Lehman Brothers Collection - Contemporary Business Archives

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Zapata Off-Shore Company Deal - Lehman Brothers Collection

Zapata Off-Shore Company

Company DealUnited States government guaranteed ship financings for Zapata Concord, Zapata Lexington, Zapata Saratoga, Zapata Yorktown
Transaction TypeUnited States Government Guaranteed Ship Financing Notes and Bonds
Deal DescriptionZapata Off-Shore Company used the proceeds from this transaction to finance four new twin-hulled semi-submersible non-self-propelled drilling units, named "Zapata Concord," "Zapata Lexington," "Zapata Saratoga," and "Zapata Yorktown." The units under contruction were designed for exploratory and development drilling under difficult weather and oceanic conditions. All of the drilling units were expected to have been used for drilling in offshore waters of the United States. The first of the units was subject to a drilling contract with Mobil Oil Company for a term of two years from the date of delivery.
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