. It oper-ates two of the most modern drill-ing and workover rigs in the Gulf of Mexico, and also jointly owns and operates equipment used in in-stalling offshore gathering pipe-lines, platforms, and other produc-ing equipment necessary for the production and gathering of off-shore gas and oil. Bauer Dredging Company conducts dredging oper-ations in various locations, includ-ing rivers and harbors. It currently has three dredges in foreign wa-ters, Mr. Elmer said. LARGEST TANKER BUILT IN SPAIN and the first of three 148,622-dwt ships was launched recently by Astilleros de Cadiz, S.A. The 944-foot lOVi-inch Malago was ordered by Fletamentos Maritimos, S.A. The ship will be propelled by a Manises-Sulzer 12RD-90, 27,600-bhp diesel engine built by Astilleros de Cadiz. The yard has orders also for two 115,000-dwt and two 230,000-dwt tankers for foreign firms. The yard management also has announced plans to build tankers up to 330,000 dwt. The cross-channel ferry trip from Great Britain to France is being cut to 40 minutes by the British Hovercraft SR. N4. This Mountbatten class air cushion vehicle skims the water at speeds up to 65 knots while carrying 254 passengers and 30 automobiles. The Buehler Corporation, with its long established reputation for superb craftsmanship and total product integrity, was selected to pro-duce the large spiral bevel gear sets for the power transmission system of the prototype and production models of this amazing craft. The 130 ft., 397,000 lb. vessel uses 4 power transmissions with the precision gearing of each transmitting 3,400 S.H.P. Solving power transmission problems for high precision, high load applications like this is only one facet of The Buehler Corporation's expanding capabilities. Orientation to design, development, testing and production of complete power transmission systems is making Buehler a preferred source for many leading names in the aerospace, nuclear, marine and commercial products industries. When you need a full service source with facilities to handle the toughest problems, turn to The Buehler Corporation. ?THE BUEHLER CORPORATION 9000 PRECISION DRIVE, INDIANAPOLIS, INDIANA 46236 Total capabilities in power transmission systems design and manufacturing 34 Maritime Reporter/Engineering News