CARLYSS, La., March 11 /PRNewswire-FirstCall/ -- Global Industries, Ltd. today announced that two of its subsidiaries have received contract awards worth a total of approximately $35 million. One contract calls for the transportation and installation of seven jackets in Saudi Arabia while the other contract is for the transportation and installation of two jackets and decks offshore Qatar. Both contracts will utilize the derrick pipelay barge 264 for the performance of the work, which is scheduled to commence during the second quarter of 2008.
According to Global's Chief Executive Officer B.K. Chin, "These awards in the Middle East continue to strengthen our position in the largest oil and gas producing region in the world. Global saw enormous growth in the region over the past year, and these contracts increase our presence not only in the Saudi Arabia market, but they present us with new opportunities in Qatar's solid offshore arena as well."
Global Industries, Ltd. is a leading offshore 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.
