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Crutcher To Acquire Duquesne Natural Gas Crutcher Resources Corporation, P.O. Box 3227, Houston, Texas 77001, and Duquesne 'Natural Gas Company have announced that the two companies have reached a ten- tative agreement calling for the ac- quisition of Duquesne by Crutcher for approximately 1,000,000 shares of Crutcher common stock. Duquesne is comprised principal- ly of four subsidiaries: AWI, which operates six inland water barge workover and drilling rigs from Harvey, La. Cherco Equipment, Inc., Long- view, Texas, which fabricates pack- age compressor units used in the handling of natural gas which it sells or leases to companies in the natural gas industry. Hill Bros. Transport and Serv- ice Company, Inc., Kilgore, Texas, which cleans the bottoms of large volume storage tanks and provides transportation services to the pe- troleum industry. Don H. Hartmann, president of Crutcher Resources, and J.E. Har- degree, president of Duquesne, said the agreement is subject to further review and the approval of the boards of directors of both compa- nies, and the stockholders of Du- quesne. Leslie Davison Named To Board Of London Graving Dock tS8SsS : * The Thames and southeast coast ship repairers, The London Grav- ing Dock Group, have announced the appointment of Leslie Davison to the holding company board. Mr. Davison will continue as managing director of the Group's electrical / mechanical engineering subsidiary, Ayrodev Processes Limited, which operates plants at Basildon, Silvertown, Tilbury and Cardiff. Mr. Davison joined Ayro- dev in 1971, and took up his posi- tion as managing director in Au- gust 1972. First Tug-Barge Title XI Leveraged Lease Financing Announced The first Title XI leveraged lease financing of an oceangoing inte- grated tug-barge was announced by Salomon Brothers and Matrix Leasing International, Inc. The tug-barge, costing approximately $20 million, will be chartered to Bulk Food Carriers, Inc. of San Francisco, Calif. Salomon Brothers placed the Government guaranteed Title XI Bonds, while Matrix Leasing Inter- national, Inc. structured the trans- action and placed the equity funds. The equity funds will be provided by the First National Bank of Min- neapolis, Security Pacific Leasing Corporation, and Crocker National Bank. The 25,000-dwt tug-barge is ac- tually two vessels—a tug and a barge—which fit together into one unit. The unit will be used to trans- port rice, lumber and other com- modities between California, Flori- da, and Puerto Rico, pursuant to contracts with the 'California rice producers, and Pacific Northwest lumber companies. Canal Barge Files For Aid To Build Towboats And Barges A Title X'l application has been filed with the Maritime Adminis- tration by Canal Barge Co., Inc., 812 Gravier Street, New Orleans, La., for mortgage loan and guaran- tee to aid in building one 7,000-lbhp river towboat, one 5,600-bhp river towboat, and two integrated four- barge tows. The vessels would be built by Dravo Corporation, Pitts- burgh, Pa., at a total cost of $8 million. TODD NEW ORLEANS when ship operators want ship repair done right ...and they want it done fast...they The nation's second port once relied almost solely on shipping for economic sup- port. Today, shipping is still a major activity where the Mississippi River meets the Gulf of Mexico. Todd New Orleans is strategically located at Algiers to handle the heavy traffic servicing the great southwest and midwest regions of the nation. Year in, year out, the New Orleans yard repairs some 200 ships a year. Included in this number last year were tankers, ferries, cargo vessels, and barges of every size. TODD SHIPYARDS CORPORATION: New York • Brooklyn • New Orleans • Galveston • Houston • Los Angeles • San Francisco • Alameda • Seattle Executive offices: One State Street Plaza, New York, N.Y. 10004. (212) 344-6900. Cable: "Robin" New York. IdMo TODD 10 Maritime Reporter/Engineering News
