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4AHistoryofGulfMarkOffshoreThermsstrongportfolioofassetsisreadytouseandwillbeusedinmoreinnovativewaystoimprovethevalueofthecompany.AlsothatyearDr.C.T.WellsjoinedthecompanyasViceChairmanoftheBoard.AnEnvironmentalPriorityIn1972twosubjectsweregaininginprominenceintheU.S.Theecologymovementwasbuildingmomentumandthecountrywasfeelingthebeginningsofanenergycrisis.Mr.YoungexplainedtoshareholdersTwocriticalareasofconcernhavebeenmuchinthemindsofthecompanysmanagementduringtheyear.Oneisthecountrysenergyshortageandtheotheristherelatedproblemofprotectingourenvironment.Inadditiontothegrowingshortageofoilandgasandotherenergyresourcesthisnationisincriticalneedofmoreterminaldocksandcrudeoilstoragefacilitiesinsufcientquantitytoprovidenationalsecurity.Itisthecorporatepurposetoengageintheefforttosolvetheseproblems.Thecompanyisalsomuchawareofitsresponsibilitytomakeeveryefforttoprotectthecountrysecologywhileconductingitsbusiness.Itisaseriousresponsibilitythatweshallpursue.EnergyTransportationStorageandDistributionIn1973Dr.C.T.WellswaselectedPresidentofGulfInterstateCompanytosucceedthelateFarrileYoung.InthatyearsannualreportGulfInterstateEngineeringCompanyisselectedtoserveastheexecutivearchitectengineerfortheFederalGovernmentsEarlyStrategicPetroleumReserveProgramandtoprovidetheoverallconceptualdesignforallearlystoragefacilities.TheMarineProjectsDivisionisestablishedasthecompanybecomesinvolvedinthegeneraloffshoreenergydevelopmentmarketthroughparticipationinmarineconstructionofoffshoreproductionfacilitiesandpipelines.AcquiresInternationalPipelineEngineersInc.AcquiresHoldThatRiverInc.engagedinrivererosioncontrolfortheprotectionofpipelinecrossingsbridgeabutmentspowerlinetowersandaerialpipelinesupports.19761978197719791972AnnualReportCoverIllustrationTwocriticalareasofconcernhavebeenmuchinthemindsofthecompanysmanagementduringtheyear.Oneisthecountrysenergyshortageandtheotheristherelatedproblemofprotectingourenvironment.FarrileYoungPresident1972