Due to the depressed market and operator pressures, Global Industries, Ltd. has elected to restructure its operations and bidding practices in the U.S. Gulf of Mexico. Over the past year, Global has transferred assets from the Gulf of Mexico to the Bay of Campeche and the Mediterranean, and will continue to redeploy assets as the situation warrants. Global plans to submit day-rate proposals in response to construction tenders and will selectively respond to lump-sum tenders. Global has also consolidated its shallow-water pipelay division, relocated the division to Carlyss, Louisiana, and released significant office staff and field personnel. Global's diving and liftboat operations remain unchanged and based in New Iberia.
Global Industries Chairman of the Board and Chief Operating Officer William J. Dore stated, "As our market indicators reflect continued lack of near-term offshore construction opportunities, we must take these measures to ensure reasonable levels of profitability. We wish to thank those operators who are currently in support of ensuring the stability and availability of the construction industry, and we look forward to continuing to satisfy your marine construction requirements in the Gulf of Mexico and around the world, safely and efficiently."
Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on the NASDAQ National Market System under the symbol "GLBL".
Most Popular Articles