CARLYSS, La., June 1 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced today that it has been awarded a project from Petroleos Mexicanos (Pemex) for pipeline work in Pemex's Ku-Maloob-Zaap Field in the Bay of Campeche.
The project, worth approximately US$125 million, is scheduled to begin in July 2010 and be completed by the end of December 2010. Global will be utilizing the Hercules as the pipelay vessel and the Titan II as the main operating vessel, with other additional support vessels assisting.
Global will install a 36" x 27km pipeline at a depth of around 300ft, from E-KU-A2 platform to AKAL-C6 platform. The project also includes 29 pipeline crossings, risers, and expansion curves.
John Reed, Global's Chairman and Chief Executive Officer, stated, "This award demonstrates again Pemex's confidence in Global's ability in executing their projects in a timely and safe manner."
Petroleos Mexicanos (Pemex) is Mexico's state-owned petroleum company. It is the 10th largest oil company in the world in terms of revenue and 34th place out of the Fortune 500 companies.
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.