Allegiance Capital Calls Upon Gulf State Leaders in Oil Skimmer Controversy

Jun 18, 2010, 20:20 ET from Allegiance Capital Corporation

DALLAS, June 18 /PRNewswire/ -- Fred McCallister, an investment banker with Allegiance Capital Corporation, sent information to Gulf State Governors and Senators today proposing the use of European-based oil skimming and boom deploying ships.

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"Based on the daily statements in the press from government leaders at both the federal and state level – and our own common sense – we believe these vessels are urgently needed," said McCallister. "We want those leaders responsible for protecting U.S. waters and coastlines to know about equipment that is available."

The proposal includes opportunities for 1,200 workers, the vast majority of whom can come from the state utilizing the equipment. The available equipment is Coast Guard compliant and is purpose-built to do the following:

  1. Install and maintain booms for trapping oil
  2. Skim oil off the surface of the water before it reaches the beaches or marshes
  3. House and support conservation volunteers in the rescue, cleaning and housing of animals.

"Allegiance Capital has offered these vessels to BP and several of its major contractors involved in the cleanup. We submitted a formal proposal 14 days ago and have made multiple unsuccessful attempts to get a decision," said McCallister.

Allegiance Capital has also made a request for a waiver to the Jones Act, following the expedited process guideline Admiral Thad Allen issued on Tuesday, June 15. We've published a detailed account of our experience following Admiral Allen's recommended process, along with all documents related to our proposal, on Allegiance Capital's web site at www.allcapcorp.com/gulfstates.

Allegiance Capital today learned from a CNN reporter that U.S. government officials were calling the Jones Act a "non-issue" because international boats can assist as long as they do not come closer than three miles to the U.S. shore.

"Large crewed ships have to be able to come to shore to refuel, engage in maintenance and support the people aboard. Additionally, the skimmer and boom deployment vessels will need to operate within the three-mile limit to be most effective," said McCallister. "Anyone familiar with ship operations realizes that the Jones Act waivers are necessary for these vessels and crews to assist the Gulf States in cleaning up the spill and protecting our coasts."

George Bush issued a blanket waiver of the Jones Act after Hurricane Katrina. According to TradeWinds Magazine, the Jones Act recently was waived to allow international vessels to assist in the development of wind turbines off the coast of Delaware.

"It is criminal that the Jones Act hasn't been waived in light of this disaster," said Allegiance Capital Chairman, David Mahmood. "Everything that can be done should be done to help."

SOURCE Allegiance Capital Corporation



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