MarAd Approves Noble-National Title XI 'Guarantee

The Deputy Assistant Secretary, U.S. Department of Commerce, Maritime Administration, has approved in principle the application by Noble-National Joint Venture, 1924 South Utica, Suite 600, Tulsa, Okla., for a Title XI guarantee to aid in financing the construction of a shallow-water jackup drilling rig. Noble-National is a partnership between Noble Drilling Corporation (same address) and National Enerdrill Corporation of Houston, Texas, and Elizabeth, N.J.

The rig will be capable of drilling in a minimum water depth of 10 feet and a maximum depth of 45 feet. It will be used in the Gulf of Mexico and other coastal or inland domestic waterways. The vessel will be 160 feet in overall length.

The drilling rig is being built at Bethlehem Steel Corporation's Beaumont, Texas, shipyard. Delivery is expected about January 1979. The estimated Title XI guarantee is $11,256,000, which represents 75 percent of the estimated actual cost of the vessel.

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