CARLYSS, La., Jan. 19 /PRNewswire-FirstCall/ -- Global Industries, Ltd. announced today that its wholly owned subsidiaries, Global Pipelines Plus Nigeria, Ltd. and Global Offshore International, Ltd. have entered into a contract with a West African client to provide the transportation, installation and related services associated with the replacement and repair of a 24-inch pipeline offshore Nigeria.
The contract is valued at approximately $100 million and mobilization is scheduled to begin in January 2009.
Global will be utilizing its pipelay barge Cheyenne, assisted by a number of support vessels, to install the 24-inch replacement pipeline.
John Clerico, Global's Chairman and Chief Executive Officer, stated: "We expect the award of this 2009 project to be the first step in our return to profitability in this region."
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.
