News | Board Minutes | 2004

  SUMMARY OF MINUTES OF MEETING OF CREDIT COMMITTEE

                     JULY 13, 2004

ITEM NO 1

Country NIGERIA                                AP080600XX

Request for FINAL COMMITMENT

Applicant      PNC BANK NATIONAL ASSOCIATION, PITTSBURGH PA

Borrower       SOWSCO WELL SERVICES (NIGERIA) LTD., PORT HARCOURT
                       NIGERIA

Guarantor      SAM A ADEGBOYEGA, PORT HARCOURT NIGERIA

Guarantor      SOWSCO WELL SERVICES GIBRALTAR, GIBRALTAR, UNITED
                       KINGDOM

Buyer          SOWSCO WELL SERVICES (NIGERIA) LTD., PORT HARCOURT
                       NIGERIA

End-user       SOWSCO WELL SERVICES (NIGERIA) LTD., PORT HARCOURT 
                       NIGERIA

Exporter       STEWART & STEVENSON SVCS INC, HOUSTON TX

Supplier       STEWART & STEVENSON SVCS INC, HOUSTON TX

Gteed Lender   PNC BANK NATIONAL ASSOCIATION, PITTSBURGH PA

Project Description SUPPORT ACTIVITIES FOR OIL AND GAS OPER.

Product Description AUTOMATED CEMENT MIX SYSTEM & CEMENT UNIT

Financed Amount $      867,934

Repayment Term  5 YEARS

Credit Committee Decision APPROVED