Page 10: of Maritime Reporter Magazine (July 15, 1974)

$600-Million Loan

From 18 Banks For

Sohio Alaska Pipeline

A $600-million revolving credit and term loan agreement has been entered into by

Sohio Pipe Line Co., a wholly owned sub- sidiary of The Standard Oil Co. (Ohio), with

The Chase Manhattan Bank, N.A., as agent, and 17 other U.S. banks. The funds will be used for financing, in part, Sohio's share of construction costs of the Trans-Alaska Pipe- line System.

The two-part agreement makes $200 mil- lion available immediately and the $400- million balance available during the three- year period from April 1, 1975 through

April 1, 1978. The revolving credit is con- vertible into a term loan at April 1, 1978, or upon completion of TAPS, if earlier.

Sohio and bank officials say the financing represents one of the largest domestic oil transactions of this type ever entered into by commercial banks in the U.S.

Construction on the road necessary to lay- ing the pipe began at the end of April. Com- pletion of the 789-mile line is scheduled for mid-1977.

Banks participating in the agreement in addition to The Chase Manhattan Bank are

First National City Bank, Bank of America

National Trust and Savings Association,

Chemical Bank, Manufacturers Hanover

Trust Company, Morgan Guaranty Trust

Company of New York, Bankers Trust Com- pany, Security Pacific National Bank, Con- tinental Illinois National Bank and Trust

Company of Chicago, The First National

Bank of Chicago, Irving Trust Company,

Marine Midland Bank-New York, Seattle-

First National Bank, and five Cleveland banks—The Cleveland Trust Company, Na- tional City Bank, Central National Bank of

Cleveland, Society National Bank of Cleve- land, and Union Commerce Bank.

Submerged Oil Spill Fence

Can Surface When Needed To

Contain Oil At Tanker Berth

Fast and effective containment of oil spills is now possible through a new "submersible" oil-fence technique. Exclusively sold in the

U.S. by Lord Corporation, Erie, Pa., the fence was developed and built by Bridge- stone Tire Co., Ltd., Japan. Lord will mar- ket the fence through Lord Kinematics ma- rine systems sales offices located in major coastal areas. Lord Kinematics also markets

Bridgestone fenders and marine hose.

The "floating-submerging" concept en- ables users to store the fence on the ocean bottom when not in use, then float it into position as needed around a tanker berth.

The new approach to surface oil confinement involves a flexible rubber skirt supported by two air-filled hoses. The skirt extends above and below the surface, with rigidity supplied by fiberglass (FRP) at 10-inch intervals.

The fence is anchored to the bottom at fixed points of a parameter around a berth- ing facility. When not needed, the fence may be sunk in 10 to 30 minutes by bleeding off the air. Refloating takes 18 to 30 minutes, depending on depth of water and air-com- pressor output.

At one installation on Okinawa, Gulf

Asian Terminal, Inc. employs a fence 4,350 feet (1,318 meters) in length. From an ocean floor depth of 116 feet (35 meters) they sur- face the entire length in 30 minutes.

Final design of the fence was accomplished after months of on-site testing of prototypes under various extremes of weather and sea conditions. Containing the surface oil with- out loss either over or under the fence dur- ing severe weather was a basic requirement.

In addition, the fence design had to be ex- tremely durable, easy to handle, and quickly raised or lowered. During testing, electronic sensors were used to monitor the external forces acting on the fence. Wave height, wind, current velocity and flexibility of the skirt were all factors in the ability of the fence to ride the waves smoothly without creating escape points for the oil. The flexi- bility of the skirt was gained by a 10 per- cent increase in skirt length beyond the hose length.

Lord Kinematics is an operating unit of

Lord Corporation, a technology-based firm with headquarters at 1635 West 12th Street,

Erie, Pa. 16512.

In addition to marketing offices and dis- tributors in over 40 countries around the world, Lord Corporation has manufacturing facilities in the United Kingdom, Mexico,

Japan and Brazil.

Maritime Reporter/Engineering News 0. A. R. N.

OFFICINE ALLESTIMENTO E. RIPARAZIONI NAVI LTD.

SHIP REPAIRS-GENOA, ITALY (Fincantieri Group)

Overhauls and repairs of any kind and size of main and auxiliary engines (steam turbine, diesel and electric).

Hull Repairs and Conversions.

O. A. R. N.

P.O. BOX N. 1395 GENOA, ITALY 16100

CABLE MO LOG IA NO GENOA, Telex 27090 OARN, Telephone 292541

U.S.A. CORRESPONDENT

JAMES R. PORTER, 250 Pork Ave., Suite 322, New York, N.Y. 10017

Tel. Code 212-986-2278; Telex 421474 PORTER 12