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

To: Ditchdigger who wrote (61450)	3/4/2000 9:13:00 AM
From: diana g	Read Replies (1) \| Respond to of 95453

irt GLBL question-------- Hi Ditchdigger, I missed hearing the verdict in the Amadou Diallo case until midweek. That case was a really big deal here in NY, and people thought I must have been in a coma not to have known about it. So I'm feeling empathetic to folks who somehow missed major news events. ---I guess you missed this: "Global Decides Not to Proceed With ETPM Acquisition BusinessWire, Thursday, November 18, 1999 at 08:33 HOUSTON--(BUSINESS WIRE)--Nov. 18, 1999--As previously announced, Global Industries, Ltd. (NASDAQ:GLBL) and Groupe GTM differ on several issues contained in the Share Purchase Agreement pursuant to which Global was to have acquired ETPM, S.A. Although both parties have negotiated diligently to resolve their differences, Global has concluded that a satisfactory resolution of the differences cannot be reached. As a result, Global has notified Groupe GTM that Global has terminated the Share Purchase Agreement and does not intend to close its proposed acquisition of ETPM because certain conditions precedent to the closing have not been met under the Share Purchase Agreement. Groupe GTM however has notified Global that it believes that all conditions precedent have been met and that Global's failure to close constitutes a breach of the Share Purchase Agreement. In making the announcement, William J. Dore, Chairman and Chief Executive Officer of the Company, said "Although we are disappointed, we will continue our focus on expanding our international operations through acquisitions and internal growth. In addition, we will continue working to insure that our existing operations are fully capitalizing on our strong fleet of construction vessels and our experienced and dedicated personnel." Global Industries provides construction services, including pipeline construction, platform installation and removal, and diving services, primarily to the offshore oil and gas industry. This press release contains forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties and assumptions which are described in the Company's Annual Report on Form 10-K. Among the factors that could cause 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.