Global Industries Awarded Contract by PEMEX

Global Industries, Ltd. has executed a contract with PEMEX Exploration & Production to perform the EPC 45 Project in the Bay of Campeche's Cantarell Field. Three 36-inch gas pipelines, each approximately 17.5 kilometers, and one 30-inch gas pipeline extending 5.7 kilometers will be installed as part of this project. Scheduled to begin procurement during the fourth quarter of 2001 with offshore activities commencing in 2002, the project consists of materials procurement, pipeline construction, and associated platform connection work.

Global Industries, Ltd. Chairman and Chief Executive Officer William J. Dore stated: "This project represents a significant addition to our backlog which now exceeds $200 million and demonstrates Global's capacity to carry out projects of this magnitude. I am pleased PEMEX has entrusted our company with a project of such importance to their overall development goals."

Nick Alvarado, Global Senior Vice President - Latin America, added: "PEMEX is a valued customer and Global is delighted to support their continued development of the Cantarell Field. We are proud to accept the challenge offered by PEMEX, committing whatever resources are required to make this project a success for PEMEX."

Global will employ approximately 800 direct-hire employees and dedicate four major construction vessels plus sixteen minor vessels for logistic support to execute this project.