Global Offshore to do Work for Mexican National Co.
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 Awarded PEMEX Contract
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."
Passenger Carries Hurt
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.
