PM Connect: Project Management Press Releases
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Saturday, April 26, 2008
Global Industries, Ltd. Wins Projects Totaling Over $110MM in Asia Pacific/India
CARLYSS, LA - /PRNewswire-FirstCall/ - April 24, 2008 -- Global Industries, Ltd. (NASDAQ:GLBL) announced today that certain of its subsidiaries have been awarded contracts worth approximately US$110 million in Asia Pacific/India.
The largest of these projects with a value of US$72.5 million is part of the Mumbai High South Re-development (Phase II) project for India's Oil and Natural Gas Corporation Ltd. (ONGC) and consists of the installation of rigid pipelines and cables, off the west coast of India. The scope of work involves Pre- and Post-installation surveying, installation of six segments of rigid pipeline (54 Km), three segments of cable (23 Km), pipeline crossings, free span corrections, cable crossings, and risers. The proposed Global vessels for this project are the DLB 264 and the Subtec-1. Work is scheduled to begin in November, 2008 and be completed by April, 2009.
Additionally, Global has received an award in India for provision of diving services on board three ONGC vessels. The project, worth approximately US$20 million, is for a term of one year and includes provision of management and construction personnel onboard the ONGC vessels involved in inspection, repair, and maintenance (IRM) activities off the coast of India.
Lastly, Global signed an agreement for pipe lay work with its vessel DLB Comanche in Asia Pacific beginning in June, 2008. The contract which involves installation of various pipelines is expected to run for a duration of 60 days immediately following the JVPC project for a total value of US$18.7 million. DLB Comanche was relocated to Asia Pacific/India from Africa in the fourth quarter, 2007 to address the increase in activity in Asia Pacific/India.
According to BK Chin, Global's Chairman and CEO, "The addition of these projects continue to give Global a stronger position in the Asia Pacific/India region. In addition of reinforcing our position as the leader in traditional pipelay installation work, it also allows us to expand our strategic focus in inspection, repair, and maintenance. These projects also come shortly after Global's successful execution of the 3rd Season of the PRP Phase 1 project, which was completed ahead of schedule and to the great satisfaction of ONGC."
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.
Contact:
Jeff Miller
of Global Industries, Ltd.,
+1-281-529-7250
Web site: http://www.globalind.com/
Source: Global Industries, Ltd.
The largest of these projects with a value of US$72.5 million is part of the Mumbai High South Re-development (Phase II) project for India's Oil and Natural Gas Corporation Ltd. (ONGC) and consists of the installation of rigid pipelines and cables, off the west coast of India. The scope of work involves Pre- and Post-installation surveying, installation of six segments of rigid pipeline (54 Km), three segments of cable (23 Km), pipeline crossings, free span corrections, cable crossings, and risers. The proposed Global vessels for this project are the DLB 264 and the Subtec-1. Work is scheduled to begin in November, 2008 and be completed by April, 2009.
Additionally, Global has received an award in India for provision of diving services on board three ONGC vessels. The project, worth approximately US$20 million, is for a term of one year and includes provision of management and construction personnel onboard the ONGC vessels involved in inspection, repair, and maintenance (IRM) activities off the coast of India.
Lastly, Global signed an agreement for pipe lay work with its vessel DLB Comanche in Asia Pacific beginning in June, 2008. The contract which involves installation of various pipelines is expected to run for a duration of 60 days immediately following the JVPC project for a total value of US$18.7 million. DLB Comanche was relocated to Asia Pacific/India from Africa in the fourth quarter, 2007 to address the increase in activity in Asia Pacific/India.
According to BK Chin, Global's Chairman and CEO, "The addition of these projects continue to give Global a stronger position in the Asia Pacific/India region. In addition of reinforcing our position as the leader in traditional pipelay installation work, it also allows us to expand our strategic focus in inspection, repair, and maintenance. These projects also come shortly after Global's successful execution of the 3rd Season of the PRP Phase 1 project, which was completed ahead of schedule and to the great satisfaction of ONGC."
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.
Contact:
Jeff Miller
of Global Industries, Ltd.,
+1-281-529-7250
Web site: http://www.globalind.com/
Source: Global Industries, Ltd.
