UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
                            FORM 10-Q
                                
[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15  (d)  OF
           THE  SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended December  31, 1996
                                
                                
                  Commission File Number:  2-56600
                                  
                       Global Industries, Ltd.
       (Exact name of registrant as specified in its charter)
Louisiana                                                 72-1212563
(State or other jurisdiction of incorporation or organization)(I.R.S.
Employer Identification No.)

107 Global Circle
P.O. Box 31936, Lafayette, LA                             70593-1936
(Address of principal executive offices)                  (Zip Code)
                               (318) 989-0000
        (Registrant's telephone number, including area code)

                                None
(Former name, former address and former fiscal year, if changed since
                            last report)

  Indicate by check mark whether the registrant (1) has filed all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.                       X   Yes    No
                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of February 5, 1997 was 45,249,742.
                                
                     Global Industries, Ltd.
                        Index - Form 10-Q
                                
                                
                             Part I
                                
Item 1.           Financial Statements - Unaudited
          Independent Accountants' Report                           3
          Consolidated Statements of Operations                     4
          Consolidated Balance Sheets                               5
          Consolidated Statements of Cash Flows                     6
          Notes to Consolidated Financial Statements                7

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations                      9


                             Part II
                                
Item 1.   Legal Proceedings                                         14

Item 6.   Exhibits and Reports on Form 8-K                          14

          Signature                                                 14



                PART I  -  FINANCIAL INFORMATION


Item 1. Financial Statements.


INDEPENDENT ACCOUNTANTS' REPORT


To the Board of Directors and Shareholders of
    Global Industries, Ltd.

We  have reviewed the condensed consolidated financial statements
of  Global  Industries, Ltd. and subsidiaries, as listed  in  the
accompanying  index, as of December 31, 1996 and for  the  three-
month  and  nine-month periods ended December 31, 1996 and  1995.
These   financial  statements  are  the  responsibility  of   the
Company's management.

We  conducted our review in accordance with standards established
by  the  American Institute of Certified Public  Accountants.   A
review  of interim financial information consists principally  of
applying  analytical procedures to financial data and  of  making
inquiries  of  persons responsible for financial  and  accounting
matters.   It  is  substantially less  in  scope  than  an  audit
conducted   in   accordance  with  generally  accepted   auditing
standards, the objective of which is the expression of an opinion
regarding   the   financial  statements   taken   as   a   whole.
Accordingly, we do not express such an opinion.

Based   on   our  review,  we  are  not  aware  of  any  material
modifications that should be made to such condensed  consolidated
financial  statements for them to be in conformity with generally
accepted accounting principles.

We have previously audited, in accordance with generally accepted
auditing  standards,  the consolidated balance  sheet  of  Global
Industries, Ltd. and subsidiaries as of March 31, 1996,  and  the
related  consolidated  statements  of  operations,  shareholders'
equity,  and  cash flows for the year then ended  (not  presented
herein);  and  in our report dated May 31, 1996, we expressed  an
unqualified  opinion  on those consolidated financial  statements
and  included an explanatory paragraph relating to the  Company's
adoption of Statement of Financial Accounting Standards No.  109,
"Accounting  for Income Taxes" effective April 1, 1993.   In  our
opinion,  the information set forth in the accompanying condensed
consolidated balance sheet as of March 31, 1996 is fairly stated,
in all material respects, in relation to the consolidated balance
sheet from which it has been derived.

DELOITTE & TOUCHE LLP

February 4, 1997
New Orleans, Louisiana
                                
                                
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                
                                 Quarter Ended      Nine Months Ended
                                 December 31,         December 31,
                                1996      1995       1996       1995
                                                                  
Contract Revenues             $ 56,776   $32,431    $179,539   $109,588
                                                              
Cost of Contract Revenues       41,496    23,205     130,122     76,099
                                                                   
Gross Profit                    15,280     9,226      49,417     33,489
                                                                   
Selling, General and                                           
Administrative
 Expenses                        4,033     2,812      10,597      8,613
                                                                   
Operating Income                11,247     6,414      38,820     24,876
                                                                   
Other Income (Expense):                                            
 Interest Expense                 (121)      (41)       (574)      (128)
 Other                             395       298         601      1,492
                                   274       257          27      1,364
                                                                   
