The Maritime Administration on Friday gave final approval to a Title XI loan guarantee for a $240 million, five-vessel export deal.
Eastern Shipbuilding of Panama City, Fla., will construct the 282-foot offshore platform vessels for a Brazilian oil company. According to Rep. Steve Southerland, R-Fla., who represents Panama City, the project will add 300 jobs to the company payroll.
The Eastern Shipbuilding construction is the fourth Title XI project to be underwritten by Marad in the past six years. In March Administrator David Matsuda told a House panel that the administration planned to take $54.1 million from the Title XI fund for use where the Obama administration believes it to be more appropriate.
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