Page 10: of Maritime Reporter Magazine (November 15, 1981)

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FABRICATION

INSTALLATION

SHIPS

DRILL RIGS , K, w

KNIGHTS' PIPING, INC.

We fabricate and install marine piping systems worldwide!

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Concluding the $30-million contract award for HUD are J. David Hall (left), HUD managing director, and

John Bagnall, director of the Energy Searcher's own- ers, Pacific Supplier Inc.

HUD managing director, at the recent con- tract signing. "The worldwide demand for offshore oil drilling rigs and a consequent shortage in supply of platforms has boosted further the current boom in specially constructed drill- ing ships," he added.

The converted drillship is to be known as the Energy Searcher and it will be deliv- ered to its owners, Pacific Supplier Inc., by

July 31, 1982.

The conversion will involve major steel- work modifications, new accommodations to the latest Australian government require- ments, the fitting of a helicopter deck to take Sikorsky S61N helicopters, and the in- stallation of a sophisticated eight-point moor- ing system.

The Energy Searcher will be capable of drilling to 20,000 feet in 1,500 feet of water.

It will include an extensive array of machin- $30-Million Order Signed By

Hongkong United Dockyards Ltd.

Hongkong United Dockyards Ltd. has signed its largest order to date: a $30-mil- lion contract for a ship conversion. The con- version, from a heavy ore bulk carrier to an offshore oil drilling ship, follows a sim- ilar conversion by HUD in 1975, and its total worth when completed will be $80 million. "The deal reflects the increasing involve- ment by Hongkong in the offshore oil ex- ploration business," commented J.D. Hall, ery and equipment to serve its 240-foot-high derrick tower which is positioned over the moon pool.

Drilling equipment, coming from the

U.S.A., Europe and Japan, will be installed and tested by HUD before the vessel is handed over.

Energy Searcher will be managed by At- wood Oceanics on behalf of the owners, which include Offshore Oil N.L., an Aus- tralian oil and gas exploration and produc- tion company. The vessel will operate in

Australian offshore waters and will fly the

Australian flag.

The ship is already berthed at HUD's

Tsing Yi Island base.

Robert M. Catharine, president of Jack- son Marine Corporation, New York, N.Y., is Hongkong United Dockyards' agent in the

U.S.

Westinghouse Credit, Seafirst

Leasing Provide Equity In Four-

Towboat, 81-Barge Transaction

The Virginia E. Towey is one of four towboats and 81 river barges involved in a $28-million leveraged lease arranged for Dravo Corporation by Westinghouse

Credit Corporation and Seafirst Leasing Corporation.

Dravo will operate the equipment to transport dry bulk commodities such as coal, grain, ores, and vari- ous manufactured products.

Westinghouse Credit Corporation and Sea- first Leasing Corporation, through a part- nership arrangement, have provided the equity in the $28-million leveraged lease of four towboats and 81 river barges arranged for Dravo Corporation.

WCC and Seafirst, respectively, provided 90 percent and 10 percent of the equity in- vestment. The Travelers Insurance Compa- nies and Connecticut General Life Insurance

Company provided the debt in the trans- action.

The towboats and barges represent a ma- jor part of the operating assets of Nilo

Barge Line, acquired by Dravo in June from the Olin Corporation. Through a subsidiary,

Dravo Mechling Corporation, Dravo ranks as one of the largest carriers on the Mississippi-

Ohio River system. The firm is using the equipment to transport dry bulk commodi- ties such as coal, grain, ores, and various manufactured products.

Towboats included in the arrangement are the 5,000-hp City of St. Louis, the 5,850-hp

Virginia E. Towey, the 7,000-hp James F.

Towey, and the 7,000-hp Theresa Seley.

Westinghouse Credit Corporation, a wholly owned subsidiary of Westinghouse Electric

Corporation, is a $2-billion finance company headquartered in Pittsburgh, Pa.

For full information on Westinghouse ma- rine financing opportunities,

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GALLEY WASTE

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The SOMAT System is now in use on more than 300 Navy, Coast Guard and merchant marine ships.

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Stainless steel construction permits use of fresh or sea water in the pulping system. For retrofit or new ship construction—Small units used for point of origin waste disposal—Larger models available for ships with designated waste disposal areas—Can be used for disposal of classified documents.

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TELEPHONE 305 584-5990 14 Write 747 on Reader Service Card Write 304 on Reader Service Card Maritime Reporter/Engineering News