Global Industries Increases Deepwater/Subsea Capabilities

Global Industries have signed a long-term charter with Olympic Shipping AS for a new build DP2 multi service, diving, ROV and deepwater construction vessel.

The new vessel, which will join the Global fleet early 2008, is a new-build 347 ft (105.9 m) X 69 ft (21 m) fuel efficient, environmentally friendly and ice classed Aker ROV 2. In addition to SURF capabilities, the vessel is suitable for subsea installation, marine construction for field development, IRM/MMO, ROV support and diving support. The vessel will be outfitted with accommodations for 100 personnel.

The vessel is equipped with 2 moon pools, 1,000 sq meters clear deck space, a 250T heave compensated crane equipped for deepwater lowering in water depths to 10,000 ft (3,000 m). The ship will be outfitted with an interchangeable modular 60T vertical tensioner and reeling system capable of handling up to 4-inch rigid pipe, and 8-inch flexibles and umbilicals. It is equipped with an ROV hanger and a state of the art ODIM launch and recovery system allowing the option of simultaneous deployment of up to 3 ROVs over the side or through the dedicated ROV moon pool.

B.K. Chin, Chairman and Chief Executive Officer, stated, "This latest vessel further demonstrates Global's strong commitment to expanding its high quality fleet to accommodate the needs of our clients as we continue implementation of our business strategy to increase involvement in the deepwater/subsea SURF, IRM and decommissioning markets and integrated projects."

Global Industries provides offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, SURF installation, IRM and diving services to the oil and gas industry worldwide. The Company's shares are traded on the NASDAQ Global Select Market under the symbol "GLBL."