Global Industries to Build New DP Derrick/Pipelay Vessel

Global Industries has approved the construction of a $240 million new generation dynamically positioned combination Derrick/Pipelay vessel for its worldwide offshore fleet. This decision is in line with Global's growth plan for geographic expansion, a broadened product line and fleet upgrade.

The vessel, designated the Global 1200, is a next-generation multi-purpose vessel designed for work in deep and shallow water, with a high bollard pull allowing for pipelay without the need for supplemental tugs. It will be 532.5 ft (162.3 m) in overall length. In addition to the state of the art pipelay system capable of operating in water depths to 10,000 ft. (3,000 m) and handling up to 60" concrete coated pipe, the vessel incorporates a 1200 metric ton capacity crane and a deep water lowering system capable of operating to depths of 10,000 ft. (3,000 m). Classed as DP-2, the vessel will be able to transit at speeds of up to 15 knots and will swiftly and economically mobilize to work destinations across the globe. It is capable of transiting the Panama and Suez Canals. A majority of the long lead owner furnished equipment such as the derrick crane, power generation, controls, DP equipment and pipelay mission equipment have been fully committed, with deliverables to the shipyard beginning in the fourth quarter of 2007.

B.K. Chin, Chairman and Chief Executive Officer, stated, "This next generation vessel, which we anticipate to be operational in April 2010, represents Global's strong commitment to growth and to expanding our high quality fleet to meet the needs of the market and our customers as we execute our business strategy of increasing our involvement in deepwater, SURF and EPIC projects."

Global Industries provides offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, SURF installation, IRM and diving services to the oil and gas industry worldwide. The Company's shares are traded on the NASDAQ Global Select Market under the symbol "GLBL."


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