Global Industries Wins 3-Year ONGC Pipeline Contract

Global Industries's subsidiary, Global Industries Offshore LLC, in consortium with Larsen & Toubro Ltd. of Mumbai, India, has received the Notification of Award from ONGC, India's national oil company, to replace approximately 185 kilometers (115 miles) of oil and gas pipelines offshore Mumbai (Bombay), India. The consortium's contract is valued at approximately $422 million and the Global portion of the contract is valued at approximately $212 million.

Global Industries Chairman and CEO William J. Dore stated, "We are very excited about the award of this contract. It represents the culmination of several years of efforts by our pipeline construction and diving groups to establish a presence in India. The region holds much promise for ONGC development of present and currently unproven reserves."

The ONGC replacement pipelines range in diameter from 4-inch to 16-inch with offshore operations beginning later this year. The 2005 work season scope includes 14 replacement lines, totaling 78.3 kilometers (48.93 miles). The 2006 and 2007 work seasons call for installation of 12 pipelines for 60.6 kilometers (37.87 miles) and 14 pipelines for 46.1 kilometers (28.81 miles), respectively.