Global Industries Awarded Multiple Decommissioning Projects for McMoRan Oil & Gas in Gulf of Mexico

Mar 07, 2011, 07:30 ET from Global Industries, Ltd.

HOUSTON, March 7, 2011 /PRNewswire/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that it has been awarded multiple projects by McMoRan Oil & Gas for the decommissioning and abandonment of seven production platforms located in the central Gulf of Mexico in water depths ranging from 100 to 400 FSW.

The decommissioning campaign is scheduled to commence in late April 2011 and has a projected duration of 90-100 days.

For execution of the project, Global will be utilizing the DLB Hercules, a DP-2 equipped vessel with a crane capable of lifting 2,000 tons.  The 485-foot Hercules accommodates 269 personnel, and will be carrying out decommissioning and abandonment activities, which includes fourteen major lifts up to 1500 tons.  Global will also be using cutting tools developed by Norse Cutting & Abandonment (NCA), Global's partner in the rapidly growing decommissioning field.

In announcing the award, Global's CEO John B. Reed said, "While Global continues to make great strides in enhancing our reputation as a major deepwater player worldwide, one of our long-term strengths has always been the decommissioning arena.  We are proud to have been awarded this series of projects for McMoRan Oil & Gas and see this as a continuation of our long-standing tradition of safe, execution excellence in decommissioning and abandonment work not only in the Gulf of Mexico, but throughout the world."

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.