Global Industries Awarded US$100 Million Project in West Africa
January 19 2009 - 3:17PM
PR Newswire (US)
CARLYSS, La., Jan. 19 /PRNewswire-FirstCall/ -- Global Industries,
Ltd. (NASDAQ:GLBL) announced today that its wholly owned
subsidiaries, Global Pipelines Plus Nigeria, Ltd. and Global
Offshore International, Ltd. have entered into a contract with a
West African client to provide the transportation, installation and
related services associated with the replacement and repair of a
24-inch pipeline offshore Nigeria. The contract is valued at
approximately $100 million and mobilization is scheduled to begin
in January 2009. Global will be utilizing its pipelay barge
Cheyenne, assisted by a number of support vessels, to install the
24-inch replacement pipeline. John Clerico, Global's Chairman and
Chief Executive Officer, stated: "We expect the award of this 2009
project to be the first step in our return to profitability in this
region." Global Industries, Ltd. is a leading offshore solutions
provider of offshore construction, engineering, project management
and support services including pipeline construction, platform
installation and removal, deepwater/SURF installations, IRM, and
diving to the oil and gas industry worldwide. The Company's shares
are traded on the NASDAQ Global Select Market under the symbol
"GLBL". This press release may contain forward-looking information
based on current information and expectations of the Company that
involve a number of risks, uncertainties, and assumptions. Among
the factors that could cause the actual results to differ
materially are industry conditions, prices of crude oil and natural
gas, the Company's ability to obtain and the timing of new
projects, and changes in competitive factors. Should one or more of
these risks or uncertainties materialize, or should the underlying
assumptions prove incorrect, actual outcomes could vary materially
from those indicated. DATASOURCE: Global Industries, Ltd. CONTACT:
Jeff Miller of Global Industries, Ltd., +1-281-529-7250 Web Site:
http://www.globalind.com/
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