Crutcher Amends License Agreement With Brown & Root
Crutcher Resources Corporation, P.O. Box 3227, Houston, Texas 77001, has announced it has signed an amended license agreement with Brown & Root, Inc. on Brown & Root's rights to use CRC's automatic welding system in marine operations.
Don H. Hartmann, president of Crutcher Resources, said the amendments provided for a $200,- 000 minimum annual advance rental per barge and increased rental charges per weld, due to inflationary costs and increasing pipe wall thickness.
Mr. Hartmann said Brown & Root has committed to a six-barge program for 1974, which guarantees the company a minimum revenue stream of $1.2 million from Brown & Root. Crutcher will receive additional rental payments from each barge that generates revenues in excess of the $200,000 minimum advance.
The $1.2-million payment assures Crutcher Resources of an amount equal to approximately 200 miles of welding, which compares to 42 actual miles automatically welded in 1973.