Income Before Income Taxes      11,521     6,671      38,847     26,240
                                                                   
Provision for Income Taxes       3,449     2,396      11,615      9,637
                                                                   
Net Income                    $  8,072    $4,275    $ 27,232    $16,603
                                        
                                                                   
Weighted Average Common                                            
Shares Outstanding          39,634,000 38,676,000  39,516,000 38,418,000
                            
                                                                   
Net Income Per Share          $   0.20   $  0.11    $   0.69    $  0.43
                                                                   
                                
         See Notes to Consolidated Financial Statements.
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)
                                             December 31     March 31,
                                               1996            1996
ASSETS                                                    
Current Assets:                                           
 Cash                                        $  6,295        $  5,430
 Escrowed funds, bond proceeds                 18,106          16,189
 Receivables                                   55,461          39,610
 Advances to unconsolidated affiliate          10,551              --
 Prepaid expenses and other                     3,438           3,825
  Total current assets                         93,851          65,054
                                                          
Escrowed Funds, Bond Proceeds                   2,625           4,768
Property and Equipment, net                   196,425         126,295
                                                          
Other Assets:                                             
 Deferred charges, net                          6,446           5,453
 Advances to unconsolidated affiliate          12,680              --
 Investment in unconsolidated                   
  affiliate                                     3,401              --
 Other                                         10,907             956
  Total other assets                           33,434           6,409
    Total                                    $326,335         202,526
                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities:                                      
Current maturities of long-term debt         $  2,266           1,048
Accounts payable                               31,545          19,364
Accrued liabilities                            12,824           4,020
Accrued profit-sharing                          3,011           3,465
Insurance payable                               3,034           2,893
  Total current liabilities                    52,680          30,790
                                                          
Long-Term Debt                                 90,127          21,144
Deferred Income Taxes                          19,398          14,898
Commitments and Contingencies                             
                                                          
Shareholders' Equity:                                     
Preferred stock                                    --              --
Common stock, issued and outstanding,                     
38,166,003 and 37,872,078 shares,
 respectively                                     382             379
Additional paid-in capital                     60,006          58,806
Retained earnings                             103,742          76,509
Total shareholders' equity                    164,130         135,694
    Total                                    $326,335        $202,526
                                


         See Notes to Consolidated Financial Statements.
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in thousands)
                           (Unaudited)
                                                Nine Months Ended
                                                   December 31,
                                               1996           1995
Cash Flows From Operating Activities:                           
Net income                                   $ 27,232       $ 16,603
Adjustments to reconcile net income to                          
  net cash provided
  by (used in) operating activities:                            
   Depreciation and amortization               12,602          7,203
   Deferred income taxes                        4,500          1,700
   Other                                           12            277
   Changes in operating assets and                          
    liabilities
    (net of acquisitions):                                  
     Receivables                              (11,499)       (24,922)
     Prepaid expenses and other                   985         (3,697)
     Accounts payable and accrued                       
      liabilities                              12,119         12,827
                                                                
     Net cash provided by (used in)            
      operating activities                     45,951          9,991
                                                                
Cash Flows From Investing Activities:                           
Additions to property and equipment           (72,919)       (46,788)
Escrowed funds, bond proceeds                     226            551
Acquisition of business, net of cash           
 acquired                                      (5,990)            --
Acquisition of equity interest in                
 unconsolidated affiliate                        (201)            --
Advances to unconsolidated affiliate          (23,231)            --
Additions to deferred charges                  (3,464)          (587)
Other                                          (7,850)           (60)
                                                                
     Net cash (used in) investing            
      activities                             (113,429)       (46,884)
                                                                
Cash Flows From Financing Activities:                           
Proceeds from exercise of employee             
 stock options                                  1,028            184
Proceeds from issuance of long-term            
 debt                                          68,828             --
Repayment of long-term debt                    (1,513)          (212)
                                                                
     Net cash provided by financing            
      activities                               68,343            (28)
                                                                
Cash:                                                           
Increase (Decrease)                               865        (36,921)
Beginning of period                             5,430         49,404
End of period                                $  6,295       $ 12,483
                                                                
Supplemental Cash Flow Information:                             
Interest paid, net of amount                 
 capitalized                                 $    721       $    174
Income taxes paid                               3,093          3,647
                    

            
         See Notes to Consolidated Financial Statements.
                                
