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 September 30, 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 October 31, 1996 was 38,123,528.
                                
                     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 4.   Submission of Matters to a Vote of Security Holders       14

Item 6.   Exhibits and Reports on Form 8-K                          15

          Signature                                                 16



                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 September 30, 1996 and for  the  three-
month  and  six-month periods ended September 30, 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

October 25, 1996
New Orleans, Louisiana


                      Global Industries, Ltd.
               CONSOLIDATED STATEMENTS OF OPERATIONS
           (Dollars in thousands, except per share data)
                            (Unaudited)
                                 
                                 
                                 Quarter Ended      Six Months Ended
                                 September 30,        September 30,
                                1996      1995       1996      1995
                                                                  
Contract Revenues             $ 72,431   $45,362    $122,763   $77,157
                                                              
Cost of Contract Revenues       50,647    29,821      88,626    52,894
                                                                   
Gross Profit                    21,784    15,541      34,137    24,263
                                                                   
Selling, General and                                           
Administrative
 Expenses                        3,594     3,006       6,564     5,801
                                                                   
Operating Income                18,190    12,535      27,573    18,462
                                                                   
Other Income (Expense):                                            
 Interest Expense                 (382)      (43)       (453)      (87)
 Other                              69       521         206     1,194
                                  (313)      478        (247)    1,107
                                                                   
Income Before Income Taxes      17,877    13,013      27,326    19,569
                                                                   
Provision for Income Taxes       5,360     4,815       8,166     7,241
                                                                   
Net Income                    $ 12,517   $ 8,198    $ 19,160   $12,328
                                                                   
Weighted Average Common                                            
Shares
Outstanding                 39,567,000   38,412,000 39,476,000  38,348,000
                                                  
                                                                   
Net Income Per Share          $    .32   $   .21     $    .49   $  .32
                                                                   
                                 
          See Notes to Consolidated Financial Statements.
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)
                                           September 30,    March 31,
                                               1996         1996
ASSETS                                                    
Current Assets:                                           
 Cash                                      $   6,337      $   5,430
 Escrowed funds, bond proceeds                32,302         16,189
 Receivables                                  54,782         39,610
 Prepaid expenses and other                    3,041          3,825
  Total current assets                        96,462         65,054
                                                          
Escrowed Funds, Bond Proceeds                  9,190          4,768
Property and Equipment, net                  158,228        126,295
                                                          
Other Assets:                                             
 Deferred charges, net                         8,007          5,453
 Other                                         3,000            956
  Total other assets                          11,007          6,409
    Total                                  $ 274,887        202,526
                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities:                                      
Current maturities of long-term debt       $   2,260      $   1,048
Accounts payable                              28,938         19,364
Accrued liabilities                            7,312          4,020
Accrued profit-sharing                         4,875          3,465
Insurance payable                              2,837          2,893
  Total current liabilities                   46,222         30,790
                                                          
Long-Term Debt                                54,962         21,144
Deferred Income Taxes                         17,898         14,898
Commitments and Contingencies                             
                                                          
Shareholders' Equity:                                     
Preferred stock                                   --             --
Common stock, issued and outstanding,                     
38,123,528 and 37,808,224 shares, respectively   381            378
Additional paid-in capital                    59,754         58,806
Retained earnings                             95,670         76,510
Total shareholders' equity                   155,805        135,694
    Total                                   $274,887       $202,526


                                
         See Notes to Consolidated Financial Statements.
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in thousands)
                           (Unaudited)
                                                 Six Months Ended
                                                  September 30,
                                               1996           1995
                                                                
Cash Flows From Operating Activities:                           
Net income                                   $ 19,160       $ 12,328
Adjustments to reconcile net income to                          
net cash provided
  by (used in) operating activities:                            
   Depreciation and amortization                8,233          5,530
   Deferred income taxes                        3,000          1,700
   Other                                           12             --
   Changes in operating assets and                          
   liabilities
    (net of acquisitions):                                  
     Receivables                              (10,820)       (27,962)
     Prepaid expenses and other                 1,382         (3,790)
     Accounts payable and accrued               8,867         11,244
     liabilities
                                                                
     Net cash provided by (used in)            29,834           (950)
     operating activities
                                                                
