Global Industries Ltd. Q3 2008 Earnings Conference Call Transcript

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2008-10-30 18:13:09.0

Tags: Barclays Plc., Call Transcript, Earnings, James West, Corporate Governance, Asset Management, Business Operations, Corporate Law, Operational Planning, Seeking Alpha, Global Industries, Ltd., Barclays Plc., Call Transcript, Earnings, James West, Corporate Governance, Asset Management, Business Operations, Corporate Law, Operational Planning, Seeking Alpha, Global Industries, Ltd.

Question-and-Answer Session

[Operator Instructions], our first question comes from James West with Barclays Capital, sir your line is open.

James West - Barclays Capital

HI, thank you, good morning guys.

John A. Clerico - Chief Executive Officer

Good morning Jim.

James West - Barclays Capital

John or Peter, look at over the last two years Global is made a big push in to the Middle East and Brazil and the results have been as you said earlier unsatisfactory, from I guess the management level and John may you can speak to the board as well, are you committed to staying in both these markets?

John A. Clerico - Chief Executive Officer

Let me say unequivocally, yes, obviously our entry in to those markets has been less than auspicious. Its clear from what both Peter and I have said that we made significant number of mistakes, some of that was preparation mistakes, some other was execution mistakes but we are committed to the market that's arguably the most... the most important global market and we are going to stay there, learn from our lessons, execute well in the future and hopefully make some money.

James West - Barclays Capital

Okay fair enough. And then just a quick question for Peter on West Africa. After we move the two vessels you mentioned back to the U.S. gulf, will you have assets in West Africa any more or will that completely figure that market?

Peter S. Atkinson - President

We're keeping the Cheyenne [ph] there in the market at the moment.

James West - Barclays Capital

Okay. And does the Cheyenne have work or are there opportunities for Cheyenne in the next year?

Peter S. Atkinson - President

We are currently targeting the project there. We're in hectic [ph] discussions with the client which we expect to concluded it in the next few days and we took in more clients because it's the only way to execute that work going to work with the client.

James West - Barclays Capital

Okay great. Thanks guys.

Operator

Thank you. Our next question comes from Karen David-Green with Oppenheimer.

Karen David-Green - Oppenheimer & Co.

I was just wondering if you could give us a little bit more color John on kind of timing of return to profitably. I mean you stepped in recently you mentioned that the call of two weeks ago clearly and not enough was felt in terms of down sides for the quarter, but looking at where you are now and having a better understanding over the past week going through this process, can you give us a little bit more clarity on kind of what we should expect for Global in the coming quarters?

 

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