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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,
Write 49 on Reader Service Card
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