Three Rigs To Cost $ 9 0 . 3 M i l l i o n A p p r o v ed By M a r A d For T i t l e XI

The Maritime Administration has approved in principle the application by Global Marine Deepwater Drilling, Inc., Los Angeles, for a Title XI guarantee to aid in financing the construction of three jackup drilling rigs.

Global Marine has not yet decided on the final configuration of the three drilling rigs. However, Marathon LeTourneau Company of Houston has been contracted to build the vessels, with deliveries scheduled for May, August, and December 1981.

Global Marine expects the vessels to be employed to explore for offshore hydrocarbon reserves in the Gulf of Mexico. The drilling rigs, depending on their type, will be able to drill to 20,000 feet in waters up to 250 feet deep, or up to 25,000 feet in waters up to 300 feet deep.

The Title XI guarantee will cover $67,735,000, or 75 percent, of the vessels' total estimated cost of $90,314,627.

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