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Offshore Installations

Volume 885: debated on Thursday 30 January 1975

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asked the Secretary of State for Industry how much of the £1,000 million provided for purposes under Section 10 of the Industry Act 1972 has been allocated for mobile offshore installations.

There is no specific allocation, but it is estimated that of the £1,000 million which my right hon. Friend has power to guarantee some £50 million will relate to mobile offshore installations and drill ships.

asked the Secretary of State for Industry if he will indicate the type or description of the offshore installations that have attracted loans or grants under Section 10 of the Industry Act 1972, their location, the number of companies involved and the highest total granted to any one company.

Under Section 10 of the Industry Act 1972 my right hon. Friend has no power to make grants or loans directly for the construction of ships or mobile offshore installations, but he has power to guarantee loans made by others. Since the Act became law guarantees have been given or offered in respect of one jack-up rig, two dynamically positioned drill ships and one other vessel which can be used for various purposes including drilling. None of these has yet been completed. Four companies are involved. The highest amount guaranteed for any one company is approximately £20 million.