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Global Industries' CEO Discusses Q1 2011 Results - Earnings Call Transcript

In general, our markets remain difficult for the remainder of 2011 and we don’t expect significant opportunities until 2012.

As stated in our last quarter call, we have segregated our dollar bid volume statistics into bids in house and outstanding and bids expected in the next 90 days to give a clearer picture of the future market situations.

Bids in house and outstanding have increased from $2.6 billion in January this year to $3.0 billion at the end of March. Bids expected in the next 90 days stand at $3.3 billion, down from $3.9 billion last quarter, however still considered a good indicator of growing activity. The most active region continues to be Asia Pacific followed by the Middle East.

Lastly, we have mobilized the G1200 to our first project and are laying pipe as we speak. The project is for Dubai Petroleum establishment and will utilize both our pipe lay capability and structural capability as the scope of work also includes the design, fabrication and installation of a small fixed structure.

The G1201 remains on schedule and budget and will be delivered in the third quarter of 2011. Finally, we’re also looking toward West Africa to develop future opportunities for these vessels, primarily in Angola, Ghana and equatorial Dubai.

We are completing our market survey including onsite investigations and development of our strategy for market re-entry. With that, I’ll turn it back over to Andy.

Andy Smith

Thanks John. As we noted in the last call, the company, in conjunctions with its transition from a regional operating structure to a more centralized approach, has begun to report its results in two new segments; construction and installation services and other offshore services.

Construction and installation services captures project work performed on a fixed price or unit price basis where the company takes responsibility for managing a project scope, which may include material procurement, third party subcontractors and includes a substantial project management effort.

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