                                
                                
                     Global Industries, Ltd.
     Notes To Consolidated Financial Statements (Unaudited)

1.   Basis of Presentation - The accompanying unaudited consolidated
financial statements include the accounts of the Company and  its
wholly  owned subsidiaries. The results of operations  of  Norman
Offshore  Pipelines, Inc. since its acquisition on July 1,  1996,
are  included  in the accompanying financial statements.  In  the
opinion  of  management  of the Company,  all  adjustments  (such
adjustments  consisting  only  of  a  normal  recurring   nature)
necessary  for a fair presentation of the operating  results  for
the interim periods presented have been included in the unaudited
consolidated  financial statements.  Operating  results  for  the
periods  ended December  31, 1996, are not necessarily indicative
of the results that may be expected for the year ending March 31,
1997.   These  financial statements should be read in conjunction
with  Management's Discussion and Analysis of Financial Condition
and  Results of Operations included in this Form 10-Q,   and  the
Company's  audited consolidated financial statements and  related
notes thereto included in the Company's Annual Report on Form 10-
K for the fiscal year ended March 31, 1996.

The  accompanying  consolidated financial  statements  have  been
adjusted to reflect two-for-one stock splits effected in  January
and August of 1996.

The financial statements required by Rule 10-01 of Regulation S-X
have been reviewed by independent public accountants as stated in
their report included herein.

2.   Commitments and Contingencies - The Company is a party in legal
proceedings  and potential claims arising in the ordinary  course
of   business.   Management does not believe these  matters  will
materially   effect   the   Company's   consolidated    financial
statements.

During  the  fiscal quarter ended December 31, 1996  the  Company
completed  construction  of  a  200-foot  semi-submersible  Swath
(Small  Waterplane  Area  Twin  Hull)  dive  support  vessel.  At
December 31, 1996, accumulated construction costs of the  vessel,
now  named  the Pioneer, approximated $29.7 million. In  December
1995 the company constructing the Pioneer filed suit against  the
Company   in  the  U.S.  District  Court,  Western  District   of
Louisiana,  Lafayette Division seeking $8.2 million in additional
costs  believed by it to be owed because of change orders  during
construction  and  $5 million for disruption,  acceleration,  and
delay  damages. Under an agreement reached with Aker Gulf Marine,
Global  took possession of the Pioneer on August, 1996 and  moved
it  to  Global's facility in Amelia, Louisiana where construction
and  equipping  of  the vessel was completed.   Sea  trials  were
successfully  completed  in November,  1996  and  the  vessel  is
currently deployed in the Gulf of Mexico.  Under the terms of the
agreement,  Global has been given clear title to the  Pioneer  in
exchange for a cash payment of $3.2 million and the posting of  a
$4.5 million bond in favor of Aker Gulf Marine.  Such amounts and
the release of the vessel are without prejudice to each company's
rights  to  pursue  claims  against  the  other  in  the  pending
litigation  or otherwise. The Company does not believe  that  the
constructor's  claims  are valid, intends  to  vigorously  defend
against  them, intends to recover all amounts which it is legally
entitled  to  recover  and  does not believe  that  the  ultimate
resolution of the claims will have a material adverse  impact  on
the Company's financial statements.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure   projects   in  progress  at   December   31,   1996
approximates $70.0 million.

Recent  Developments - On December 23, 1996, Global completed  an
acquisition  which  included a 49%   ownership  interest  in  CCC
Fabricaciones y Construcciones, S.A. de C.V. ("CCC"),  a  leading
provider of offshore construction services in Mexico, as well  as
the  DB-21,  a  400  foot combination pipelay  derrick  barge,  a
crawler  crane,  a saturation diving system and approximately  21
acres  of  land  located  adjacent to Global's  facility  in  New
Iberia,  Louisiana.  Global also acquired an option  to  purchase
for  $12.0  million  the  DB-l5, a 400 foot  combination  pipelay
derrick  barge  currently chartered to CCC.   The  remaining  51%
interest  in  CCC  has  been retained by a  group  of  affiliated
privately-held  Mexican companies that have participated  in  CCC
since  its  formation.   The total purchase  price  for  the  CCC
acquisition  (including  the exercise  price  of  the  option  to
purchase  the DB-15) was $38.0 million.  In addition, Global  (i)
has  loaned  $23.0  million  to CCC to  repay  $15.0  million  of
existing indebtedness and for working capital needs and (ii)  has
provided  performance guarantees supporting  approximately  $50.0
million  of  CCC's  existing indebtedness primarily  relating  to
existing construction projects in progress.  Although the Company
holds a 49% interest in CCC, the control mechanisms contained  in
the  contractual arrangements between Global and the other owners
of  CCC  require the Company's consent for all material decisions
and  establish a relationship that is essentially a  50/50  joint
venture.   Funding  for the transaction was provided  by  working
capital and borrowings.  The Company's investment in CCC will  be
accounted for under the equity method.

