PEMEX Awards Critical Pipeline Project to Global Industries, Ltd.
Posted on: Thursday, 28 June 2007, 21:04 CDT
CARLYSS, La., June 28 /PRNewswire-FirstCall/ -- Global Industries, Ltd. announced today that its wholly owned subsidiary, Global Offshore Mexico, S. de R.L. de C.V., has been awarded a project by PEMEX, the national oil company of Mexico. The project is the Ixtal Pipeline Project, which is valued at approximately $40 million. The scope of work includes the trenching, installation, subsea interconnection, and precommissioning of a 24" X 6 km segment of pipeline in PEMEX's Ixtal Field, offshore Dos Bocas, Tabasco. The Global pipelay barge Iroquois and derrick barge Titan II are scheduled to perform the work from July to September.
B.K. Chin, Chairman and Chief Executive Officer, stated: "We appreciate that PEMEX has shown confidence in Global by awarding us this priority pipeline project. This pipeline is critical to maintaining production in Mexico, and we hope to once again meet the high standards that PEMEX places on its Contractors."
Global Industries provides offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, SURF installation, IRM and diving services 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.
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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