Global Wins $36 Million West African Contract from VAALCO

Global Industries announced that its wholly owned subsidiary Global Offshore International has been issued a Letter of Intent for the award of a contract valued at approximately $36 million from VAALCO Gabon (Etame), Inc. The project is for the transportation and installation of infrastructure for development of the company's Ebouri field located in the Etame Marin Block, offshore Gabon, West Africa. This is Global's second such contract with VAALCO for work in Gabon.

According to the contract, Global will execute the transportation, offshore installation and hookup of a four-pile wellhead platform in a water depth of approximately 79 m (260 feet), as well as the installation of a 10 km by 8-inch pipeline from this new facility to an existing FPSO.

In addition to a saturation diving team, Global will utilize its DLB Hercules vessel for the project following its regulatory drydocking.

"We appreciate the confidence that VAALCO has placed in Global by awarding us this second project in Gabon," said B. K. Chin, Chairman and CEO of Global Industries. "This project is a good assignment for the highly versatile Hercules with its dynamic positioning, pipelay and structural installation capabilities."