Global Decides Not to Proceed With ETPM Acquisition.HOUSTON--(BUSINESS WIRE)--Nov. 18, 1999-- As previously announced, Global Industries, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GLBL GLBL Great Lakes Baseball League ) and Groupe GTM See Good-this-Month order. differ on several issues contained in the Share Purchase Agreement pursuant to which Global was to have acquired ETPM ETPM Entrepose GTM Pour les Travaux Petroliers et Maritimes (French oil and gas industry installation contractor, now Stolt Offshore) , S.A. Although both parties have negotiated diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to resolve their differences, Global has concluded that a satisfactory resolution of the differences cannot be reached. As a result, Global has notified Groupe GTM that Global has terminated the Share Purchase Agreement and does not intend to close its proposed acquisition of ETPM because certain conditions precedent to the closing have not been met under the Share Purchase Agreement. Groupe GTM however has notified Global that it believes that all conditions precedent have been met and that Global's failure to close constitutes a breach of the Share Purchase Agreement. In making the announcement, William J. Dore, Chairman and Chief Executive Officer of the Company, said "Although we are disappointed, we will continue our focus on expanding our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. through acquisitions and internal growth. In addition, we will continue working to insure that our existing operations are fully capitalizing on our strong fleet of construction vessels and our experienced and dedicated personnel." Global Industries provides construction services, including pipeline construction, platform installation and removal, and diving services, primarily to the offshore oil and gas industry. This press release contains forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties and assumptions which are described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . Among the factors that could cause 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. For additional news releases on Global Industries, Ltd., please visit Global's web site at www.globalind.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion