Global Industries to Acquire ETPM

Friday, September 24, 1999
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. Under the terms of the transaction, Global will pay Groupe GTM $265 million in cash for the outstanding stock of ETPM and enter into a lease purchase of Groupe GTM's interest in two vessels providing for annual fees and a purchase of such interest in January 2002 for $25 million. In addition, Global will assume ETPM's liabilities (approximately $2 million in debt and capital lease obligations as of June 30, 1999). "This is an extremely significant acquisition for Global because it strengthens our deepwater position by doubling our dynamically-positioned fleet from three to six vessels and by positioning us as a leader in FPSO technology and development," said William J. Doré, chairman and CEO. "This transaction also provides us with cutting-edge automatic welding technology, which is critical in pipelay productivity, and extends Global's presence to all the major offshore construction markets worldwide."
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