Item 2.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations.

The  following discussion should be read in conjunction with  the
Company's  unaudited consolidated financial  statements  for  the
periods  ended  December  31,  1996  and  1995  and  Management's
Discussion  and  Analysis of Financial Condition and  Results  of
Operations included in the Company's Annual Report on  Form  10-K
for the fiscal year ended March 31, 1996.

On  December  23,  1996, Global completed  an  acquisition  which
included  a  49%   ownership  interest  in  CCC  Fabricaciones  y
Construcciones,  S.A.  de C.V. ("CCC"),  a  leading  provider  of
offshore construction services in Mexico, as well as the DB-21, a
400  foot  combination pipelay derrick barge, a crawler crane,  a
saturation  diving  system and approximately  21  acres  of  land
located  adjacent to Global's facility in New Iberia,  Louisiana.
Global also acquired an option to purchase for $12.0 million  the
DB-l5,  a  400  foot combination pipelay derrick barge  currently
chartered  to  CCC.  The remaining 51% interest in CCC  has  been
retained   by  a  group  of  affiliated  privately-held   Mexican
companies that have participated in CCC since its formation.  The
total  purchase  price  for  the CCC acquisition  (including  the
exercise  price  of the option to purchase the DB-15)  was  $38.0
million.  In addition, Global (i) has loaned $23.0 million to CCC
to  repay $15.0 million of existing indebtedness and for  working
capital  needs  and  (ii)  has  provided  performance  guarantees
supporting   approximately  $50.0  million  of   CCC's   existing
indebtedness primarily relating to existing construction projects
in  progress.  Although the Company holds a 49% interest in  CCC,
the  control mechanisms contained in the contractual arrangements
between  Global and the other owners of CCC require the Company's
consent  for  all material decisions and establish a relationship
that  is  essentially  a 50/50 joint venture.   Funding  for  the
transaction was provided by working capital and borrowings.   The
Company's  investment  in  CCC will be accounted  for  under  the
equity  method.   See "Management's Discussion  and  Analysis  of
Financial  Condition and Results of Operations  -  Liquidity  and
Capital Resources."

Although   the  Company  has  been  expanding  its  international
operations, 77% of the Company's contract revenues in fiscal 1996
were  derived  from work performed in the Gulf  of  Mexico.   The
offshore  marine construction industry in the Gulf of  Mexico  is
highly  seasonal as a result of weather conditions and the timing
of capital expenditures by oil and gas companies. Historically, a
substantial portion of the Company's services has been  performed
during  the  period from June through November.  As a  result,  a
disproportionate  portion  of  the Company's  contract  revenues,
gross profit and net income generally is earned during the second
(July  through  September) and third (October  through  December)
quarters  of its fiscal year.  Because of seasonality, full  year
results  are not likely to be a direct multiple of any particular
quarter   or  combination  of  quarters.   The  following   table
documents  the  seasonal  nature of the Company's  operations  by
presenting  the  weighted average percentage of  annual  contract
revenues,  gross  profit and net income contributed  during  each
fiscal quarter for the past three fiscal years.


                                      Quarter Ended
                    June 30,  September 30,  December 31,  March 31,
                                                        
Contract Revenues     22%        34%            26%           18%
                                                            
Gross  Profit         20         41             28            11
                                                            
Net  Income           18         44             28            10



The  Company expanded its operations offshore West Africa  during
the  first half of fiscal 1996.  Strong demand for  the Company's
offshore  construction services in this market during the  fourth
quarter  of fiscal 1996 resulted in the fourth quarter of  fiscal
1996 making a significantly greater contribution to fiscal 1996's
contract revenues, gross profit and net income than historically,
which  had  a  significant  impact on  the  three  year  weighted
averages shown above.

