Quantcast

Global Industries Wins New Work From Chevron Thailand Exploration and Production

March 18, 2009

CARLYSS, La., March 18 /PRNewswire-FirstCall/ — Global Industries, Ltd. (Nasdaq: GLBL) announced today that its wholly owned subsidiary, Global Industries Offshore (Thailand) Ltd. has entered into a contract with Chevron Offshore (Thailand) Ltd. and Chevron Thailand Exploration and Production Ltd. for the 2009 installation Campaign project, which includes installation of platforms and pipelines as part of the further development of the hydrocarbon reserves within Company operating blocks in the Gulf of Thailand.

The contract is valued at approximately US $44 million and is scheduled to commence in May 2009, with a scheduled completion date of October 2009. Global will be utilizing its Derrick lay barge Comanche for the installation works.

The project includes as base scope, installation of pipelines and platforms. The pipeline diameter varies from 6″ to 20″, the jacket weights range from 440 MT to 650 MT, and the topsides weights range from 540 MT to 815 MT. The water depth range for this project ranges from 180 to 243 feet.

Global Industries, Ltd. is a leading 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.

SOURCE Global Industries, Ltd.


Source: newswire



comments powered by Disqus