Cash Flows From Investing Activities:                           
Additions to property and equipment           (31,309)       (20,318)
Escrowed funds, bond proceeds                 (20,535)           301
Acquisition of business, net of cash           (5,981)            --
acquired
Additions to deferred charges                  (4,170)          (235)
Other                                              91            276
                                                                
     Net cash (used in) investing             (61,904)       (19,976)
     activities
                                                                
Cash Flows From Financing Activities:                           
Proceeds from exercise of employee                833            125
stock options
Proceeds from issuance of long-term            33,328             --
debt
Repayment of long-term debt                    (1,184)          (106)
                                                                
     Net cash provided by financing            32,977             19
     activities
                                                                
Cash:                                                           
Increase (Decrease)                               907        (20,907)
Beginning of period                             5,430         49,404
End of period                                $  6,337       $ 28,497
                                                                
Supplemental Cash Flow Information:                             
Interest paid, net of amount                 $    393       $     87
capitalized
Income taxes paid                               2,572          2,029
                                
         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 September 30, 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.

On  June 20, 1996, the Board of Directors, subject to shareholder
approval  of  an increase in the authorized number of  shares  of
common   stock,  declared  a  two-for-one  common   stock   split
distributed in the form of a stock dividend on August 28, 1996 to
shareholders  of record on August 16, 1996.  On August  7,  1996,
the  shareholders approved an amendment to the Company's Articles
of  Incorporation to increase the authorized number of shares  of
both  common  and  preferred  stock  from  25,000,000  shares  to
150,000,000  shares  and 5,000,000 shares to  30,000,000  shares,
respectively.   The accompanying 1995 financial  statements  have
been  restated to reflect the above noted August 1996 stock split
as  well  as  a previous two-for-one common stock split  effected
during January 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.

The  Company  has  under construction a 200-foot semi-submersible
Swath (Small Waterplane Area Twin Hull) dive support vessel named
the  Pioneer   estimated  to  cost approximately  $24.0  million.
Included  in escrowed funds, bond proceeds, at June 30, 1996,  is
$21.0  million, representing proceeds from the sale of ship bonds
in  September  1994, which will become available to  the  Company
upon  completion  and delivery of the Pioneer.  The  Pioneer  has
undergone sea trials and is expected to be available for  service
during November 1996.

As  previously reported Aker Gulf Marine filed suit  against  the
Company   in  the  U.S.  District  Court,  Western  District   of
Louisiana,  Lafayette Division in December of 1995  seeking  $8.2
million in additional costs believed by it to be owed because  of
change   orders   during  construction  and  $5.0   million   for
disruption, acceleration and delay damages.  In August  1996  the
Company  reached  an agreement with Aker Gulf  Marine,  and  took
possession  of  the Pioneer which was relocated to the  Company's
facility in Amelia, Louisiana where construction and equipping of
the  vessel was completed.  Under the terms of the agreement  the
Company  has  been given clear  title to the Pioneer in  exchange
for a $3.2 million payment and the posting of a $4.5 million bond
in  favor of Aker Gulf Marine.  Such amounts and release  of  the
vessel  are without prejudice to each company's rights to  pursue
claims against the other in pending litigation or otherwise.  The
Company does not believe that Aker Gulf Marine's claims are valid
and  is  vigorously defending against them and does  not  believe
that  ultimate  resolution of the claims  will  have  a  material
adverse   impact   on   the   Company's  consolidated   financial
statements.

On  April  10, 1996, the Company received authorization to  issue
United States Guaranteed Ship Financing Bonds in connection  with
the  construction of  two liftboats, a launch barge, and a  cargo
barge.   The  Ship  Bonds, issued August 7, 1996,  totaled  $20.3
million,  mature in 2022 and carry an interest rate of 7.25%  per
annum.   The proceeds from the issuance of the bond are  included
in  escrowed  funds, bond proceeds and will be available  to  the
Company upon completion and delivery of the liftboats and barges.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at September 30, 1996  will  be
$88  million,  including  $55 million  for  the  upgrade  of  the
Hercules.


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  September  30, 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.

