Huthnance Seeks Title XI On Two Jackup Barges To Cost $59.6 Million Total

Huthnance Drilling Company/ Vanguard I and Charger II, Ltd.

of Houston has applied to the Maritime Administration for a Title XI mortgage guarantee to aid in financing the construction of two jackup drilling barges.

The 180-foot by 180-foot, 10,- 848-dwt barge being built for Vanguard I by Ingalls Shipbuilding, Pascagoula, Miss., is scheduled for delivery by July 30, 1981.

Baker Marine Corporation of Ingelside, Texas, expects to complete the other 174-foot by 162- foot, 6,194-dwt barge for Charger II by September 1981. Huthnance Drilling plans to operate both vessels in the Gulf of Mexico.

The estimated cost of the Vanguard I is $34,396,211; estimated cost of the Charger II is $25,259,- 041. If approved, the Title XI guarantee will cover $44,700,000, or 75 percent of the $59,655,252 estimated total cost of both vessels.

Maritime Reporter Magazine, page 27, Oct 1980

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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.