Global Industries Wins Contract Offshore West Africa and Southern Asia

Global Industries has been awarded four contracts with a total value approximating $153 million. The four pipeline and structural installation projects are located offshore India, Angola, Congo, and Nigeria. The pipelines range in diameter from 4 to 28 inches.

First, in consortium with Larsen & Toubro Ltd. of Mumbai, India, Global has received authorization for the installation of additional oil and gas pipelines offshore Mumbai (Bombay), India. The DLB 264 will join the DLB 332 and DLB Seminole to mobilize for the execution of the additional work during 2005-2006 work season. The total value of this additional scope of work is valued at approximately $135 million, of which the Global portion approximates $69 million.

Second, Global has signed a contract to install two platforms and associated pipelines for Dynamic Industries, Inc. under contract to the Cabinda Gulf Oil Company (CABGOC) for the Banzala Lago Project in Angola. The Cheyenne and Comanche will execute the contract valued at approximately $57 million.

Third, Global has signed a contract with Fred Olsen Production (Adoon Pte. Ltd.) to install one 28-inch pipeline and two pipeline end manifolds (PLEMs) and to perform associated pipeline tie-ins for the ANTAN FPSO System offshore Nigeria. The DLB Comanche will execute the project valued at approximately $15 million.

Finally, Global has received a letter of intent from Eni Congo S.A. to replace two six-inch diameter pipelines in the Djambala Field, offshore Congo. The DLB Cheyenne will execute the project valued at the approximately $12 million.