January 19, 2009
Global books $100 million pipelaying contract
Global Industries, Ltd. (Nasdaq: GLBL) reports 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."