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team, which will work together at the Mitrena Yard, for the Peregrine VI project. Blohm+Voss will be responsible for engineering the project. The contract includes an option for the conversion of another two ships, to be named Peregrine VIII and Peregrine IX. The future Peregrine VI was dry- docked in August and the conver- sion is scheduled to take 15 months. Exmar Offshore And Santa Fe International Enter Agreement Exmar Offshore Company has announced an agreement with Santa Fe International Corporation for its new deepwater drilling semi-submersible design, Exmar 2500, capable of explo- ration and development drilling in water depths up to 8202 ft. (2500 m). Terms of the agreement allow Santa Fe International to be involved during the design devel- opment, which is expected to be completed during 1997. Marinette Marine Awarded USCG Option The USCG has exercised its $50.6 million option to award four additional ships to Marinette Marine Corp. (MMC), under its contract to design and build the new Ida Lewis Class of coastal buoy tenders. The contract covers construction of four buoy tenders, with attendant warranty, manu- als, repair parts, support, testing and training. MMC was awarded the basic design and build contract for the Ida Lewis Class vessels in June 1993 and delivered the first ship in January 1996. Currently, MMC is constructing two classes for buoy tenders for the USCG and has three of the larger Juniper Class vessels and four of the Ida Lewis Class vessels under construction. MarAd Enters Into Cooperative Agreements The Maritime Administration (MarAd) has entered into two cooperative agreements to enhance the competitiveness of October, 1997 American shipyards. MarAd is acting as an agent for the Department of Defense's Advanced Research Project Agency (DARPA) and has entered into agreements with National Steel & Shipbuilding Company (NASSCO) and Marinette Marine Corporation. The cooperative agreement with NASSCO is for the first phase of a ship factory transformation pro- ject. The technology proposed for this project is the implementation of a manufacturing philosophy for shipyard production processes. It will use information technology, or knowledge-type automated sys- tems, to establish shipbuilding policies, rationalized workflow charts and pre-production process- es. The total value of this agree- ment is approximately $3 million. The recipient will provide $1.5 mil- lion in cash and in-kind services, and the Government will provide approximately $1.5 million. The U'nanc'n8 s not right if it's not right for you. Which is why we at The C1T Group/ Capital Finance customize financing packages to meet our clients' individual situations. We have funded companies in the inland, coastal and offshore sectors for over 30 years. So we understand the operational considerations of your business as well as the financial requirements. This dual background, combined with the flexibility of asset-based lending, allows us to create growth packages that work to your maximum advantage. Our clients use funds to refinance existing debt, for new or used vessel acquisition, and generally to make investments toward ensuring profitability and competitiveness. To find out how The CIT Group can help your operation, call - Robert F. DiMarsico (212) 536-9321 - Bruce M. Hill (513) 769-0833. AMERICA'S MOST EXPERIENCED ASSET-BASED LENDER. >1997 The CIT Group, Inc. Circle 232 on Reader Service Card
