Global Industries Awarded Contract for 2007 Offshore Pipeline Project in Gabon
Posted on: Monday, 6 November 2006, 12:01 CST
CARLYSS, La., Nov. 6 /PRNewswire-FirstCall/ -- Global Industries, Ltd. today announced that its wholly owned subsidiary Global Offshore International, Ltd. received a letter of intent from Perenco Gabon S.A. to award a contract of approximately US $50 million for their SEEG Pipeline project. Global's contract calls for the transportation, installation and pre-commissioning of one 8" x 108 km gas pipeline, one 10" x 98 km gas pipeline with a piggyback optical cable, and associated shore landings.
The pipe lay barges Global Cheyenne and Global Comanche will mobilize in May 2007 for this project. Global will execute the offshore installation in 0 to 30 meter water depth along the Gabonese coast. The new pipeline will be laid between Batanga (Perenco) facility, Port-Gentil and Libreville for gas delivery to the SEEG (Societe d'Energie et d'Eau du Gabon) facilities.
Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on 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.
Global Industries, Ltd.
CONTACT: Jim Gallagher of Global Industries, Ltd., +1-281-529-7979
Web site: http://www.globalind.com/
Source: PRNewswire-FirstCall
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