Global Wins $31M UAQ Contract from Sinochem

Global Industries, Ltd. said that its wholly owned subsidiary Global Offshore International, Ltd. (Global) has been awarded an approximately $31 million contract from Atlantis (UAQ) Limited, a wholly owned subsidiary of Sinochem Corporation, and the Ras Al Khaimah Gas Commission for installation works associated with the development of the Umm Al Qaiwain (UAQ) gas condensate field in the United Arab Emirates.

The lump-sum contract calls for Global to install the jacket, piles, boat- landing and topsides for the Umm Al Qaiwain Gas Platform in 35 meters water depth, as well as perform installation of the 14 inch, 75 km sub-sea pipeline, including shore approach, from the Ras Al Khaimah Gas Plant at Khor Khwair, Ras Al Khaimah to the UAQ platform. Global will utilize its derrick/pipelay barge 332 or 264 for the performance of this project, with a scheduled start in March 2007 and completion in June 2007.

Global has been in the Middle East region for almost a decade and has completed numerous offshore projects since 1995. Chief Executive Officer, Mr. B.K. Chin says, "Global is very excited with the award as it will strengthen our position in the Middle East and believe it will pave the way for more business and future customers in an area that has significant growth potential in the oil and gas industry."

Global Industries provides offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, and diving to the global oil and gas industry in the Gulf of Mexico, Mexico's Bay of Campeche, South America, West Africa, the Mediterranean, the Middle East, India, and Asia Pacific.

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