Global Acquires Marine Construction Business

Thursday, August 19, 1999
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. The combined company will be the largest offshore construction company in market capitalization with combined 1998 revenues of about $1.3 billion. Joining forces with Global's current international operations, ETPM will work to create a new International Division, with Pierre Laborie, ETPM's current president and CEO as head of the venture. From a construction standpoint, Global used its deepwater pipelay/heavy-lift barge Hercules to install 17.6 miles of 16-in. pipe for Dauphin Island Gathering Partners (DIGP) in the Gulf of Mexico this summer. Implemented between Main Pass Block 225 in water depths of 240 ft. (73.1 m) and Viosca Knoll Block 823 stationed in 1,130 ft. (344.4 m), Global's vessel Pioneer assisted Hercules during pipelay as well as throughout installation of a pipeline skid at Viosca Knoll 823. Global Industries has added a new member to the company with the election of Russell J. Robicheaux as vice president and general counsel. Robicheaux, who previously served as assistant general counsel at J. Ray McDermott, holds a B.S. in Electrical Engineering from LSU and a J.D. from Loyola University.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

Legal

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

2016 SDAP Rates Announced

The US Navy released updates to the Special Duty Assignment Pay (SDAP) for eligible enlisted Sailors in NAVADMIN 120/16, May 25. The SDAP program enhances the Navy's ability to size,

 
 
Maritime Contracts Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0935 sec (11 req/sec)