Global Industries Inks Multi-Year Contract from Chevron Nigeria

Global Industries says that its wholly owned subsidiary Global Offshore has an agreed work scope for Phase 2 of the "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 of Pipelines, Risers and Offshore Structures in Nigeria. An authorization for expenditure of approximately $109 million has been issued to cover this scope of work. This is the second season (2007/2008) of a two plus one year contract.

Global will be utilizing two major construction vessels on this project: the Cheyenne and the Sea Constructor.

B.K. Chin, Chairman and Chief Executive Officer, stated: "We are pleased to be continuing our work with Chevron Nigeria as Chevron is our strategic customer in Nigeria and globally. This project will further enhance Global's presence in this very active oil and gas producing region."