Global Industries Ltd News

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO, to discuss his vision for the future and how Harkand aims to achieve its goal of being the leading subsea IRM and light construction contractor globally. Established in 2012 and headquartered in London with operations bases in Aberdeen, Houston, Mexico, and Ghana, global subsea IRM group Harkand has been expanding its business operations rapidly throughout North America…

Internatioanl subsea inspection, repair and maintenance (IRM) group Harkand announced the appointment of John Reed as its new chief executive officer as it embarks on the next stage of its ambitious growth strategy. Reed, an industry veteran with more than 30 years’ experience in the offshore engineering and construction sector, will lead the development of the company as it drives forward with its target of growing turnover to $1 billion in the next five years. Due to take over the reins in October, he replaces Nicolas Mouté who steered the group’s formation since inception and through the merger of Iremis, Integrated Subsea Services (ISS) and Andrews Survey following investment by Oaktree Capital Management and the acquisition of Veolia Marine Services.

Keppel Singmarine Pte Ltd (Keppel Singmarine), the specialized shipbuilding arm of Keppel Offshore & Marine Limited (Keppel O&M), is on track to deliver GLOBAL 1201, the second new generation derrick pipelay vessel to Global Industries Ltd (Global Industries) safely, on time and within budget. Keppel Singmarine was awarded a S$50,000 (over $40,000) bonus from Global Industries for achieving zero-incidents during the construction of this 162 meter-long double-hull vessel. Tong Chong Heong…

Keppel Singmarine Pte Ltd (Keppel Singmarine), the specialised shipbuilding arm of Keppel Offshore & Marine Limited (Keppel O&M), is on track to deliver Global 1201, the second new generation derrick pipelay vessel to Global Industries Ltd (Global Industries) safely, on time and within budget. Keppel Singmarine was awarded a S$50,000 bonus from Global Industries for achieving zero-incidents during the construction of this 531.5-ft-long double-hull vessel. Mr Tong Chong Heong, CEO of Keppel Offshore & Marine, said, "Global 1201 is a great example of excellent teamwork and reflects a strong alignment of goals and priorities between Keppel Singmarine and Global Industries.

Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $294.8m for the second quarter of 2009 compared to $300.5m in the second quarter of 2008. Net income was $45.9m, or $0.40 per diluted share, for the second quarter of 2009 compared to a loss of $14.1m, or $0.12 per diluted share, in the second quarter of 2008. Commenting on the second quarter results, Chairman and Chief Executive Officer John A. During the second quarter of 2009, the company booked $116.4m of new work resulting in a backlog of $215.6m as of June 30, 2009. Commenting on the backlog results, John Clerico stated, "We are continuing to bid new projects on a worldwide basis and pursue opportunities with our key relationship customers.

Global Industries, Ltd. (NASDAQ:GLBL) announced today that it has entered into an exclusive agreement with Fluor Offshore Solutions, a division of Fluor Corporation (NYSE:FLR), to pursue offshore projects in the Middle East and North Africa (MENA) region. The exclusive agreement, which will build on the combined 60 years of offshore experience of both companies, will jointly market and perform offshore construction projects for the oil and gas industry within the MENA region. The agreement will leverage the depth of Engineering, Project Management, Procurement and Installation processes to focus on both EPIC and traditional Transportation and Installation solutions. Global will be utilizing its extensive vessel fleet and significant offshore experience.

Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $269.5m for the first quarter of 2009 compared to $301.5m in the first quarter of 2008. Net income was $19m, or $0.17 per diluted share, for the first quarter of 2009 compared to $26.1m, or $0.22 per diluted share, in the first quarter of 2008. Commenting on the first quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "We continue to make progress on our recovery plan at Global, and I am pleased to report that we returned to profitability in the first quarter. Although we experienced additional deterioration in our Camarupim project, this was more than offset by successful project execution elsewhere and the impact of our continuing cost reduction efforts.

