CARLYSS, La., Jan. 26 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that its majority Malaysian owned affiliate, Global Offshore Malaysia Sdn. Bhd. has been awarded a contract for transportation and installation of offshore facilities for projects in Malaysia. The contract, under which the actual scope of work will be defined annually, is initially estimated at around US$70 million for the first year, and has options for two 1-year extensions upon the expiry of the contract.
John Clerico, Global's Chairman and Chief Executive Officer, said: "This is the first contract we have been awarded in conjunction with our Malaysian partners, Kencana HL Sdn. Bhd. and we are very pleased that PETRONAS has shown such confidence in the Global - Kencana partnership's ability to carry out the significant scope of work involved with this 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.