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, 1998
                                
                                
                  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 61936, Lafayette, LA                             70596-1936
(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   o No
                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of October 31, 1998 was 91,161,379.
                                
<PAGE>
                                
                     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                                         17

Item 4.   Submission of Matters to a Vote of Security Holders       18

Item 5.   Other Information                                         18

Item 6.   Exhibits and Reports on Form 8-K                          18

          Signature                                                 19


<PAGE>

                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, 1998 and for  the  three-
month  and  six-month periods ended September 30, 1998 and  1997.
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, 1998,  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 June 12, 1998, we expressed  an
unqualified  opinion on those consolidated financial  statements.
In  our  opinion,  the information set forth in the  accompanying
condensed  consolidated balance sheet as of  March  31,  1998  is
fairly  stated,  in  all material respects, in  relation  to  the
consolidated balance sheet from which it has been derived.

DELOITTE & TOUCHE LLP

October 29, 1998
New Orleans, Louisiana

<PAGE>

<TABLE>
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
<CAPTION>
                                
                                 Quarter Ended      Six Months Ended
                                 September 30,       September 30,
                                1998      1997       1998      1997

<S>                           <C>       <C>         <C>        <C>              
Revenues                      $120,575  $108,772    $212,733   $171,948
                                                             
Cost of Revenues                89,674    70,915     151,245    113,252
                              --------  --------    --------   --------      
Gross Profit                    30,901    37,857      61,488     58,696
                                                              
Equity in Net Earnings                                        
(Loss) of Unconsolidated        (1,329)     (471)     (2,891)    (2,127)
Affiliate
                                                              
Selling, General and                                          
Administrative Expenses          7,968     6,448      13,443     10,695
                               -------   -------    --------    -------      
Operating Income                21,604    30,938      45,154     45,874
                               -------   -------    --------    -------        
Other Income (Expense):                                       
 Interest Expense               (2,822)     (350)     (3,973)      (480)
 Other                             136       597         551      2,112
                               -------   -------    --------    -------
                                (2,686)      247      (3,422)     1,632
                               -------   -------    --------    -------        
Income Before Income Taxes      18,918    31,185      41,732     47,506
                                                              
Provision for Income Taxes       6,621    11,850      14,606     18,052
                                                              
Net Income                    $ 12,297  $ 19,335    $ 27,126   $ 29,454
                              ========  ========    ========   ========
                                                              
Weighted Average Common                                       
Shares
 Outstanding:                                                 
 Basic                       91,155,000  91,021,000  91,662,000 90,872,000
 Diluted                     93,532,000  93,905,000  93,911,000 93,389,000
                                                              
Net Income Per Share:                                         
 Basic                        $   0.13   $  0.21     $  0.30     $  0.32
 Diluted                      $   0.13   $  0.21     $  0.29     $  0.32
                                
</TABLE>

         See Notes to Consolidated Financial Statements.

<PAGE>


<TABLE>
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)

<CAPTION>

                                         September 30,   March 31,
                                             1998          1998
                                         -------------   -----------
 <S>                                      <C>            <C>
 ASSETS                                                
 Current Assets:                                       
 Cash                                     $ 19,362       $ 18,693
 Escrowed funds                              1,004          6,907
 Receivables                               117,497         97,156
 Advances to and receivables from
  unconsolidated affiliate                  21,391         22,852
 Prepaid expenses and other                  7,414          7,002
                                          --------       --------
 Total current assets                      166,668        152,610
                                          --------       --------             
 Escrowed Funds                             14,474         22,478
                                          --------       --------
 Property and Equipment, net               523,495        432,224
                                          --------       --------
             
 Other Assets:                                         
 Deferred charges, net                      17,846         12,139
 Investment in unconsolidated affiliate         --          1,878
 Other                                       4,146          4,038
                                          --------       --------
 Total other assets                         21,992         18,055
                                          --------       --------
     Total                                $726,629       $625,367
                                          ========       ========
             
