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Global Industries, Ltd. Announces Early Termination Of HSR Waiting Period, Record Date And Meeting Date For Special Shareholder Meeting In Connection With Technip S.A. Merger

Stocks in this article: GLBLTEC

HOUSTON, Oct. 26, 2011 /PRNewswire/ -- Global Industries , Ltd. (Nasdaq: GLBL) announced today that it has established a record date and a meeting date for the special meeting of its shareholders to consider and vote upon a proposal to adopt the previously announced merger agreement, dated as of September 11, 2011, with respect to the proposed merger of Global with an indirect, wholly-owned subsidiary of Technip S.A. (NYSE Euronext Paris: TEC) and other related matters.

Global shareholders of record at the close of business on Wednesday, October 26, 2011, will be entitled to notice of the special meeting and to vote at the special meeting. The special meeting will be held on Wednesday, November 30, 2011, at 10:00 a.m. Central Time, at the Houston Marriott Westchase, 2900 Briarpark Dr., Houston, TX, 77042.

Global also announced today that on October 24, 2011, Global received notice of early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR Act"), with respect to the planned merger of Global with a subsidiary of Technip.  Accordingly, the merger's closing condition with respect to the expiration or termination of the waiting period under the HSR Act has been satisfied.

Additionally, Global announced today that the waiting period under the Federal Economic Competition Law in Mexico expired on October 20, 2011, thereby satisfying the closing condition in the merger agreement with respect to such waiting period.

Completion of the merger remains subject to approval by Global shareholders and satisfaction or waiver of certain other conditions.

About Global

Global is a leading 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".

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