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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (48342)	7/22/1999 2:25:00 PM
From: The Fix	Read Replies (3) \| Respond to of 95453

Anyone Hear that FLN had a Ship Seized in South Africa this Week? Please fill me in. Thanxs in Advance, fIXER.

To: SliderOnTheBlack who wrote (48342)	7/22/1999 9:25:00 PM
From: Donaldm	Respond to of 95453

Global Acquires Marine Construction Business From Its Mexican Joint Venture BusinessWire, Thursday, July 22, 1999 at 20:57 HOUSTON--(BUSINESS WIRE)--July 22, 1999--Global Industries, Ltd. (NASDAQ:GLBL) announced today that it has reached agreement to acquire 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, S.A. de C.V. Global Offshore Mexico S. de R.L. de C.V., a wholly owned subsidiary of Global, will now own and operate the offshore marine construction business in the Bay of Campeche and other areas offshore Mexico. Under the term of the transaction, Global is acquiring four marine vessels and the marine support base at Cuidad del Carmen, Mexico, as well as the existing offshore marine construction contracts of CCC for approximately $72 million. As part of the transaction, Global is assuming the liabilities of CCC related to the offshore marine construction business, including approximately $32 million of indebtedness which Global has previously guaranteed and approximately $33 million of net accounts payable related to the offshore operations. As a result of the transaction, Global will record approximately $45 million of goodwill associated with its purchase of the Mexico operations and recognize in the second quarter that ended on June 30, 1999 a non-cash charge of approximately $3 million related to its share of the results of operation of its equity investment in CCC. Mr. Dore, Chairman and Chief Executive Officer of Global, said, "We have learned a great deal from our joint venture in Mexico and are now ready to move forward with an operation that is involved only in the offshore marine construction business and dedicated to pursuing the significant opportunities that will likely arise in offshore marine construction in Mexico. We expect revenues for our Mexico operations to exceed $125 million in Fiscal 2000 and based upon our gaining full control of this business operation, we expect that our Mexico operations will generate gross margins in Fiscal 2000 that are consistent with our historical Gulf of Mexico operations." Global Industries provides pipeline construction, platform installation and removal, and diving services to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, Middle East/India and Mexico's Bay of Campeche. The company's shares are traded on the NASDAQ National Market System under the symbol "GLBL". This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company's ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated. For additional news releases on Global Industries, Ltd., please visit Global's web site at www.globalind.com. CONTACT: Global Industries Ltd. William Dore Jr., 713/479-7655 KEYWORD: TEXAS LOUISIANA INTERNATIONAL LATIN AMERICA ASIA PACIFIC INDUSTRY KEYWORD: ENERGY OIL/GAS MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com Copyright 1999, Business Wire Companies or Securities discussed in this article: Symbol Name NASDAQ:GLBL Global Industries