 LIABILITIES AND SHAREHOLDERS' EQUITY                  
 Current Liabilities:                                  
 Current maturities of long-term debt     $  2,416       $  2,168
 Accounts payable                           55,759         55,016
 Accrued liabilities                        20,046         11,418
 Accrued profit-sharing                      1,391          4,126
 Insurance payable                             752          2,410
                                          --------       --------
 Total current liabilities                  80,364         75,138
                                                       
 Long-Term Debt                            218,397        144,825
                                          --------       -------- 
 Deferred Income Taxes                      42,869         36,471
 Commitments and Contingencies            --------       --------             
                                                       
 Shareholders' Equity:                                 
 Preferred stock                                --             --
 Common stock, issued 92,030,574 and                   
  91,597,114 shares, respectively              920            915
 Additional paid-in capital                211,446        208,911
 Treasury stock at cost (874,500 shares                
 at September 30, 1998)                    (11,229)            --
 Translation adjustments                   (10,549)        (8,178)
 Retained earnings                         194,411        167,285
 Total shareholders' equity                384,999        368,933
     Total                                $726,629       $625,367
                                

         See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>

<TABLE>
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in thousands)
                           (Unaudited)
<CAPTION>
                                             Six Months Ended
                                               September 30,
                                              1998       1997
                                              ----       ----

 <S>                                       <C>         <C>
 Cash Flows From Operating Activities:                     
 Net income                                $ 27,126    $ 29,454
 Adjustments to reconcile net income to                    
 net cash provided
  by (used in) operating activities:                       
   Depreciation and amortization             22,609      13,219
   Deferred income taxes                      6,411       4,000
   Equity in net (earnings) loss of 
    unconsolidated affiliate                  2,891       2,127
   Other                                        215           4
   Changes in operating assets and                     
    liabilities (net of acquisitions):                                     
      Receivables                           (20,507)    (37,776)
      Receivables from unconsolidated       
       affiliate                             (6,387)         --
      Prepaid expenses and other               (472)     (3,534)
      Accounts payable and accrued
       liabilities                            5,098      18,222  
                                            -------     -------           
     Net cash provided by (used in)        
      operating activities                   36,984      25,716
                                                           
 Cash Flows From Investing Activities:                     
 Additions to property and equipment       
  (net of acquisitions)                    (112,398)    (63,148) 
 Escrowed funds                              13,907      19,119
 Acquisition of business, net of cash           
  acquired                                       --    (103,805)
 Additions to deferred charges               (9,547)     (3,918)
 Net repayment of advances to                 
  unconsolidated affiliate                    6,835      15,943
 Other                                           85         142
                                           --------    --------                
     Net cash (used in) investing          
      activities                           (101,118)   (135,667)
                                                           
 Cash Flows From Financing Activities:                     
 Proceeds from sale of common stock           2,516       1,001
 Purchase of treasury stock                 (11,229)         --
 Net proceeds (repayment) of long-term debt  73,820      56,033
                                           --------    -------- 
                                                       
     Net cash provided by (used in)          
      financing activities                   65,107      57,034
                                                       
 Effect of Exchange Rate Changes on Cash       (304)       (450)
                                           --------    --------
 Cash:                                                 
 Increase (Decrease)                            669     (53,367)
 Beginning of period                         18,693      63,981
                                           --------    --------
 End of period                             $ 19,362    $ 10,614
                                           ========    ========

                                                       
         See Notes to Consolidated Financial Statements.
</TABLE>
                                
<PAGE>                                

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

1.     Basis   of  Presentation  -  The  accompanying   unaudited
consolidated financial statements include the accounts of  Global
Industries,   Ltd.   and  its  wholly  owned  subsidiaries   (the
"Company").  The Company also has a 49% ownership interest in CCC
Fabricaciones  y Construcciones, S.A. de C.V. ("CCC"),  which  is
accounted for by the equity method.  Effective December 31, 1998,
the  Company  will change its fiscal year-end to December  31  of
each year.

