GLOBAL INDUSTRIES, LTD. ACQUIRES RED ADAIR COMPANY, INC.
LAFAYETTE, La., Jan. 4 /PRNewswire/ -- Global Industries, Ltd. (NASDAQ-NMS: GLBL), announced today that it has acquired the assets of the Red Adair Company, Inc., the world's premier wild well control and firefighting firm. Red Adair, who plans to retire from day-to-day operations, will continue to work with Global in public relations and business development capacity under a personal service contract. The Company's firefighting experts, Raymond Henry, Richard Hatteberg, Brian Krause and Danny Clayton, will all remain with the new company. Commenting on the purchase, Global Chairman, President and CEO William J. Dore' said: "Although the acquisition would not be considered material from a financial reporting standpoint, we are excited by the opportunities offered by this acquisition. Red Adair's wild well control and firefighting expertise has been legendary throughout the world, and we are delighted that his experienced team of firefighters will remain with us. We also believe that this aspect of the oilfield service industry is complementary to Global's other business and will offer new opportunities for growth in the future." Dore' also announced that Peter A. Atkins has joined Global and will assume responsibilities as general manager of The Red Adair Company, Inc. Atkins has 24 years of experience in the wellhead and petroleum equipment industry as well as international marketing and business development experience, primarily with FMC Corporation. Dore' noted that the acquisition was completed on Dec. 31, 1993. He said the company would honor Adair's wishes and would not disclose the purchase price of the Company, which he founded in 1959. In recent years, the Red Adair Company, Inc. has continued its record of success, including providing well control in the aftermath of the Kuwait/Iraq war where the company successfully brought 119 wells under control during a seven-month period with no injuries. The Company has worked in virtually all active exploration and production areas of the world, including recent projects in Venezuela, Russia, Brazil and offshore India. Dore' said Global will operate the company under the name of The Red Adair Company, Inc., a wholly owned Global subsidiary. Global plans to centralize its existing Houston based engineering and marketing staffs at the Red Adair Building, located at 8101 Pinemont, which was included in the acquisition. Global Industries provides pipeline construction, derrick and diving services to the offshore oil and gas industry, primarily in the United States Gulf of Mexico. -0- 1/4/94 /CONTACT: Richard E. Roberson Jr. of Global Industries, 318-989-0000/ (GLBL)
CO: Global Industries, Ltd.; The Red Adair Company, Inc. ST: Louisiana, Texas IN: OIL SU: TNM PER
BN-BR -- AT002 -- 8819 01/04/94 10:16 EST