Global Industries Awarded Two Middle East Contracts Totaling $35 Million

Global Industries, Ltd. announced that two of its subsidiaries have received contract awards worth a total of approximately $35 million. One contract calls for the transportation and installation of seven jackets in Saudi Arabia while the other contract is for the transportation and installation of two jackets and decks offshore Qatar. Both contracts will utilize the derrick pipelay barge 264 for the performance of the work, which is scheduled to commence during the second quarter of 2008.

According to Global's Chief Executive Officer B.K. Chin, "These awards in the Middle East continue to strengthen our position in the largest oil and gas producing region in the world. Global saw enormous growth in the region over the past year, and these contracts increase our presence not only in the Saudi Arabia market, but they present us with new opportunities in Qatar's solid offshore arena as well."