Page 2: of Maritime Reporter Magazine (February 1988)

LICENSED TQ KILL.

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Before you employ a fungicidal agent, check its credentials. Get full details on EPA-registered

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BORAX

ON THE COVER

Offshore Mechanics & Arctic

Engineering-Preview

PAGE 16

Marine Coatings &

Corrosion Control Review

PAGE 20

Naval Technology

Shipbuilding Supplement

PAGE 27

ASNE Centennial Symposium

PAGE 40

Econ Associates Buys

All 12 USL Econships

A consortium of seven banks holding mortgages on U.S. Lines' huge econships has now bought all 12 vessels at auction.

The consortium, Econ Associates, purchased eight of the vessels at auctions in New York and Seattle for about $32 million. It bought the four other vessels for $18 million at auctions in Hong Kong and Singa- pore. The ships were originally built for $47.5 million each at Daewoo

Shipbuilding in 1984-1985.

Econ Associates plans to sell or charter the vessels. Reportedly, Sea-

Land, Nedlloyd and Trans Freight

Lines are interested in some kind of deal for the containerships, but nothing has been confirmed.

Halliburton To Acquire

Majority Interest In GSI

From Texas Instruments

Halliburton Company and Texas

Instruments Incorporated recently announced that the two companies have entered into a letter of intent for Halliburton to purchase a 60 percent interest in TI's wholly owned subsidiary, Geophysical Ser- vice Inc. (GSI), with provisions for possible 100 percent ownership within a few years.

The letter of intent provides for an initial payment to TI of approxi- mately $50 million and a potential additional cash payment in 1991.

The letter of intent also provides for the possible subsequent sale by TI of the remaining 40 percent of GSI to Halliburton, at the option of eith- er company.

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