Zapata Gulf Acquires All Assets Of Seahorse

Zapata Gulf Marine Corporation of Houston has completed the acquisition of the assets of Seahorse, Inc., including 92 marine service vessels, according to an announcement by Kenneth W. Waldorf, Zapata Gulf chairman and chief executive officer.

In exchange for the Seahorse assets, Seahorse's parent company, Petroland Incorporated, a subsidiary of Texas Eastern Corporation, will receive Zapata Gulf stock equal to an 18.5 percent equity interest in the company. Petroland will also receive two seats on the Zapata Gulf board of directors, which will be expanded from six to eight members.

Other holders of Zapata Gulf stock include: Zapata Corporation, 34.7 percent; HNG/InterNorth, 29.3 percent; and Halliburton, 17.5 percent.

Under terms of the acquisition agreement, Zapata Gulf does not assume any additional debt obligations.

The addition of the Seahorse vessels brings to 423 the number of vessels owned and operated by Zapata Gulf, a company formed in November 1984 through the merger of Zapata Marine, HNG/InterNorth's Gulf Fleet Marine, and Halliburton's Jackson Marine.

Maritime Reporter Magazine, page 5, Jun 1986

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.