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Global Industries Bags New Offshore Contract in Brazil

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Sep 2 2010

Global Industries, Ltd. (Nasdaq: GLBL) announced today that its Brazilian business unit (Global Industries Brasil) has been awarded a project for design, engineering, procurement, fabrication, installation and pre-commissioning to be performed in the Northeast region of Brazil.

The project, worth approximately US$90 million, will be mainly performed by the DLB Iroquois, a pipelay and offshore construction vessel, with the support of a diving vessel. Engineering, procurement, and fabrication for the project will begin in Q4 2010, with execution of the project beginning in 2011.

John Reed, Global's Chief Executive Officer, stated, "Brazil continues to be a very promising market. Our past successes there and an increased effort to secure new business through strong relationships are helping solidify our presence in the region. We look forward to continued success in the area over the long term."

Source: http://www.globalind.com/

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