Global Industries to Sell Derrick Barge

Global Industries has entered into an agreement to sell the Arapaho, a 800-ton conventional derrick barge currently based in the U.S. Gulf of Mexico to a subsidiary of Tetra Technologies, Inc. The sale, which is subject to customary conditions including satisfactory results of an inspection of the vessel, is expected to be completed within the next 45 days.

William J. Dore, Chairman of the Board and Chief Executive Officer, said, "The Arapaho has served Global well since our acquisition in 1992; however, an opportunity to sell the vessel was offered at a time when our company is focusing on international opportunities and deepwater. Proceeds from the sale will be used for general corporate purposes and to enhance the capabilities of our fleet."