Crutcher Amends License Agreement With Brown & Root

Crutcher Resources Corporation, P.O. Box 3227, Houston, Texas 77001, has announced it has signed an amended license agreement with Brown & Root, Inc. on Brown & Root's rights to use CRC's automatic welding system in marine operations.

Don H. Hartmann, president of Crutcher Resources, said the amendments provided for a $200,- 000 minimum annual advance rental per barge and increased rental charges per weld, due to inflationary costs and increasing pipe wall thickness.

Mr. Hartmann said Brown & Root has committed to a six-barge program for 1974, which guarantees the company a minimum revenue stream of $1.2 million from Brown & Root. Crutcher will receive additional rental payments from each barge that generates revenues in excess of the $200,000 minimum advance.

The $1.2-million payment assures Crutcher Resources of an amount equal to approximately 200 miles of welding, which compares to 42 actual miles automatically welded in 1973.

Maritime Reporter Magazine, page 27,  Apr 1974

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.