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UNDERWRITERS ON NOTE JHB92M10582079 v. NAUTRONIX

No. 95-20153.

79 F.3d 480 (1996)

UNDERWRITERS AT INTEREST ON COVER NOTE JHB92M10582079, Plaintiff-Appellee, v. NAUTRONIX, LTD., and Nautronix Inc., Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

April 10, 1996.

Attorney(s) appearing for the Case

Kent E. Westmoreland, John Carl Cunningham, Phelps Dunbar, Houston, TX, for plaintiff-appellee.

Gregory A. Dahl, Bellevue, WA, Michael C. Feehan, Houston, TX, for defendants-appellants.

Before JONES, STEWART and PARKER, Circuit Judges.

ROBERT M. PARKER, Circuit Judge:

FACTS

Schahin Cury, a Brazilian company, owned the drill ship S.C. Lancer, which was chartered by another Brazilian company to conduct off-shore oil and gas well drilling. As part of the charter agreement, Schahin Cury was required to update the S.C. Lancer with a new dual computer dynamic positioning system ("DPS"). DPS is a complex device that holds the vessel in one place while the vessel does its drilling. Schahin Cury...

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