Global Industries Awarded Dubai Petroleum Establishment's Al Jalilah EPC Project Offshore Dubai; Intends to Utilize New Global 1200
HOUSTON, Oct. 4 /PRNewswire/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that its wholly owned subsidiary, Global Offshore International, Ltd., has been awarded a contract from Dubai Petroleum Establishment (DPE) to perform the Al Jalilah Platform and Pipelines EPC project. The project, which should be completed in the first half of 2011, covers the design, construction and installation of a basic, unmanned offshore wellhead platform, one 27 km x 6" gas lift pipeline, and one 27 km x 12" oil production pipeline to one of Dubai Petroleum's existing offshore processing facilities. Global intends to utilize the newly built Global 1200 for the project.
John Reed, Global's Chief Executive Officer, stated, "We're excited to announce the first project award that will utilize the Global 1200 as the primary construction vessel, and continue to see many opportunities for the broad capabilities of this unique vessel . This project award also represents a significant step for Global as we work to position ourselves as a significant player in the Middle East, a crucial oil and gas market. We look forward to working for Dubai Petroleum on this project and many more in the future."
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.
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