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."