Global Industries Ltd secures pipeline project

Tue. September 30, 2008; Posted: 05:08 AM

Sep 30, 2008 (M2 EQUITYBITES via COMTEX) -- GLBL | Quote | Chart | News | PowerRating -- Global Industries Ltd (Nasdaq: GLBL), a provider of offshore construction, engineering, project management and support services, said on 29 September that it has received an order for a pipeline project.

The order is from Mexico's state-owned petroleum company Petroleos Mexicanos (Pemex) for its Ixtal Field in the Bay of Campeche and is valued at approximately USD75m. The pipeline project is scheduled to commence in October and be completed by the end of January 2009. Global Industries Ltd will lay over 12km of 24" pipe in approximately 150 feet of water. The project will also include several pipeline crossings, risers and expansion curves.

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