CARLYSS, La., Oct. 28 /PRNewswire-FirstCall/ -- Global Industries, Ltd.
(Nasdaq: GLBL) announced today that as a result of Hurricane Rita it has
delayed its third quarter earnings release and conference call as well as the
anticipated filing date for its quarterly report on Form 10-Q for the quarter
ended September 30, 2005.
Although Hurricane Rita caused only minor damage to Global's productive
assets and corporate headquarters in Carlyss, Louisiana, the catastrophic
effects of the storm on Southwest Louisiana did temporarily disrupt the
Company's access to the personnel, facilities and information technology
resources needed to close its financial accounting books for the third quarter
and prepare and review the related disclosures. This delay was primarily
caused by the temporary dislocation of Global's corporate accounting personnel
and the lack of basic services in the Greater Lake Charles, Louisiana region
during the weeks immediately following the landfall of the storm. Mr. Dore,
Chairman and Chief Executive Officer, said "Global's employees made
extraordinary efforts to keep the Company's Gulf of Mexico offshore operations
functioning during the immediate aftermath of the storm and to minimize the
disruption to the Company's administrative activities even though many
employees suffered serious damage to their homes from the storm."
The Company currently intends to issue its third quarter earnings release
on Wednesday, November 16, 2005, hold a conference call on Thursday,
November 17, 2005, and file its quarterly report on Form 10-Q by
November 23, 2005.
Global Industries provides pipeline construction, platform installation
and removal, diving services, and other marine support to the oil and gas
industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean,
Middle East/India, South America, and Mexico's Bay of Campeche. The Company's
shares are traded on The NASDAQ National Market 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.
SOURCE Global Industries, Ltd.
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Related links:
http://www.globalind.com
CONTACT:
William Dore Jr. of Global Industries, Ltd.,
+1-281-529-7979
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