Global Industries Awarded First Project in Brazil

Global Industries has received a letter of intent from Petrobras to install the 24-inch Camarupim gas line in the Espirito Santo Basin offshore Brazil.

The Camarupim Project, valued at approximately $165 million, includes project planning, detailed engineering, and installation of 52 km of pipeline, fabrication and installation of the pipeline end manifold (PLEM) and tie-in spool. The offshore installation will be performed by the Global pipelay barge Iroquois.

This is the first project awarded to Global in Brazil, a market the Company has been targeting since the recent opening of its office in Rio de Janeiro for its subsidiary, GLBL Brasil Oleodutos e Servicos Ltda.

B.K. Chin, Chairman and Chief Executive Officer of Global Industries, stated, "This continues to be an exciting period in Global's history. Entering into Brazil is in line with our strategy for continued geographic diversification. I would like to thank Petrobras for this award, and I am confident that this is the beginning of a lasting relationship."