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Contract Awards: Global Industries, Ltd. awarded additional work by PEMEX

Posted on 20.12.2007 - 12:00 EST in CONTRACT AWARDS by Rons_ROV_Links

Global Industries, Ltd. awarded additional work by PEMEXGlobal Industries, Ltd. (NASDAQ: GLBL) announced today that its wholly owned subsidiary, Global Offshore Mexico, S. de R.L. de C.V, has been awarded additional work amounting to about $40 million by PEMEX, the national oil company of Mexico. The newest work will involve the dismantling of a drill rig which was involved in an accident on October 23, 2007.

Global’s Titan 2, which was nearby completing work on the Ixtal Project, was immediately dispatched to the scene of the accident to assist in the rescue efforts. Now that those efforts are complete, PEMEX has chosen Global to conduct the decommissioning and dismantling of the drill rig and Kab 101 platform. This work should take approximately 60 days.

"Assisting in the rescue effort was something we would do without hesitation," said B. K. Chin, Chairman and CEO of Global Industries. "We were just thankful that the Titan 2 was close by and could respond as quickly as it did."

Inferno: the Kab 121 well burns after leaking oil and gas caught fire following the 23 October collisionSince the Titan 2 had to suspend operations working on the Ixtal Project, PEMEX requested that another Global vessel, the Shawnee, be dispatched to the Bay of Campeche to complete the Ixtal work, which should also take approximately 60 days. The Shawnee mobilized immediately and is currently en route to the project.

The Ixtal Pipeline Project includes the trenching, installation, subsea interconnection, and precomissioning of a 24" x 6 km segment of pipeline in PEMEX’s Ixtal Field, offshore Dos Bocas, Tabasco.

"We appreciate the confidence that PEMEX has placed in Global and our ability to be a solutions provider for many different situations," Chin continued. "The combination of the decommissioning and dismantling and the pipeline related work shows how diverse Global is, and how we dedicate whatever resources are necessary to get the job done."

Global Industries provides offshore construction, engineering, project management and support services including pipeline construction, SURF installations, platform installation and removal and diving to the oil and gas industry around the world. The Company’s shares are traded on the NASDAQ Global Select Market under the symbol "GLBL."

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