Global Industries to Install PEMEX Lobina Pipelines

Global Industries' subsidiary Global Offshore Mexico S. de R.L. de C.V. has received a letter of intent from PEMEX Exploration & Production to install a total of four pipelines extending approximately 50 kilometers as part of the Lobina project in Mexico's Bay of Campeche. Two 16-inch diameter, one 12-inch diameter, and one 6-inch diameter pipelines are scheduled for offshore installation in 2005. The contract is valued at approximately $77 million.

William J. Dore, Chairman and Chief Executive Officer, commented: "Global Industries, and particularly Global Offshore Mexico, has experienced a high level of bid and award activity during 2004, and this project is indicative of PEMEX's capex spending planned for 2005 and 2006. The Sea Constructor, currently based in Carlyss and serving the U.S. Gulf of Mexico, will join the del Carmen-based Shawnee in execution of this project."