Global Industries Inks Deal for Malaysia Work Program

Global Industries reports that Global Offshore Malaysia Sdn. Bhd. has signed a day-rate charter agreement with TL Offshore Sdn. Bhd. for the use of the DLB 264 and DLB 332 as part of TLO's 2004/05/06 Malaysia Work Program. The DLB 264 and DLB 332 are currently estimated to be used in excess of 700 barge days over the course of the next thirty months to execute this work program for Petronas Carigali, Sarawak Shell Berhad, and ExxonMobil Malaysia. The DLB 264 has been mobilized immediately for the 2004 work program, which is projected to take 135 days for the first two of four work packages planned for 2004. The 2004 work scope will include both air and saturation diving.

William J. Dore, Global Industries Chairman of the Board and Chief Executive Officer, stated, "The DLB 264 and DLB 332 are well suited to this type of work in Malaysian waters. The companies involved are familiar with the DLB 264's pipelay history as well as the vessel's 1100-short ton lift capability. In 2001 the barge set a company pipelay productivity record for 40-inch diameter pipelines for Brunei Shell's Ampa Fairley Rationalization Project. The DLB 264 recently completed installation of a 14-inch Corrosion Resistant Alloy (CRA) pipeline for Sarawak Shell. Earlier this year, the DLB 332 successfully completed the KBR/Chevron Benchamas BPEP Shutdown Project in Thailand and Global was cited for the operation's safety and professionalism."