Although   the  Company  has  been  expanding  its  international
operations, 77% of the Company's contract revenues in fiscal 1996
and the first six months of fiscal 1997 were derived from work in
the  U.S.  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  is
generally  earned during the second (July through September)  and
third  (October  through December) quarters of its  fiscal  year.
Because  of the seasonality, full year results are not likely  to
be  a  direct  multiple  of  the first six-months  results.   The
following  table documents the seasonal nature of  the  Company's
operations  by  presenting  the weighted  average  percentage  of
contract  revenues,  gross profit and net income  contributed  by
each fiscal quarter for the past three fiscal years.

                                                  Quarter Ended
                                       June 30, Sept. 30, Dec. 31,March 31,

Contract revenues, three year average    22%      34%       26%     18%
Gross profit, three year average         20       41        28      11
Net  income,  three year average         18       44        28      10

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


Results of Operations

The  following  table  sets forth for the periods  indicated  the
Company's  statements of operations expressed as a percentage  of
contract revenues.
                           Quarter Ended       Six Months Ended
                           September 30,        September 30,
                          1996       1995      1996       1995
Contract revenues        100.0%     100.0%    100.0%     100.0%

Cost of contract         (69.9)     (65.7)    (72.2)     (68.6)
 revenues                                      

Gross profit              30.1       34.3      27.8       31.4

Selling, general and                                    
 administrative
 expenses                 (5.0)      (6.6)     (5.3)      (7.5)
                                              
Interest expense          (0.5)      (0.1)     (0.4)      (0.1)
                                              
Other income               0.1        1.1       0.2        1.6
 (expense), net

Income before income      24.7       28.7      22.3       25.4
taxes

Provision for income      (7.4)     (10.6)     (6.7)      (9.4)
taxes                                         

Net income                17.3%      18.1%    (15.6%)     16.0%
                                              



Second Quarter Fiscal 1997 Compared to Second Quarter Fiscal 1996

Contract  Revenues.  Contract revenues for the second quarter  of
fiscal  1997  of $72.4 million were $27.0 million or  60%  higher
than  the $45.4 million recorded in the second quarter of  fiscal
1996.  The improved revenue performance reflects the benefits  of
international  operations, stronger demand  for  Gulf  of  Mexico
derrick  and  diving  services,  and  improved  utilization   and
dayrates on DSVs and liftboats in the current quarter as compared
to the fiscal 1996 period. In addition, the acquisition of Norman
Offshore  Pipelines, Inc. ("Norman") on July 1, 1996  contributed
to  revenues  and  barge  days in our  Coastal  Division.   These
increases  were  partially offset by a decline in  the  Company's
Gulf  of  Mexico pipeline services during the current quarter  as
compared to the same period in fiscal 1996 resulting from reduced
activity  levels and continued competition.  Barge days  employed
were  575 in the second quarter of fiscal 1997 compared with  346
days  in  the 1996 period. This increase is largely  due  to  the
increased Coastal Division days resulting from the acquisition of
Norman.  Liftboat and DSV days of 1,352 in the most recent period
were  higher than the 1,028 days during the year earlier  period.
Diver  days  totaled 4,945 in  the second quarter of fiscal  1997
compared with 3,047 a year earlier.

Depreciation  and  Amortization.  Depreciation  and  amortization
expenses, including amortization of dry-docking costs, were  $4.6
million  in  the second quarter of fiscal 1997 compared  to  $2.8
million   a   year   earlier.   The  increase  was    principally
attributable  to increased utilization of the upgraded  Chickasaw
and  the Hercules, which was acquired in October, 1995, (both  of
which are depreciated on a units-of-production basis), and higher
dry-dock amortization amounts.

Gross Profit.  Gross profit for the second quarter of fiscal 1997
of  $21.8 million was 40% higher than the $15.5 million  for  the
same  quarter  a  year  earlier.  The gross profit  increase  was
primarily attributable to increases in international and  derrick
services, partially offset by reduced gross profit from  pipeline
installation  services.  Gross profit as a  percent  of  contract
revenues declined for the current period to 30.1% as compared  to
34.3% for the same quarter a year earlier, primarily due to lower
pipeline  installation  revenues, lower margins  on  the  Coastal
Division  revenues  as compared to our larger  and  deeper  water
barges, and that a significant portion of  international revenues
was  from  fabrication and procurement which provide low margins.
Gross  profit for the current quarter was further reduced by  the
effect  of  a  $1.1 million accrual for retirement and  incentive
compensation  expense, as compared to no provision  in  the  same
quarter last year.

