HOUSTON, March 23, 2011 /PRNewswire/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that it has been awarded a project from LLOG Deepwater Development Company, L.L.C. for the installation of a deepwater subsea development in the Gulf of Mexico. The project, which will take place in Blocks MC 503/547, is located in 3,000 FSW and is scheduled to begin in May.
The project includes the installation of 19 miles of 10-inch export oil pipeline, 17 miles of 14-inch gas pipeline, 10 miles of 6-inch insulated rigid flowlines, 6 flexible risers, nine jumpers and jumper tie-ins, three subsea manifolds, 6 PLETs, and other additional equipment.
Global will be utilizing four vessels for the execution of this project: the 485-foot DLB Hercules, a DP-2 equipped vessel with a crane capable of lifting 2,000 tons; the Global Orion, a DP-2 equipped multi-service vessel; the Olympic Challenger, a 347-foot, DP-2 multi-service subsea construction vessel, equipped with two 200hp Schilling UHD ROVs; and the Chickasaw, a 275-foot reel ship.
Commenting on the award, Global's CEO John B. Reed said, "We are extremely pleased and proud that LLOG Deepwater chose Global to handle this deepwater project. We continue our focus on execution excellence in increasingly challenging deepwater projects and look forward to assisting LLOG in achieving a successful outcome for the 'Who Dat' project."
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.