Keppel Corp. said Keppel Singmarine Pte Ltd. has won two shipbuilding contracts worth $155.6m, Thompson Financial reported. Keppel Singmarine will build a derrick pipelay vessel for Global Offshore International Ltd, a unit of U.S.-listed Global Industries Ltd. In a separate deal, Keppel Singmarine will construct a 100-metre Rolls-Royce designed UT 788 CDL ultra-deepwater multi-functional support vessel For Lewek Shipping Pte Ltd., a unit of Singapore-listed Ezra Holdings Ltd. Source:  Thompson Financial

Carlyss, La.-based Global Offshore Mexico, a wholly owned subsidiary of Global Industries, Ltd., has been awarded a $40m contract by PEMEX, the national oil company of Mexico, to dismantle a drilling rig involved in an October accident. Global’s Titan 2 was dispatched to the scene to assist in rescue efforts and will now decommission and dismantle the drill rig.

Global Industries, Ltd. announced that it has appointed three to vice presidential positions. Eddie J. Evans has been named to the position of Vice President - Health and Safety. This new position reflects the importance Global places on safety in the workplace and its integral role in Global's success. Mr. Evans joined Global in January 1998 as Corporate Director of Safety responsible for all safety and health measures worldwide. He came to Global from J. McDermott Morgan City Operations where he directed or managed safety, risk insurance, and personnel matters. Evans brings over twenty-four years experience in marine engineering and construction. in Carlyss. Global also announced the appointment of James F. Gallagher to the position of area vice president -West Africa.

Global Industries, Ltd. said that subsidiary Global Offshore Mexico S. de R.L. de C.V. received a letter of intent from PEMEX Exploration & Production to install three 20-inch diameter pipelines and nine 12-inch diameter pipelines as part of the EPC-77 Project in the Cantarell Field. The field is located in Mexico's Bay of Campeche. The Project is valued at approximately $100 million and scheduled to be completed by the end of the first quarter 2005. William J. Doré, Chairman and CEO, stated, "The project will utilize our vessels Hercules, Shawnee, and Pioneer. This award reflects the significant level of project activity in the Bay of Campeche."

Global Industries, Ltd. has appointed J. Michael Pearson to the position of senior vice president – strategic planning. In this position, he will have corporate oversight responsibility for project performance on a worldwide basis. Pearson has 30 years of engineering and construction management experience, including 25 years with McDermott International, Inc. where he progressed from field engineer to vice president/general manager of major domestic and international construction projects. Most recently, Pearson acted as president of the CAByL joint venture project constructing offshore platforms for Pemex’s Cantarell Field at Enron Engineering and Construction Company. Pearson holds a BS degree in Civil Engineering from Louisiana Tech University.

Global Industries Ltd. priced an offering of 8.5 million shares of its common stock at $9 each. The offering of the shares will generate about $72.3 million in net proceeds that will be used to repay outstanding indebtedness under the company's term loan facility and for general corporate purposes and working capital, Global Industries said. The company said it also granted the underwriters an option to purchase up to an additional 850,000 shares to cover over-allotments. It expects the issuance and delivery of the shares to occur on March 27. The offering is being underwritten by Credit Suisse First Boston, Raymond James, Credit Lyonnais Securities (USA) Inc. and Hibernia Southcoast Capital.

Tidewater Inc. (NYSE:TDW) announced on March 28 that William C. O'Malley, the company's Chairman, President and CEO for most of the past eight years, has officially stepped down as Tidewater's CEO, handing over the reins of leadership to Dean E. Taylor. Taylor, 53, has served as President of Tidewater since October 2001 when O'Malley, 65, announced his impending retirement at the end of March 2002. Taylor's career with Tidewater started in 1978 where he served as an assistant manager in the company's Morgan City, La. office. With his Navy background and business savvy, Taylor gradually worked his way up through Tidewater's ranks to become an executive vice president in December of 2000.

Peter S. Atkinson, President of Global Industries, Ltd., will assume responsibilities for all administrative functions worldwide including accounting, human resources, information and communications, investor relations, legal, purchasing, risk, safety, and all other functions reporting to these groups. Atkinson joined the Company in September 1998 as Vice President and Chief Financial Officer. In June 2000, he was named President. Prior to joining Global, he served at the corporate level and in the North Sea, Middle East, West Africa, and Central and South America at J. Ray McDermott, S.A. and McDermott International, Inc. for over twenty-three years.

Global Industries, Ltd. announces the appointment of Craig Milburn as operations manager for Global Divers, based in New Iberia, LA. As Operations Manager, Milburn is responsible for diving operations, personnel, equipment, and the diving facilities at the New Iberia facility. Milburn joined Global in 1982 and has held numerous positions as a diver, Supervisor, Superintendent, and project manager domestically and in Asia Pacific. Previously, he attended the University of Oregon in Architecture and the Commercial Diving Center in Los Angeles. Bill Alexander has been appointed Business Development Manager - North America and is based in Houston.

