CARLYSS, La. — Global Industries, Ltd. announced today that its wholly owned subsidiary, PT Global Industries Asia Pacific Pte., Ltd. has entered into a contract with PT Transportasi Gas Indonesia (Transgasindo) to provide the replacement and zero downtime repair of a 28″ pipeline offshore Indonesia.
The contract is valued at approximately US$75 million and isscheduled to commence in February 2009, with a scheduled completion date of April 2009.
Global will be utilizing its pipelay barge Comanche, assisted by additional support vessels, to install a new 23 km section at KP110-KP 133 Kuala Tungkal – Panaran, Grissik-Singapore Pipeline. The projectalso includes a total of eight hot tap installations to tie the new pipeline tothe existing pipeline. The repair is to be carried out without interruption ofthe gas flow. The pipeline is of strategic importance to both Indonesiaand Singaporeas it is a major source of gas supply to Singapore.
John Clerico, Global’s Chairman and Chief Executive Officer,stated: “The award of this contract supports our long-term commitment tothe Asia Pacific region and we appreciate Transgasindo’s confidence in Global’sability to deliver their project within the required schedule.”
Global Industries, Ltd. is a leading offshore solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal,deep water/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company’s shares are traded on the NASDAQ Global Select Market under the symbol “GLBL”.