Global Industries Confirms Release of Hostages

Global Industries is pleased to confirm the safe release today of its four employees who were abducted from one of its construction vessels off the coast of Nigeria on the evening of May 8, 2007. All four appear unharmed and in good condition but will undergo thorough medical examinations before returning to their respective homes.

B.K. Chin, Chairman and Chief Executive Officer, commented, "On behalf of Global Industries I want to express my sincere appreciation to all of those who contributed to the successful resolution of this harrowing ordeal: the government of Nigeria, specifically the government of Delta State, Chevron Nigeria, our security advisors, and countless others who reached out to assist in the safe return of these four men. We are grateful for the hard work and support of our employees around the world and are extremely thankful that our men involved in this incident were released unharmed and will be reunited with their families. Our Global family welcomes them home and wishes to specially thank their wives and family for their patience and understanding throughout this ordeal."