Loan by ASME May Help Buoy Marine Society

WASHINGTON—The American Society of Mechanical Engineers has thrown a life buoy to the Marine Technology Society. The support comes in the form of a two-year, interest-bearing loan and a temporary donation of office space, worth a total of $200,000. MTS, a 25-year-old interdisciplinary society, derives its $350,000 annual budget from dues of its 2,500 members, conference fees and publication sales, but the prolonged crisis in’the oil and gas drilling industry has put a squeeze on t

The Scientist Staff
Dec 13, 1987

WASHINGTON—The American Society of Mechanical Engineers has thrown a life buoy to the Marine Technology Society.

The support comes in the form of a two-year, interest-bearing loan and a temporary donation of office space, worth a total of $200,000. MTS, a 25-year-old interdisciplinary society, derives its $350,000 annual budget from dues of its 2,500 members, conference fees and publication sales, but the prolonged crisis in’the oil and gas drilling industry has put a squeeze on the society’s operations.

“They were in dire financial straits and we provided some modest help,” explained Mitch Bradley, managing director of public affairs in the Washington office of the New York-based ASME. "There was a good technical fit between MTS and two of our divisions.”

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