Selling,  General and Administrative Expenses.  Selling,  general
and administrative expenses for the second quarter of fiscal 1997
were  $3.6 million, 20% higher than the $3.0 million for the same
quarter a year earlier. A provision for  retirement and incentive
compensation  plan expense of $1.5 million was  recorded  in  the
second  quarter  1997,  of  which $0.5 million  was  included  in
selling, general and administrative expenses and $1.1 million was
included  in  cost  of contract revenues.  In  the  year  earlier
period no provision for such expense was recorded.

Other  Income (Expense).  Interest expense, net of  $0.6  million
of  capitalized  interest cost, was $0.4 million in  the  current
quarter compared to less than $ 0.1 million in the same quarter a
year  earlier.  Other income in the current quarter of  less than
$0.1  million  was lower than the $0.5 million  reported  a  year
earlier largely because the Company had less funds available  for
investment.

Net Income.  Net income for the second quarter of fiscal 1997 was
$12.5  million, an increase of 53% from $8.2 million in the  same
quarter a year earlier.  The Company's effective income tax  rate
declined from 37% in the second quarter of fiscal 1996 to 30%  in
the  current quarter, reflecting the benefit of a lower effective
tax rate for  the Company's international operations.



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

Contract Revenues.  Contract revenues for the first six months of
fiscal  1997  of  $122.8 million were 59% higher than  the  $77.2
million  reported  for  the  same period  a  year  earlier.   The
increase  in  revenues  for the six months largely  results  from
revenues   generated  by  a  full  six  months  of  international
operations,  strong  domestic  derrick  activity,  including  the
acquisition  of the Hercules in October 1995 improved utilization
and  dayrates  on  DSVs  and liftboats,  and  the  July  1,  1996
acquisition  of  Norman,  partially  offset  by  lower   revenues
contributed by the Company's Gulf of Mexico pipelay barge  fleet.
Barge days improved to 907,  compared to the 614 days employed in
the  same period last year.  This increase is largely due to  the
increased Coastal Division days resulting from the acquisition of
Norman   July 1, 1996.  Liftboat and DSV days employed  of  2,672
were  significantly higher than the 1,905 days worked during  the
same period last year.  Diver days employed totaled 8,490 for the
six months of fiscal 1996, up from 5,419 a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including  amortization of dry-docking costs, for the  first  six
months of fiscal 1997 was $8.1 million compared with $5.3 million
for  the year earlier.  The increase was principally attributable
to  depreciation on the Cheyenne and the Hercules (both of  which
are  depreciated on a units-of-production basis) and higher  dry-
dock  amortization amounts.  The Cheyenne first  worked  in  West
Africa  in August 1995, and the Hercules was acquired in  October
1995.

Gross  Profit.   For  the first six months  of  fiscal  1997  the
Company  had  gross profit of $34.1 million compared  with  $24.3
million for the first six months of fiscal 1996.  Gross profit as
a percent of revenues for the current six-month period was 27.8%,
3.6%  below the gross profit percentage earned during  the  first
six  months  of fiscal 1996 of 31.4%.  The decline in  the  gross
profit  margin for the six months was primarily due to the  lower
pipeline  installation  revenues, lower margins  on  the  Coastal
Division  revenues  as compared to our larger  and  deeper  water
barges,  and that a significant portion of international revenues
were  from fabrication and procurement which provide low margins.
Gross  profit for the current period was further reduced  by  the
effect  of  a  $1.3 million accrual for retirement and  incentive
compensation expense, as compared to a $0.7 million provision  in
the same period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the first six months  of  fiscal
1997  totaled  $6.6 million compared with $5.8 million  for   the
same period a year earlier.  The increase in selling, general and
administrative  expenses is principally due to  a  provision  for
retirement  and  incentive  compensation  plan  expense  of  $1.9
million  recorded for the current six-month period compared  with
$1.0  million for the same period in the prior fiscal  year.   Of
the  provisions, $0.6 million in the current six-month period and
$0.3  million for the prior period were included in the  selling,
general,  and administrative expenses  and $1.3 million and  $0.7
million,   respectively,  were  included  in  cost  of   contract
revenues.

