Global Industries Wins Multi-Year Contract from Chevron Nigeria

Global Industries' subsidiary, Global Offshore International, Ltd., has executed a multi-year "Call-Out" Contract with Chevron Nigeria Limited (Operator of the Nigerian National Petroleum Corporation and Chevron Nigeria Limited Joint Venture) for the Transportation and Installation Project, which involves the installation of platforms and pipelines offshore Nigeria. The initial scope of work includes forty pipelines and one platform to be installed during the first work season in the first half of 2007. An authorization for expenditure of approximately $150 million has been issued to cover this initial scope of work. There is an option for Global's continued involvement in the following two work seasons (2007-08 and 2008-09).

B.K. Chin, Chief Executive Officer, stated: "We are pleased to be awarded this contract by Chevron Nigeria, as they were one of our first international clients in 1996. This project is further validation of our strong future in West Africa and the work prospects in this very active region. Our two combination derrick/lay barges, the Cheyenne and Comanche, have been committed to the West Africa region for over a decade, and we have moved our largest work barge, the DLB Hercules, and our shallow water lay barge Sea Constructor, to the region to assist on this and other projects. We are expanding Global's presence because of our confidence in the long-term outlook in West Africa."