Jul 29 2010
Global Industries, Ltd. (Nasdaq: GLBL) announced today that it has been awarded a project from Petroleos Mexicanos (Pemex) for pipeline work in Pemex's Ku-Maloob-Zaap Field in the Bay of Campeche.
The project, worth approximately US$40 million, is scheduled to begin in August 2010 and be completed by the end of March 2011. This project will be linked to the recently awarded L59 project, bringing the integrated scope of works, including change orders on L59, to an estimated amount of US$175 million for the second half of 2010.
Global will install a 24" x 8km pipeline at a depth of around 300ft, from E-KU-A2 platform to a Subsea valve in line 152. The project also includes several pipeline crossings, risers, and expansion curves.
John Reed, Global's Chief Executive Officer, stated, "We recognize the value of Pemex's continuing confidence in Global's ability to execute their projects in a timely and safe manner. Our long-term presence and track record in Mexico and Latin America could not have been accomplished without Pemex's continued faith in Global."
Source: http://www.globalind.com/