Global Industries enters into exclusive agreement with Fluor Offshore
Global Industries, Ltd. (NASDAQ:GLBL) announced today that it has entered into an exclusive agreement with Fluor Offshore Solutions, a division of Fluor Corporation (NYSE:FLR) , to pursue offshore projects in the Middle East and North Africa (MENA) region.
The exclusive agreement, which will build on the combined 60 years of offshore experience of both companies, will jointly market and perform offshore construction projects for the oil and gas industry within the MENA region. The agreement will leverage the depth of Engineering, Project Management, Procurement and Installation processes to focus on both EPIC and traditional Transportation and Installation solutions.
Global will be utilizing its extensive vessel fleet and significant offshore experience. Fluor Offshore Solutions has the expertise in marine design, procurement and construction to take on some of the largest, most innovative projects in the upstream market. Fluor's range of offshore oil and gas production capabilities extends to all areas of marine design and construction, with experience in more than 100 countries.
John Clerico, Global's Chairman and Chief Executive Officer, stated: "This exclusive agreement is an important step for both companies not only to give us efficiencies in markets we traditionally serve but also to provide us access to new prospects and new markets. From the standpoint of our customers, it means we can provide innovative solutions using the intellectual and logistical power of both companies while at the same time providing cost savings by dealing with one entity instead of many."
Global Industries, Ltd. is a leading offshore solutions provider of offshore construction, engineering, project management and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company's shares are traded on the NASDAQ Global Select Market under the symbol "GLBL".
Fluor Corporation designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22.3 billion in 2008.
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