Mar Ad Approves Offshore Logistics Title XI Guarantee

Deputy Assistant Secretary- Samuel B. Nemirow, U.S. Department of Commerce, Maritime Administration, has approved in principle the application by Offshore Logistics, Inc., 1001 Pinhook Road, Lafayette, La., for a Title XI guarantee to aid in financing the construction of four 210-foot, ocean towing vessels.

Offshore Logistics has arranged for sale-lease financing, using Continental Illinois National Bank and Trust Company as owner trustee. The owner trustee will own the vessels for the benefit of Continental Illinois Leasing Corp., which will bareboat charter the vessels to Offshore Logistics. The charters will be for 25 years on a "Hell and High Water" basis.

The vessels are being constructed by J. Ray McDermott & Co., Amelia, La. They are rated at 2,900 horsepower, and will have a service speed of 12 knots.

Offshore Logistics will employ the vessels initially in the Gulf of Mexico, and later off the U.S.

Atlantic Coast. They will be operated by an affiliate of the company.

The estimated actual cost of each vessel is approximately $3,350,000. The Title XI guarantee will cover 87% percent of the actual cost.

Maritime Reporter Magazine, page 11, Jul 1978

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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.