Other Income(Expense).   Interest expense, net of $1.0 million of
capitalized  interest cost, was $0.5 million in the current  six-
month period compared to $0.1 million  in the same period a  year
earlier.   Other income in the current six-month period  of  $0.2
million  was lower than the $1.2 million reported a year  earlier
largely  because  the  Company  had  less  funds  available   for
investment.

Net  Income.  Net income for the first six-month period of fiscal
1997  was  $19.2 million, up 55% from $12.3 million in  the  same
period  a year earlier.  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 of $29.8 million  during
the  first  six-months of fiscal 1997. This cash from operations,
together  with  $33.0  million provided by financing  activities,
funded   investing   activities  of  $61.9  million.    Investing
activities  consisted  of principally capital  expenditures,  the
acquisition  of Norman, dry-docking costs, and the  placement  of
Title  XI  bond  proceeds  in  escrow.   The  funds  provided  by
financing   activities  represent  draws  against  the  Company's
revolving line of credit and proceeds from the sale of  Title  XI
Ship  Bonds.  Working capital increased $15.9 million during  the
six-months  from  $34.3 million at March 31, 1996,  to  $50.2  at
September 30, 1996.

Capital  expenditures during the first six  months  included  the
costs  of  construction of two liftboats, a launch  barge  and  a
cargo  barge,  and  continued construction of  the  Pioneer.   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 has undergone sea trials and the Company expects to  have
the  vessel  ready for operation for the coming  Gulf  of  Mexico
winter season.  Under the terms of the agreement, the Company has
received  clear  title  to the Pioneer in  exchange  for  a  $3.2
million  payment and the posting of a $4.5 million bond in  favor
of  Aker Gulf Marine.  Such amounts and release of the vessel are
without  prejudice  to  each company's rights  to  pursue  claims
against the other in pending litigation or otherwise.  See  "Item
1.  Legal Proceedings" included in Part II of this Form 10-Q  for
additional information. The Company estimates the fully  equipped
cost  of the Pioneer to be $24.0 million.  In September 1994  the
Company  sold  $20.9 million of MARAD guaranteed  ship  bonds  in
connection with financing the cost of constructing and outfitting
the Pioneer.  MARAD currently holds these funds in escrow and the
funds  will  be  available  to the Company  upon  completion  and
delivery of the vessel.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at September 30, 1996  will  be
$88  million,  including  $55 million  for  the  upgrade  of  the
Hercules, with $71 million to be incurred during fiscal 1997  and
the  remainder during fiscal 1998.  The addition of  pipelay  and
dynamic  positioning capability to the Hercules is now  scheduled
for completion in mid 1997.

In  July  1996,  the  Company completed its previously  announced
acquisition  of  Norman Offshore Pipelines,  Inc.   The  purchase
price funding came from available cash and from draws against the
Company's revolving line of credit.

Long-term debt outstanding at September 30, 1996, includes  $42.0
million  of  Title  XI Ship Bonds issued under the  authority  of
MARAD.  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 Ship 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 Ship Bonds were issued  contain
certain  covenants, including the maintenance of minimum  working
capital and net worth requirements, which, if not met, result  in
additional convenants that restrict the operations of the Company
and  its ability to pay cash dividends.  The Company is currently
in compliance with these covenants.

The  Company maintains a $50.0 million revolving line  of  credit
("Loan  Agreement") with a commercial bank.  The  Loan  Agreement
allows  for  a maximum draw at any one time of $25.0 million  for
general corporate purposes and $40.0 million for construction  or
renovation  of  vessels, provided that the aggregate  outstanding
principal amount shall never exceed $50.0 million.  The revolving
credit  facility of the Loan Agreement is available until January
1,  1998,  at which time the amount then outstanding becomes  due
and  payable.  Interest accrues at LIBOR plus 1.25%  (6.6875%  at
September 30, 1996) and is payable monthly.  Continuing access to
the  revolving  line of credit is conditioned  upon  the  Company
remaining in compliance with the covenants of the Loan Agreement,
including  the  maintenance  of  certain  financial  ratios.   At
September 30, 1996, $13.0 million was outstanding under the  Loan
Agreement  (all of which had been drawn down during fiscal  1997)
and  the  Company was in compliance with the covenants  contained
therein.

