Global Industries, Ltd. Awarded US$40 Million Pipeline Project in Pemex's Bay of Campeche Ku-Maloob-Zaap Field

CARLYSS, La., July 27 /PRNewswire-FirstCall/ -- 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."

Petroleos Mexicanos (Pemex) is Mexico's state-owned petroleum company. It is the 10th largest oil company in the world in terms of Revenue and 34th place out of the Fortune 500 companies.

Global Industries, Ltd. is a leading solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/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".

This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions.  Among the factors that could cause the actual results to differ materially are industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.

SOURCE Global Industries, Ltd.