Global Industries Awarded China Pipeline Contract

Global Industries' subsidiary GIL Mauritius Holdings, Ltd. will install 338 kilometers of 20-inch diameter pipeline and one 12-inch diameter pipeline extending 1.8 kilometers for the China National Offshore Oil Corporation (CNOOC) as part of the Panyu/Huizhou Gas Development Project in the South China Sea. The dynamically positioned Hercules will install the gas lines during 2005 and 2006 using conventional pipelay. The CNOOC award totals approximately $125 million.

"The Hercules is very appealing to the marine construction market in Asia Pacific, and Global is well positioned to employ this vessel and its capabilities in this growing market. Development of oil and gas projects in this geographical area is significant and we look forward working with CNOOC," stated William J. Dore, Global Industries Chairman of the Board and Chief Executive Officer.

The Hercules has mobilized to Shenzen, China from the U.S. Gulf of Mexico. She will be based in Batam, Indonesia between work seasons for CNOOC and joins the major construction barges DLB 264, DLB 332, and Seminole based in Batam.