Zapata And Dutch Firm To Build And Operate U.S.-Flag Dredges

Zapata Corporation, Zapata Tower, P.O. Box 4240, Houston, Texas 77001, and Bos Kalis Westminster Group N.V. of Holland have announced that they have reached agreement to form a joint venture to pursue the design, construction and operation of U.S.- flag hopper dredges.

Zapata said that the new venture, to be named Zapata Westminster Dredging, Inc., will complete the design of a self-propelled, trailing suction hopper dredge of 5,200-cubic-yards capacity, so that bids can be solicited from American shipyards for the initial vessel's construction. The company said that Zapata already has made an application to the U.S.

Maritime Administration (MarAd) for government-guaranteed financing for a hopper dredge project, and that final commitment to construct the vessel would be contingent upon MarAd approval on acceptable terms.

William H. Flynn, Zapata Corporation chairman and president, said that if construction is authorized, Zapata Westminster would operate the vessel in U.S.

waters.

"We believe that private companies can provide worthwhile services in this sector of the dredging industry," Mr. Flynn stated. "The need for hopper dredging has grown due to the increasing size of ships, which requires deeper channels and other port improvements in addition to normal harbor maintenance.

Private industry has developed advanced equipment and technology in recent years which assure greater dredging productivity with reduced environmental impact," he added.

Mr. Flynn explained that with the exception of one unit now being built for another company, no self-propelled hopper dredge has been constructed in the United States for more than 10 years, and that existing Army Corps of Engineers vessels have an average age of approximately 27 years.

A New Orleans, La.-based Zapata subsidiary, Williams-McWilliams Co., Inc., will provide management services under contract to Zapata Westminster. Williams- McWilliams has been dredging on the Gulf Coast and Mississippi River for more than 80 years. In addition, Williams is involved in marine and offshore construction, and operates SEMAC I, a large semisubmersible pipelay barge now in the North Sea.

Bos Kalis Westminster Group is a Netherlands-based corporation with broad international operations, including dredging, construction and engineering interests.

Its dredging fleet is believed to be the largest and most comprehensive in the world.

Zapata Corporation (NYSE) provides diversified natural resource services and products around the world. In addition to its dredging and other construction operations, Zapata's businesses include offshore drilling, marine services, petroleum exploration, bulk shipping; coal and copper mining; menhaden, anchovy and tuna fishing, and fisheries development.

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