Global Industries, Ltd. announced its subsidiary Global Industries Limited Mauritius has executed a contract to undertake platform and pipeline installation work in the Gulf of Thailand for Chevron Offshore (Thailand) Ltd., a subsidiary of ChevronTexaco Corporation. This work forms part of ChevronTexaco’s Minimum Facilities Project (MFP) to expand oil and gas production in Thailand. Global will be responsible for installing five wellhead platforms and four pipelines as well as performing associated tie-in, free span correction, and testing activities. The offshore work will be performed in two phases to accommodate ChevronTexaco’s construction schedule and optimize Global’s barge utilization.

Global Industries, Ltd. announced that Global Divers & Contractors is mobilizing its saturation system and support personnel for Phase 3 of the U.S.S. Monitor recovery project. The U.S.S. Monitor, an ironclad Civil War battleship, sank in 1862 off Cape Hatteras, North Carolina in 240 feet of seawater. The U. S. Navy plans to salvage the turret and guns from the Monitor and place them in the Mariner’s Museum in Newport News, Virginia. These will be the last significant pieces of the U.S.S Monitor to be salvaged. The actual salvage is scheduled for six weeks onsite.

American Classic Voyages Co. subsidiaries Delta Queen will trim its upcoming cruise schedule by a combined total of 27 cruises. Delta Queen Coastal Voyages will eliminate three cruises in 2001. Also, the 2002 summer and fall schedule of the 174-passenger Delta Queen will be enhanced to meet passenger demand for more variety. Moody's Investors Service confirmed the A2 senior ratings of Carnival Corporation, but changed the rating outlook to negative reflecting the uncertain economic and industry conditions that the company faces in the wake of the attacks on the U.S. Moody's believes the events of September 11 will further stress industry conditions that were already suffering from price weakness.

Global Industries, Ltd. has attained the offshore marine construction business of its Mexican joint venture CCC Fabricaciones y Construcciones, S.A. de C.V. and sold its interest in CCC to the other principal shareholder of CCC, Grupo Consorcio de Fabricaciones y Construcciones. Under these terms, Global is acquiring four marine vessels and the marine support base at Cuidad de Carmen, Mexico, in addition to the existing offshore marine construction contracts totaling more than $72 million. Another transaction in the works is a definitive purchase agreement that was signed for the attainment of ETPM, SA, an international offshore construction company.

Global Industries, Ltd. has signed a definitive purchase agreement to acquire ETPM, SA, a leading international offshore construction company wholly-owned by Groupe GTM, the construction affiliate of French utility Suez Lyonnaise des Eaux. The combined company will be the largest offshore construction company in market capitalization with combined 1998 revenues of approximately $1.3 billion. ETPM provides a full range of turnkey services, including design, procurement, fabrication, installation and commissioning of offshore platforms and pipelines. ETPM will be combined with Global's current international operations to create a new International Division. Pierre Laborie, ETPM's current president and COO, will head the new division.

Luis Téllez has been elected to the Global Industries, Ltd. Board of Directors of the Company effective March 31, 2003. Téllez is Executive Vice-President and Chief Executive Officer of DESC, S.A. de C.V., a diversified industrial conglomerate and one of Mexico’s largest corporations. Prior to his association with DESC, Téllez served as Mexico’s Secretary of Energy from 1997 until 2000. He served as Chief of Staff to President Ernesto Zedillo from 1994 to 1997. Previously, Téllez was appointed Head Economist at the Ministry of Treasury from 1987 to 1990 and Undersecretary of Planning at the Ministry of Agriculture and Water Resources from 1990 to 1994.

Global Industries, Ltd. said that Lawrence R. and Chief Operating Officer of Diamond Offshore Drilling Inc. elected to the Board of Directors of the Company. Mr. Dickerson was elected to the Board on March 21, 2007. as a Director of Diamond Offshore Drilling, Inc. since 1998. Dickerson was Senior Vice President and Chief Financial Officer. Dickerson joined Diamond Offshore in 1979. organizations. Industries Association. Association of Drilling Contractors and was the 2003 Chairman. Mr. Dickerson was appointed by the President and served on the U.S. on Ocean Policy.