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
period  ended September 30, 1998, are not necessarily  indicative
of  the  results that may be expected for the fiscal year  ending
March  31,  1999.  These financial statements should be  read  in
conjunction  with  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,
1998.

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.    Recent  Accounting  Pronouncements -  The  Company  adopted
Statement  of Financial Accounting Standards No. 130,  "Reporting
Comprehensive  Income"  ("SFAS 130"), effective  April  1,  1998.
SFAS  130  establishes  standards for reporting  and  display  of
comprehensive  income  and  its major components.   Comprehensive
income  includes net income and other comprehensive income which,
in  the  case  of  the Company, currently includes  only  foreign
currency translation adjustments.

Following is a summary of the Company's comprehensive income  for
the three months and six months ended September 30, 1998 and 1997
(in thousands):

<TABLE>
<CAPTION>

                               Quarter Ended       Six Months Ended
                               September 30,         September 30,
                               1998      1997       1998      1997
                               ----      ----       ----      ----
 <S>                          <C>       <C>         <C>       <C>              
 Net Income                   $12,297   $19,335     $27,126   $29,454
                                                
 Other  Comprehensive Income                                  
  (Loss), net of income tax:                                           
    Foreign currency         
     translation adjustments       67    (3,531)     (2,371)   (3,531)
                              -------   -------      -------  -------
 Comprehensive Income         $12,364   $15,804      $24,755  $25,923
                              =======   =======      =======  =======
                                                
</TABLE>

     In June 1997, the Financial Accounting Standards Board ("FASB")
issued  Statement  of  Financial Accounting  Standards  No.  131,
"Disclosures  about  Segments  of  an  Enterprise   and   Related
Information"  ("SFAS 131"), which is effective  for  the  Company
beginning  April  1,  1998.   SFAS 131  redefines  how  operating
segments  are  determined  and  requires  disclosure  of  certain
financial and descriptive information about a Company's operating
segments.   Management believes that implementation of  SFAS  131
will  not  have  a  material impact on the  presentation  of  the
Company's   financial  statements  but  may  require   additional
disclosure.

<PAGE>

    In  February  1998,  the FASB issued Statement  of  Financial
Accounting  Standards  No.  132,  "Employers'  Disclosures  about
Pensions  and Other Postretirement Benefits" ("SFAS 132").   SFAS
132  revises  the standards for disclosure of pension  and  other
postretirement  benefit  plans  by standardizing  the  disclosure
requirements, requiring additional information on changes in  the
benefit   obligations  and  fair  values  of  plan  assets,   and
eliminating certain disclosure requirements no longer  considered
to  be useful.  These new disclosure requirements are designed to
improve   the   understandability  of  benefit  disclosures   for
financial  analysis.   The  Company is  required  to  adopt  this
standard   for  fiscal  1999.   Management  believes   that   the
implementation of SFAS 132 will not have a material impact on the
Company's financial statements and disclosures.

3.  Change in Accounting Estimate - Effective April 1, 1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  which  are depreciated on the units-of-production
method.  The Company increased total estimated operating days for
such  barges to better reflect the estimated periods during which
the  assets  will remain in service.  For the second  quarter  of
fiscal  1999,  the change had the effect of reducing depreciation
expense by $0.7 million and increasing net income by $0.5 million
(less  than $0.01 per both basic and diluted share).  The  change
had  the  effect of reducing depreciation expense by $1.7 million
and  increasing net income by $1.1 million ($0.01 per both  basic
and diluted share) for the six months ended September 30, 1998.

4.  Financing Arrangements - During September 1998,  the  Company
amended  the  terms  of  its existing  credit  agreement  with  a
syndicate of commercial banks to increase the available  line  of
credit from $200 million to $250 million.  At September 30, 1998,
the  amount  available  under the credit  agreement  approximated
$41.9 million.