Results of Operations

The  following  table  sets  forth, for  the  periods  indicated,
statement  of  operations  data  expressed  as  a  percentage  of
contract revenues.
                           Quarter Ended      Nine Months Ended
                            December 31,         December 31,
                          1996       1995      1996       1995
Contract revenues        100.0%     100.0%     100.0%    100.0%
                                              
Cost of contract         
revenues                 (73.1)     (71.6)     (72.5)    (69.4)        

Gross profit              26.9       28.4       27.5      30.6

Selling, general and                                    
administrative
expenses                  (7.1)      (8.7)      (5.9)     (7.9)
                                              
Interest expense          (0.3)      (0.1)      (0.2)     (0.1)
                                              
Other income               
 (expense), net            0.8        1.0        0.3       1.4

Income before income      
 taxes                    20.3       20.6       21.7      24.0

Provision for income      
 taxes                    (6.1)      (7.4)      (6.5)     (8.8)                 

Net income                14.2%      13.2%      15.2%     15.2%
                                              



Third  Quarter of Fiscal 1997 Compared to Third Quarter of Fiscal
1996

Contract  Revenues. Contract revenues for the  third  quarter  of
fiscal  1997  of  $56.8 million were 75% higher  than  the  $32.4
million  reported  for  the  same period  a  year  earlier.   The
increase  in  revenues  for  the quarter  largely  resulted  from
revenues   generated   by  international   operations,   improved
utilization  and dayrates on dive support vessels and  liftboats,
and  the  July 1, 1996 acquisition of Norman Offshore  Pipelines,
Inc.  ("Norman Offshore").  Barge days employed improved to  486,
compared  to the 337 days employed in the same period last  year.
This  increase was largely due to the increased number  of  barge
days  of  the Coastal Division resulting from the Norman Offshore
Acquisition.  Liftboat and dive support vessel days  employed  of
1,351  were  higher than the 1,204 days worked  during  the  same
period  last  year.  Diver days employed totaled  4,410  for  the
quarter, up from 3,372 a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including amortization of drydocking costs, for the third quarter
of  fiscal  1997 was $4.3 million compared with $1.9 million  for
the  same  period  in fiscal 1996.  The increase was  principally
attributable  to  higher depreciation on the Cheyenne  (which  is
depreciated  on  a  units-of-production basis),  depreciation  on
additions  to  the  Company's vessel fleet  and  higher  dry-dock
amortization amounts.

Gross  Profit. For the third quarter of fiscal 1997, the  Company
had  gross profit (the excess of contract revenues over the  cost
of   contract   revenues,   which   includes   depreciation   and
amortization charges) of $15.3 million compared with $9.2 million
for  the  same quarter of fiscal 1996.  Gross profit as a percent
of  revenues  for  the current quarter was 27%, below  the  gross
profit  percentage earned during the same quarter of fiscal  1996
of  28%.   The  decline in the gross profit margin for  the  most
current   quarter  was  primarily  due  to  the  lower   pipeline
installation revenues and the fact that a significant portion  of
international  revenues  were  from fabrication  and  procurement
which provide lower margins.  Gross profit for the current period
was  further reduced by the effect of a $0.8 million accrual  for
retirement and incentive compensation expense, as compared  to  a
$0.4 million provision in the same period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the third quarter of fiscal 1997
totaled  $4.0  million compared with $2.8 million  for  the  same
period  a  year  earlier. This increase was  principally  due  to
higher  administrative  expenses  associated  with  international
operations,   and  a  provision  for  retirement  and   incentive
compensation  plan  expense  of $1.1  million  recorded  for  the
quarter  compared with $0.6 million for the same  period  in  the
prior  fiscal  year.   Of the provisions,  $0.3  million  in  the
current  quarter  and  $0.2  million of  the  prior  period  were
included in the selling, general, and administrative expenses and
$0.8  million  and $0.4 million, respectively, were  included  in
cost of contract revenues.

Other Income (Expense).  Interest expense, net of $0.8 million of
capitalized interest cost, was $0.1 million in the third  quarter
of  fiscal  1997 compared to less than $0.1 million in  the  same
period  a year earlier.  Other income in the current quarter  was
$0.4 million compared to $0.3 million reported in the same period
a year earlier.

