Global numbers climb despite bad weather
Louisiana-based Global Industries announced revenues of $301.5 million in
the first quarter of 2008, up from $277 million in the first quarter of 2007
– in increase reflecting the company’s expanded international production.
Net income was $26.8 million for the first quarter of 2008, down from $54.5
million for the first quarter of 2007.
The company’s profitability in the Gulf of Mexico, West Africa, India and
the Asia Pacific region was negatively impacted by weather and the
unavailability of certain vessels undergoing drydocking activity.
Net income in the first quarter of 2008 was negatively impacted by low
activity in the Gulf of Mexico due primarily to adverse weather conditions,
non-recovered vessel costs and delayed mobilization of vessels in West
Africa due to security and logistical issues.
The first quarter of 2007 included higher margin work from post-hurricane
projects in the Gulf of Mexico and from Pemex projects in Latin America.
07 May 2008 22:55 GMT
| last updated:
07 May 2008 23:00 GMT
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