Global Industries, Ltd. announced today that its wholly owned subsidiary, PT Global Industries Asia Pacific Pte., Ltd. has entered into a contract with PT Transportasi Gas Indonesia (Transgasindo) to provide the replacement and zero downtime repair of a 28" pipeline offshore Indonesia.
The contract is valued at approximately US$75 million and is scheduled to commence in February 2009, with a scheduled completion date of April 2009.
Global will be utilizing its pipelay barge Comanche, assisted by additional support vessels, to install a new 23 km section at KP 110-KP 133 Kuala Tungkal - Panaran, Grissik-Singapore Pipeline. The project also includes a total of eight hot tap installations to tie the new pipeline to the existing pipeline. The repair is to be carried out without interruption of the gas flow. The pipeline is of strategic importance to both Indonesia and Singapore as it is a major source of gas supply to Singapore.
John Clerico, Global's Chairman and Chief Executive Officer, stated: "The award of this contract supports our long-term commitment to the Asia Pacific region and we appreciate Transgasindo's confidence in Global's ability to deliver their project within the required schedule."