Global Industries to Install PEMEX Ku-C Pipelines

Global Industries, Ltd. has received a letter of intent from PEMEX Exploration & Production to install four pipelines in the Ku-Maloob-Zaap Field in the Bay of Campeche. The Ku-Maloob-Zaap contract calls for installation of two 12-inch pipelines, one 24-inch pipeline and, in Zaap C, one 20-inch diameter pipeline. The DLB Cherokee will transfer from the U.S. Gulf of Mexico and join the Titan 2 in execution of the Ku-C project. Installation of the pipelines is contracted at approximately $53 million and scheduled for First Quarter 2005.

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