5. Basic and Diluted Net Income Per Share - The difference in the
number  of  weighted  average shares outstanding  for  basic  and
diluted  net  income per share is attributable to the incremental
shares related to outstanding options to purchase common stock.

6. Commitments and Contingencies - The Company is a party to 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  August  1998,  the  Board  of  Directors  authorized  the
expenditure  of  up to $30.0 million to purchase  shares  of  the
Company's   outstanding   common  stock.    Subject   to   market
conditions,  the  purchases may be effected  from  time  to  time
through solicited or unsolicited transactions in the market or in
privately  negotiated transactions.  No limit was placed  on  the
duration   of  the  purchase  program.   Subject  to   applicable
securities  laws, purchase decisions will be made  by  management
based  upon market conditions and other factors.  As of September
30,  1998,  the  Company had purchased 874,500 shares  since  the
authorization at a total cost of $11.2 million.  In October 1998,
the Company purchased an additional 55,000 shares at a total cost
of $0.4 million.

The   Company   has  guaranteed  certain  indebtedness   of   CCC
approximating $23.9 million at September 30, 1998.   The  Company
has also given performance and currency guarantees totaling $30.8
million  at September 30, 1998, to banks for CCC debt related  to
project  financings.   Under the terms  of  the  performance  and
currency guarantees, the banks may enforce the guarantees (i)  if
the  customer  does  not  pay CCC because  neither  CCC  nor  the
guarantors  performed the contracts that define the  projects  or
(ii) if, after converting contract payments from Mexican Pesos to
United States Dollars, funds from the project are insufficient to
pay  the  sums due.  In April 1998, the Company gave a contingent
guarantee  to  a  financial  institution  whereby  the  guarantee
becomes effective if certain vessel contracts of CCC are canceled
or  not renewed.  The contingent guaranty amount at September 30,
1998 was $16.0 million.

<PAGE>

In  the  normal  course of its business activities,  the  Company
provides  letters of credit and bonds to secure  the  performance
and/or  payment of obligations, including the payment of worker's
compensation obligations.  Additionally, the Company has issued a
letter  of  credit  as  collateral  for  $28.0  million  of  Port
Improvement  Revenue Bonds.  At September 30,  1998,  outstanding
letters of credit and bonds approximated $31.2 million.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure   projects  in  progress  at  September   30,   1998,
approximates $28 million.



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

General

The  following  discussion presents management's  discussion  and
analysis  of  the Company's financial condition  and  results  of
operations.  Certain of the statements included below,  including
those  regarding future financial performance or results or  that
are  not  historical  facts,  are  or  contain  "forward-looking"
information  as  that term is defined in the  Securities  Act  of
1933,  as  amended.  The words "expect," "believe," "anticipate,"
"project,"  "estimate," and similar expressions are  intended  to
identify   forward-looking  statements.   The  Company   cautions
readers  that  any such statements are not guarantees  of  future
performance   or  events  and  such  statements  involve   risks,
uncertainties  and  assumptions, including  but  not  limited  to
industry  conditions,  general economic conditions,  competition,
ability  of  the  Company  to  successfully  manage  its  growth,
operating  risks,  risks of international  operations,  risks  of
vessel construction and other factors discussed below and in  the
Company's Annual Report on Form 10-K for the year ended March 31,
1998.   Should  one  or  more  of these  risks  or  uncertainties
materialize or should the underlying assumptions prove incorrect,
actual  results  and  outcomes may differ materially  from  those
indicated in the forward-looking statements.

The  following discussion should be read in conjunction with  the
Company's  unaudited consolidated financial  statements  for  the
periods ended September 30, 1998 and 1997, included elsewhere  in
this  report  and  the  Company's audited consolidated  financial
statements 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,
1998.

