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and Iron Co. French and Norwegi- spherical containment systems de- an-developed systems have been veloped in Norway, used so far in existing LNG pro- The two LNGs will be operated jects. by new companies—'LNG Carrier Newport News Shipbuilding & Company No. 1, and LNG Carrier Dry Dock Co., which has three Co. No. 2. LNG carriers for El Paso Natural The participation for the Gov- Gas Co. under contract now, will ernment of Trinidad in the 400 mil- build the ships for an estimated lion cubic feet a day importing sys- $97 million each. That is close to tem is to be at that government's $99.2 million average for the three option and will be limited to 20 per- E1 Paso vessels which will be cent of the ownership of the ves- equipped with Moss - Rosenberg s€ls. th€ application said. The importation will be from Lisas, Trinidad, to 'the U.S. Gulf. The Federal Power Commission which must approve such projects, said it had not as yet received an application for the required au- thority. The applicants said they esti- mated a construction subsidy of "slightly more than 25 percent" of th'2 contract price of the ships would be required. The bid for subsidy for the two new LNGs raises to 26 the backlog of applications for this type vessel. MarAd Approves Prudential-Grace Lines' LASH Ship Sale Plan The Maritime Administration has approved in principle a pro- posal by Prudential-Grace Lines 'in which that company will sell its five lighter-aboard-ship (LASH) vessels and bareboat charter the vessels back for operation. Under the proposal, a new wholly owned subsidiary, Prudential Lash Lines, Inc., will be formed to sell the ships to a trust formed by Chase Man- hattan Bank N.A., and Marine Midland Bank^New York. The Government agency said the sale price of the five vessels will amount to about $99.2 million, with the new subsidiary assuming the outstanding Title XI mortgages of approximately $40.4 million. After the sale, the owner-trustee formed by the two banks will as- sume the Title XI mortgage, with Prudential Lash serving as the guarantor, and take title, subject to the assumption by a Chase sub- sidiary, of a $26.8-million second fleet mortgage held by Prudential- Grace. Prudential Lash will char- ter the ships for 25 years, paying $4.6 million in the first installment for all five vessels semiannually. The second payment will total $6.4 million per year semiannually, be- ginning 5^2 years after closing, the total charter figure coming to $11 million per year. New Exploration Consulting Firm Formed In Houston Exploration Associates Interna- tional, a new 'firm which will offer management of exploration pro- grams and consulting services to oil companies and independent op- erators, has established offices in Houston, Texas. Two seismic data processors and two geophysical consultants com- prise the four principals in the new company. 10 Maritime Reporter/Engineering News Two Companies File For Subsidy To Build Two LNG Tankers In a joint project, Amoco Inter- national Oil Co., a subsidiary of Standard Oil of Indiana, and the Natural Gas Pipeline Co. of Amer- ica, a subsidiary of Peoples' Gas Co., have filed an application with the Maritime Administration for subsidy to cover the construction of two liquefied natural gas (LNG) carriers to bring fuel from Trinidad to the United States Gulf Coast. The ships are to be equipped with the first U.S.-developed LNG containment system. Provision is made for the Gov- ernment of Trinidad to participate in the ownership of the 125,000- cubic-meter vessels, an unusual feature of the planned venture. The spherical tank cryogenic containment system is one recent- ly developed by the Chicago Bridge Prop repair costs hitting, you below the watenine? IVy our stainless steel business, to make you a better prop in every way. Custom-designed for your boat, your engine, your horsepower, the job you've got to do. We make our stainless steel props in diameters up to 14-ft. In 3-, 4- and 5-blade models. (Cast steel or bronze also avail- able through 13-ft. diameter.) And we make them to last. No matter what kind of trouble you get them into. Coolidge Propeller Company, 1608 Fair- view Avenue East, Seattle, Wash. 98102. Telephone 206/325-5100. Propellers Haulouts cost money. Downtime costs money. If your boat business takes you where there's often trouble below, you need a prop that can take it. You need a Coolidge stainless steel prop. Because there's stainless — and there's Coolidge stainless. We use all electric fur- naces to get a cleaner, stronger alloy. A steel that can really take it under water. Plus our 60-some years of know-how in the TURNING POWER INTO PROGRESS AROUND THE WORLD
