Title XI Amendment Approved By Mar Ad For Drilling Barges

U.S. Department of Commerce, Maritime Administration Deputy Assistant Secretary Samuel B.

Nemirow has approved an amendment to a Title XI guarantee to aid in financing the construction of two posted drilling barges. The amendment to the agreement with Inland Wells Service, Inc., 1930 South State Street, Abbeville, La., extends the economic life of each of the vessels to 25 years, and reflects an increase in their actual costs.

On June 29, 1978, Mr. Nemirow approved in principle Inland's Title XI application. The estimated actual cost of each vessel at that time was approximately $4.4 mil- The Wager Inverted Vent Check Valve Sizes 1V21' to large 12" Also supplied with covers.

lion. Due to cost increases, the figures have been revised to approximately $5.1 million for one rig, and $5.4 million for the other.

Originally, the economic life of each of these vessels was set at 20 years. However, Inland reserved the right to appeal this decision, because they believed they could marshal evidence showing that the vessels would be capable of achieving a longer economic life. After subsequent meetings between Inland and the Maritime Administration, the change was approved.

The barges will be used in shallow inland water areas in the exploratory drilling or workover markets.

Maritime Reporter Magazine, page 16, Nov 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.