CARLYSS, La., Aug. 31 /PRNewswire/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that its Brazilian business unit (Global Industries Brasil) has been awarded a project for design, engineering, procurement, fabrication, installation and pre-commissioning to be performed in the Northeast region of Brazil. The project, worth approximately US$90 million, will be mainly performed by the DLB Iroquois, a pipelay and offshore construction vessel, with the support of a diving vessel. Engineering, procurement, and fabrication for the project will begin in Q4 2010, with execution of the project beginning in 2011.
John Reed, Global's Chief Executive Officer, stated, "Brazil continues to be a very promising market. Our past successes there and an increased effort to secure new business through strong relationships are helping solidify our presence in the region. We look forward to continued success in the area over the long term."
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.