Net  Income.  Net income for the third quarter of fiscal 1997 was
$8.1  million, up 88% from $4.3 million in the same period a year
earlier,  while  net income per share of $0.20  for  the  current
quarter  increased  82% from $0.11 for the  same  period  a  year
earlier  because  the average shares outstanding increased  2.5%.
The  Company's  effective income tax rate for the current  period
was  30%,  compared to 37% for the same period  a  year  earlier,
reflecting  the  benefit of a lower effective tax  rate  for  the
Company's international operations.


First Nine Months of Fiscal 1997 Compared to First Nine Months of
Fiscal 1996

Contract  Revenues.  Contract revenues for the first nine  months
of  fiscal 1997 of $179.5 million were 64% higher than the $109.6
million  reported  for  the  same period  a  year  earlier.   The
increase  in  revenues for the nine months largely resulted  from
revenues  generated  by  a  full  nine  months  of  international
operations, strong domestic derrick activity, in part due to  the
availability  of  the  Hercules acquired in late  November  1995,
improved  utilization and dayrates on dive  support  vessels  and
liftboats,  and  the  July 1, 1996 Norman  Offshore  Acquisition,
partially  offset by lower revenues contributed by the  Company's
Gulf of Mexico pipelay barge fleet.  Barge days employed improved
to  1,393,  compared to the 951 days employed in the same  period
last year.  This increase was largely due to the increased number
of  barge days of the Coastal Division resulting from the  Norman
Offshore Acquisition on July 1, 1996.  Liftboat and dive  support
vessel days employed of  4,023 were significantly higher than the
3,280  days worked during the same period last year.  Diver  days
employed  totaled 12,900 for the nine months of fiscal  1996,  up
from 8,791 a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including  amortization of drydocking costs, for the  first  nine
months  of  fiscal  1997  was $12.4 million  compared  with  $7.2
million  for  the same period in fiscal 1996.  The  increase  was
principally  attributable to higher depreciation on the  Cheyenne
and  the  Hercules (both of which are depreciated on a  units-of-
production basis) and higher dry-dock amortization amounts.

Gross  Profit.  For  the first nine months of  fiscal  1997,  the
Company  had  gross profit (the excess of contract revenues  over
the  cost  of contract revenues, which includes depreciation  and
amortization  charges)  of  $49.4  million  compared  with  $33.5
million  for the first nine months of fiscal 1996.  Gross  profit
as  a  percent of revenues for the current nine-month period  was
28%,  below the gross profit percentage earned during  the  first
nine  months  of fiscal 1996 of 31%.  The decline  in  the  gross
profit margin for the most current nine months was primarily  due
to the lower pipeline installation revenues, lower margins on the
Coastal  Division's revenues as compared to margins  on  revenues
from  the Company's larger and deeper water barges, and the  fact
that  a  significant portion of international revenues were  from
fabrication  and procurement which provide lower margins.   Gross
profit  for the current period was further reduced by the  effect
of   a   $2.1   million  accrual  for  retirement  and  incentive
compensation expense, as compared to a $1.1 million provision  in
the same period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the first nine months of  fiscal
1997  totaled  $10.6 million compared with $8.6 million  for  the
same period a year earlier.  This increase was principally due to
higher   administrative  costs  associated   with   international
operations   and  a  provision  for  retirement   and   incentive
compensation  plan  expense  of $3.0  million  recorded  for  the
current  nine-months period compared with $1.6  million  for  the
same  period  in the prior fiscal year.  Of the provisions,  $0.9
million in the current nine-month period and $0.5 million of  the
prior   period  were  included  in  the  selling,  general,   and
administrative  expenses  and  $2.1  million  and  $1.1  million,
respectively, were included in cost of contract revenues.

Other Income(Expense).  Interest expense, net of $1.8 million  of
capitalized interest cost, was $0.4 million in the current  nine-
month  period compared to $0.1 million in the same period a  year
earlier.  Other income in the current nine-month period  of  $0.5
million  was lower than the $1.5 million reported a year  earlier
largely  because  the  Company  had  less  funds  available   for
investment.

Net  Income.  Net income for the first nine months of fiscal 1997
was $27.2 million, up 64% from $16.6 million in the same period a
year  earlier, while net income per share of $0.69 for the  first
nine  months of fiscal 1997 increased 60% from $0.43 for the same
period  a  year  earlier because the average  shares  outstanding
increased 2.9%.  The Company's effective income tax rate for  the
current  period was 30%, compared to 37% for the  same  period  a
year  earlier,  reflecting the benefit of a lower  effective  tax
rate for the Company's international operations.


Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $46.0  million
during  the  first  nine  months  of  fiscal  1997.   Cash   from
operations,  together  with $68.3 million provided  by  financing
activities,  funded  investing  activities  of  $113.4   million.
Investing    activities   consisted   principally   of    capital
expenditures,  the Norman Offshore, CCC and Divcon  acquisitions,
dry-docking costs, and the placement of MARAD-guaranteed Title XI
bond  proceeds in escrow.  Funds provided by financing activities
principally  represent borrowings under the  Company's  revolving
credit  facility  with a commercial bank (the "Credit  Facility")
and  proceeds  from the sale of Title XI bonds.  Working  capital
increased  $5.4  million during the first nine months  of  fiscal
1997  from $34.3 million at March 31, 1996, to $39.7 at  December
31, 1996.

Capital expenditures during the first nine months of fiscal  1997
included  the  costs of construction of two liftboats,  a  launch
barge  and  a  cargo  barge,  construction  of  the  Pioneer  and
initiation of the upgrade of the Hercules.  In August  1996,  the
Company  reached  an agreement with Aker Gulf  Marine,  and  took
possession  of  the  Pioneer.  The vessel was  relocated  to  the
Company's  facility in Amelia, Louisiana where  the  construction
and   equipping  of  the  vessel  was  completed.   The   Pioneer
successfully  completed sea trials and began operations  November
1996.  Under the terms of the agreement, the Company has received
clear  title  to the Pioneer in exchange for a $3.2 million  cash
payment  and the posting of a $4.5 million bond in favor of  Aker
Gulf  Marine.   Such amounts and the release of  the  vessel  are
without  prejudice  to  each company's rights  to  pursue  claims
against  the  other  in  pending  litigation  or  otherwise.   In
September 1994, the Company sold $20.9 million of Title XI  bonds
in  connection  with  financing  the  cost  of  construction  and
outfitting the Pioneer.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at December 31,  1996  will  be
approximately  $70.0 million with $47.0 million  to  be  incurred
during the balance of fiscal 1997 and the remainder during fiscal
1998.   The  addition  of  conventional  pipelay  capability  and
dynamic  positioning  to  the  Hercules  is  now  scheduled   for
completion  during the summer of 1997 at a cost of completion  of
approximately  $30.0  million,  which  is  in  addition  to   the
approximately $25.0 million previously spent.

Long-term  debt outstanding at December 31, 1996, included  $42.0
million  of  Title XI bonds.  Included in this amount  are  $20.3
million  of bonds which the Company issued on August 7,  1996  to
finance the construction of two liftboats, a launch barge  and  a
cargo barge.  The Company's outstanding Title XI bonds mature  in
2003,  2005,  2020, and 2022. The bonds carry interest  rates  of
9.15%, 8.75% 8.30% and 7.25% per annum, respectively, and require
aggregate  semi-annual payments of $0.5 million,  plus  interest,
until  January 1998 when aggregate semi-annual payments  will  be
$0.9  million.   The agreements pursuant to which  the  Title  XI
bonds  were  issued  contain  certain  covenants,  including  the
maintenance   of   minimum  working   capital   and   net   worth
requirements,  which, if not met, result in additional  covenants
that  restrict the operations of the Company and its  ability  to
pay  cash dividends.  The Company is currently in compliance with
these covenants.

In   July   1996,  the  Company  completed  the  Norman  Offshore
Acquisition.   In  addition, the Company completed  the  CCC  and
Divcon  Acquisitions in December 1996.  The  purchase  price  for
each  of  these three transactions was primarily funded  by  cash
generated  form  operations and borrowings  under  the  Company's
Credit Facility.

The  Company's  Credit  Facility provides  for  a  $75.0  million
revolving  line  of credit with a commercial  bank.   The  Credit
Facility  allows  for a maximum draw at any  one  time  of  $50.0
million  for  general corporate purposes and  $40.0  million  for
construction  or  renovation  of  vessels,  provided   that   the
aggregate  outstanding principal amount may  never  exceed  $75.0
million.   At  December 31, 1996, $45.0 million  was  outstanding
under  the  Credit  Facility (all of which has  been  drawn  down
during  fiscal 1997) and the Company was in compliance  with  the
covenants  contained  therein. The Credit Facility  is  available
until  January 1, 1998, at which time the amount then outstanding
becomes  due and payable.  Interest accrues at LIBOR  plus  1.25%
(6.78%  at December 31, 1996) and is payable monthly.  Continuing
access  to  the Credit Facility is conditioned upon the Company's
remaining  in  compliance with certain covenants,  including  the
maintenance of certain financial ratios.

