CARLYSS, LA — Offshore construction and support company Global Industries Ltd. earned revenues of US$269.5 million for the first quarter of 2009 compared to US$301.5 million in the first quarter of 2008. Net income was US$19 million for the first quarter of 2009 compared to US$26.1 million in the first quarter of 2008.
Global Industries is wrapping up its current project in Nigeria and have no booked projects for its West Africa Business Unit in the company’s current backlog. Consequently, the company has made the decision to curtail its operations in West Africa in an effort to minimize the impact on operating results.
Global Industries will continue to evaluate the West Africa region for prospective future projects and re-enter that market if viable, profitable projects make it feasible to do so.
Revenue for the first quarter of 2009 included pipeline repair and replacement work in Nigeria, pipeline repairs in Mexico, pipeline installation off the West Coast of India, the Berri and Qatif project in Saudi Arabia, and the Camarupim project in Brazil. North America Subsea activity, consisting of smaller projects and dive support services, also contributed to revenues for the quarter.
The Camarupim project incurred additional costs to complete due to the necessity to hire a third party dive support vessel and saturation system.