Page 16: of Maritime Reporter Magazine (August 15, 1977)

Northwest Marine

Receives Major

Navy Contract

Portland, Ore.-based North- west Marine Iron Works has started overhaul of the USS Lang under a $6.02-million contract.

The Lang will be in Portland through May of 1978 undergoing hull repair and a major upgrad- ing of its electronic and weapons systems.

It is the second vessel in the

Navy's FF class to undergo a major overhaul by Northwest

Marine Iron Works in the past year. The Lang's sistership, the

USS Stein, received a sonar dome and sewage installation system under a $6-million contract to

Northwest Marine Iron Works in 1976.

Due to be installed on the Lang are an improved communications system, radar, sonar (excluding the dome) unit and weapons.

The Lang, which was built in 1966, is designed for antisubma- rine warfare. The vessel is 438 feet long with a beam of 46 feet.

It will be in drydock for 40 days.

Northwest Marine Iron Works

Marine Division specializes in ma- jor vessel repairs, ship conver- sions and new barge construction.

Bergeron Industries

Name Bernard Larmann

Technical Director

Bernard H. Larmann

William T. Bergeron, executive vice president of Bergeron In- dustries, Inc., has announced the appointment of Bernard H. (Benny) Larmann as technical di- rector.

Mr. Larmann, an experienced marine engineer with 24 years in the shipbuilding industry, was in- volved with offshore oil-field trans- portation equipment, crewboats, tugs, supply and research vessels.

He attended both Louisiana State

University and Tulane University, and is an active member of The

Society of Naval Architects and

Marine Engineers.

Bergeron Industries has offices located in St. Bernard, La., with shipbuilding and repair facilities at Braithwaite, La., on the Missis- sippi River.

Genstar To Purchase

Gulf Of Georgia Towing

Genstar Limited, Montreal, Can- ada, has announced that it has signed an agreement to purchase all of the outstanding shares of

Gulf of Georgia Towing Co. Ltd. of Vancouver, subject to obtain- ing approvals from necessary gov- ernment or regulatory authorities.

Gulf of Georgia Towing Co. op- erates tugs and barges along the

Pacific Coast and is wholly owned by James S. Byrn of Vancouver.

Total purchase price has not been disclosed, but includes cash and

Genstar common stock.

Gulf of Georgia's marine equip- ment, including 15 tugs and 57 barges, will complement Genstar's

West Coast Seaspan International fleet by providing a broader range of equipment and greater flexibil- ity in scheduling service to cus- tomers of both companies from

Mexico to Alaska.

Genstar Limited, headquartered in Montreal, is a diversified oper- ating company which manufac- tures cement, building materials, chemicals and fertilizers, and is engaged in housing, land devel- opment, commercial property de- velopment and management, construction, tug and barge trans- portation, shipbuilding and ship repairs, import-export of indus- trial minerals, and venture capital investment.

NEW ISSUES

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

The offer is made only by the Offering Circular. $200,000,000

United States Government Guaranteed

Ship Financing Notes and Bonds, Series B consisting of $ 9,080,000 of 7 % Sinking Fund Notes $ 7,196,000 of 7V4% Sinking Fund Notes 8,312,000 of 71/2% Sinking Fund Notes 9,639,000 of 75/s% Sinking Fund Notes $ $ $165,773,000 of 8 % Sinking Fund Bonds

Patriot I Shipping Corp.

Patriot II Shipping Corp.

Patriot III Shipping Corp.

Patriot IV Shipping Corp.

Patriot V Shipping Corp.

Principal

Amount of

Series B 7% Notes $1,589,000 $1,589,000 $2,497,000

SI,135,000 82,2 70,000

Principal Amount of

Series B 7'/, % Notes 81,259,000

SI,259,000 81,979,000 8 899,000

SI,800,000

Principal Amount of

Series B 7»/ 2% Notes 81,455,000 81,455,000 82,285,000 81,039,000 82,078,000

Principal Amount of

Series B 7%% Notes

SI,687,000 81,687,000 82,651,000

SI,205,000 82,409,000

Principal Amount of

Series B Bonds 829,010,000 829,010,000 845,588,000 820,722,000 841,443,000

To be issued to aid in financing the construction of five LNG tankers built for the performance of certain charters referred to in the Offering Circular.

Payment of principal and interest will be guaranteed by the United States of America under Title XI of the Merchant Marine Act, 1936, as amended, which expressly provides that: "The full faith and credit of the United States is pledged to the payment of all guarantees made under this title with respect to both principal and interest, including interest, as may be provided for in the guarantee, accruing between the date of default under a guaranteed obligation and the payment in full of the guarantee."

The Series B 7% Notes, the Series B 7!4 % Notes, the Series B 7%% Notes, the Series

B 7%% Notes and the Series B Bonds of each Company will mature 3 years, 5 years, 7 years, 9 years and 25 years, respectively, from the Transition Date for its Vessel.

Price 100% (Interest from the date of issue)

Copies of the Offering Circular may be obtained in any State in which this an- nouncement is circulated only from such of the underwriters as may legally offer these securities in compliance with the securities laws of such State.

Lazard Freres & Go.

The First Boston Corporation

Salomon Brothers

Bache Halsey Stuart Shields

Incorporated

Drexel Burnham Lambert

Incorporated

Kidder, Peabody & Co.

Incorporated

Paine, Webber,"Jackson & Curtis

Incorporated

Smith Barney, Harris Upham & Co.

Incorporated

Bear, Stearns & Co.

Goldman, Sachs & Co.

Blyth Eastman Dillon & Co.

Incorporated

Hornblower, Weeks, Noyes & Trask

Incorporated

Kuhn Loeb & Co.

Incorporated

Reynolds Securities Inc.

Lehman Brothers

Incorporated

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

Warburg Paribas Becker

Incorporated

Dillon, Read & Co. Inc.

E. F. Hutton & Company Inc.

Loeb Rhoades & Co. Inc.

Schroder Trust: Company

White, Weld & Co.

Incorporated

Dean Witter & Co.

Incorporated

Shearson Hayden Stone Inc.

Wertheim & Co., Inc.

L. F. Rothschild, Unterberg, Towbin

Alex. Brown & Sons Discount Corporation of New York F. Eberstadt & Co., Inc.

Ladenhurg, Thalmann & Co. Inc. Moseley, Hallgarten & Estabrook Inc.

Oppenheimer & Co., Inc. Wm. E. Pollock & Co., Inc. R. W. Pressprich & Co. Stuart Brothers

Weeden & Co.

Incorporated

Faulkner, Dawkins & Sullivan, Inc.

R .

Incorporated

Thomson McKinnon Securities Inc. Tucker, Anthony & R. L. Day, Inc. Wood, Struthers & Winthrop Inc.

American Securities Corporation

A. G. Edwards & Sons, Inc.

McDonald & Company

Rotan Mosle Inc.

July 18,1977

Arnhold and S. Bleichroeder, Inc. Bateman Eichler, Hill Richards

Incorporated

Howard, Weil, Labouisse, Friedrichs Loewi & Co.

Incorporated Incorporated

Piper, Jaffray & Hopwood Rauscher Pierce Securities Corporation

Incorporated

Stifel, Nicolaus & Company Underwood, Neuhaus & Co.

Incorporated Incorporated | 16 Maritime Reporter/Engineering News