On  February 4, 1997, the Company completed an equity offering of
7.0  million shares of common stock with the net proceeds to  the
Company of approximately $139.6 million. The Company used part of
the  proceeds to repay the outstanding balance under  its  Credit
Facility.

Funds available under the Company's Credit Facility and Title  XI
bonds,   combined  with  available  cash,  cash  generated   from
operations,  and the net proceeds from the common stock  offering
are  expected to be sufficient to fund the Company's  operations,
scheduled  debt  retirement and planned capital expenditures  for
the foreseeable future.

                   PART II - OTHER INFORMATION
                                
                                
Item 1.  Legal Proceedings

The  Company  is  involved in various routine  legal  proceedings
primarily involving claims for personal injury under the  General
Maritime  Laws of the United States and Jones Act as a result  of
alleged negligence.  The Company believes that the outcome of all
such proceedings, even if determined adversely, would not have  a
material adverse effect on its consolidated financial statements.

On  December 14, 1995, Aker Gulf Marine filed suit against Global
in  the U.S. District Court for the Western District of Louisiana
seeking  $8.2 million in additional costs believed by  it  to  be
owed because of change orders during construction of the Pioneer,
and $5.0 million for disruption, acceleration, and delay damages.
Global does not believe that Aker Gulf Marine's claims are  valid
and intends to vigorously defend against them, intends to recover
all  amounts which it is legally entitled to recover and does not
believe  that the ultimate resolution of the claims will  have  a
material adverse impact on Global's financial statements.   Under
an   agreement  reached  with  Aker  Gulf  Marine,  Global   took
possession  of  the  Pioneer on August,  1996  and  moved  it  to
Global's  facility  in Amelia, Louisiana where  construction  and
equipping   of  the  vessel  was  completed.   Sea  trials   were
successfully  completed  in November,  1996  and  the  vessel  is
currently deployed in the Gulf of Mexico.  Under the terms of the
agreement,  Global has been given clear title to the  Pioneer  in
exchange for a cash payment of $3.2 million and the posting of  a
$4.5 million bond in favor of Aker Gulf Marine.  Such amounts and
the release of the vessel are without prejudice to each Company's
rights  to  pursue  claims  against  the  other  in  the  pending
litigation or otherwise.



Item 6.  Exhibits and Reports on Form 8-K
 (a) Exhibits:

15.1    Letter re: unaudited interim financial information,  page
        15.

 (b) Reports on Form 8-K - None.



                            Signature
                                
                                
Pursuant  to the requirements of the Securities Exchange  Act  of
1934, the registrant has duly caused this report to be signed  on
its behalf by the undersigned, thereunto duly authorized.

                                     GLOBAL INDUSTRIES, LTD.


                                     By: MICHAEL J. POLLOCK
                                         Vice President, Chief
                                         Financial Officer
                                
          (Principal Financial and Accounting Officer)
                                
February  14, 1997


                                                     EXHIBIT 15.1









February 12, 1997

Global Industries, Ltd.
107 Global Circle
Lafayette, Louisiana 70503

We  have  made a review, in accordance with standards established
by the American Institute of Certified Public Accountants, of the
unaudited  interim  financial information of  Global  Industries,
Ltd. and subsidiaries for the periods ended December 31, 1996 and
1995,  as indicated in our report dated February 4, 1997; because
we  did  not  perform an audit, we expressed no opinion  on  that
information.

We are aware that our report referred to above, which is included
in  your  Quarterly  Report on Form 10-Q for  the  quarter  ended
December  31,  1996, is incorporated by reference in Registration
Statement Nos. 33-58048 and 33-89778 on Form S-8 and Registration
Statement No. 333-18773 on Form S-3.

We  also  are  aware that the aforementioned report, pursuant  to
Rule 436(c) under the Securities Act of 1933, is not considered a
part  of the Registration Statement prepared or certified  by  an
accountant  or  a report prepared or certified by  an  accountant
within the meaning of Sections 7 and 11 of that Act.



DELOITTE & TOUCHE LLP

New Orleans, Louisiana