Funds  available  under the Company's credit facility  and  MARAD
financings, combined with available cash, and cash generated from
operations,  are expected to provide sufficient  funds  for   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.

As  previously reported Aker Gulf Marine filed suit  against  the
Company   in  the  U.S.  District  Court,  Western  District   of
Louisiana,  Lafayette  Division in  December  1995  seeking  $8.2
million in additional costs believed by it to be owed because  of
change   orders   during  construction  and  $5.0   million   for
disruption, acceleration and delay damages.  In August  1996  the
Company  reached  an agreement with Aker Gulf  Marine,  and  took
possession of the Pioneer, relocated the vessel to the  Company's
facility in Amelia, Louisiana where construction and equipping of
the  vessel was completed.  Under the terms of the agreement  the
Company  has  been given clear  title to the Pioneer in  exchange
for  $3.2 million and the posting of a $4.5 million bond in favor
of  Aker Gulf Marine.  Such amounts and release of the vessel are
without  prejudice  to  each company's rights  to  pursue  claims
against  the  other  in  pending litigation  or  otherwise.   The
Company does not believe that Aker Gulf Marine's claims are valid
and  is  vigorously defending against them and does  not  believe
that  ultimate  resolution of the claims  will  have  a  material
adverse   impact   on   the   Company's  consolidated   financial
statements.

Item 4.  Submission of Matters to a Vote of Security Holders

The  1996 Annual Meeting of Shareholders of the Company was  held
on  August  7,  1996.   At such meeting, each  of  the  following
persons listed below, all of whom were incumbent directors,  were
elected  to  the  Board of Directors of the Company  for  a  term
ending at the Company's 1997 Annual Meeting of Shareholders.  The
number  of  votes cast with respect to the election of each  such
person is set forth opposite such person's name.

  Name of Director                  Number of Votes Cast
                                           Broker    
                    For       Withhold    Non-Vote    Abstain
William J.     14,106,229     133,424         0          0
Dore'

Michael J.     14,106,427     133,226         0          0
Pollock
 
James C. Day   14,217,965      21,688         0          0

Edward P.      14,217,945      21,708         0          0
Djerejian

Myron J.       14,219,227      20,426         0          0
Moreau


At  the  1996  Annual  Meeting  of  Shareholders,  the  Company's
shareholders  voted  for (1) an amendment to the  Company's  1992
Stock   Option  Plan,  which  increased  the  number  of   shares
authorized  for  issuance  thereunder from  1.8  million  to  2.4
million  shares  of  Common  Stock of  the  Company  and  (2)  an
amendment  to  the  Company's Amended and  Restated  Articles  of
Incorporation which increases the number of authorized shares  of
Preferred  Stock  to  30.0 million and the number  of  authorized
shares  of  Common Stock to 150.0 million.  The number  of  votes
cast with respect to each proposal is set forth below:

                                Number of Votes Cast
                                                              Broker
                     For      Against    Abstain   Withhold   Non-Vote
                                                       
Amendment to     10,168,845  2,845,618    13,221      0           0
Option Plan                                            
                                                       
Amendment to     12,486,102  1,708,827    42,724      0           0
Amend and                                              
Restate Articles
ofIncorporation


Item 6.  Exhibits and Reports on Form 8-K
      (a) Exhibits:
          No.  15,  Letter  re:  unaudited  interim  financial
          information.
          No. 27, Financial Data Schedules.
      (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:  /s/MICHAEL J. POLLOCK
                              
                              ___________________________________
                                     Michael J. Pollock
                              Vice President, Chief Financial Officer
                            (Principal Financial and Accounting Officer)
                                
November  14, 1996



                                                       EXHIBIT 15




November  13, 1996

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 September 30,  1996
and  1995,  as  indicated in our report dated October  25,  1996;
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
September  30, 1996, is incorporated by reference in Registration
Statement Nos. 33-58048 and 33-89778 on Form S-8.

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