Choctaw Asks Title XI For Rig Reconstruction To Cost $86 Million

Choctaw D r i l l i n g Company, Houston, has applied to the Maritime Administration for a Title XI guarantee to aid in financing the construction or reconstruction of three drilling vessels. Two of the vessels are expected to be employed initially in the inland waterway of Venezuela and the third, offshore West Africa. The applicant is a subsidiary of Santa Fe International Corporation, Alhambra, Calif. The application includes : A twin-hulled semisubmersible drilling vessel b e i n g converted from a hull previously used for a semisubmersible pipelaying barge. This work is being done by Avondale Shipyards, Inc., New Orleans, La., with delivery scheduled for August 31.

A floating-type inland barge designed for drilling in shallow water. This vessel is being converted from an existing launch/ cargo barge by Vemar Inc., Channelview, Texas. Delivery is scheduled for June 30.

A new inland waters barge designed for use in shallow water.

No builder has been proposed for this vessel, but delivery is estimated for late 1982.

All three vessels are eligible for guarantees of up to 75 percent of their estimated costs. The application requests guarantees totaling $48,399,000 of the total estimated cost of $86,185,000.

Maritime Reporter Magazine, page 48, Apr 15, 1981

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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.