During  the second quarter of fiscal 1998, the Company  completed
the  acquisition of certain business operations and assets of Sub
Sea International, Inc. and certain of its subsidiaries (the "Sub
Sea   Acquisition").   The  $103.8  million   acquisition   costs
(including  $1.8  million of directly related acquisition  costs)
came  from  available  cash and borrowings  under  the  Company's
existing   credit  line.  The  major  assets  acquired   in   the
transaction  included three construction barges,  four  liftboats
and  one  dive  support vessel based in the United  States,  four
support vessels based in the Middle East, and support vessels and
ROVs based in the Far East and Asia Pacific.

In  the first quarter of fiscal 1999, the Company again added  to
its  fleet with the acquisition of the pipelay/derrick barges DLB
332  (Teknik  Perdana) and DLB 264 (Teknik Padu) from  TL  Marine
Sdn. Bhd.  These two vessels are currently in Asia Pacific.   The
purchase price was $47.3 million (of which $4.8 million was  paid
in  the  fourth quarter of fiscal 1998) and was funded  from  the
Company's  bank line of credit.  The DLB 332 is 352 feet  by  100
feet,  has an 800 ton lift capacity, and can be outfitted to  lay
up  to  60-inch diameter pipe.  The DLB 264 is 400  feet  by  100
feet, has an 1,100 ton lift capacity, and is capable of laying up
to   60-inch   diameter  pipe.   Both  vessels   have   completed
commitments  under short-term bare boat charter  agreements  with
Hydro  Marine  Services, Inc., an affiliate of J.  Ray  McDermott
S.A.,  and  are  currently available for  use  in  the  Company's
construction services work.

<PAGE>

In   July  1998,  the  Company's  barge  Hercules  completed  its
conversion  to a dynamically-positioned pipelay/heavy-lift  barge
and  returned to service to begin its first conventional  pipelay
project.   The  second  phase of the  upgrade  of  the  Hercules,
installation  of  a  reel on the barge to enable  it  to  install
offshore pipelines using the reel method, is expected to occur in
the fourth quarter of fiscal 1999.

The offshore marine construction industry is seasonal because  of
weather  and climatical conditions and because of the  timing  of
capital  expenditures by oil and gas companies.   In  the  United
States  Gulf  of Mexico ("U.S. Gulf"), where the Company  derived
77% of its revenues in fiscal 1998 and 54% of its revenues in the
first  six  months  of fiscal 1999, the Company has  historically
performed a substantial portion of its services during the period
of  June through November.  As a result, the Company may  earn  a
disproportionate portion of the Company's revenues, gross profit,
and  net  income  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  percentage   of
revenues, gross profit, and net income contributed by each fiscal
quarter for the past three fiscal years.
<TABLE>
<CAPTION>

                                               Quarter Ended
                                 June 30,   Sept. 30,    Dec. 31, March 31,
                                 --------   ---------    -------- ---------
<S>                                <C>        <C>          <C>      <C>
Revenues, three year average       19%        30%          28%      23%
Gross profit, three year average   19         35           25       21
Net  income,  three year average   19         37           24       20

</TABLE>

In recent years, the Company has expanded and acquired operations
in  West  Africa,  Asia  Pacific, Mexico, and  the  Middle  East.
Certain of these geographic areas have seasonal effects different
from  the  U.S.  Gulf.  As a larger percentage of  the  Company's
operations are in these areas, the different seasonal effects may
affect the three year averages shown above.

As  discussed in the Company's Annual Report on Form 10-K for the
fiscal  year  ended  March  31, 1998, demand  for  the  Company's
construction services depends on the condition of the oil and gas
industry,  and particularly the capital expenditures of  oil  and
gas  companies  with operations in the U.S.  Gulf  and  in  other
regions  served  by  the Company.  As a result,  the  Company  is
concerned  about  the continuing weakness  in  oil  prices  as  a
prolonged  decline in offshore drilling and exploration  activity
could   adversely  affect  the  Company's  future  revenues   and
profitability.   In  the quarter ended September  30,  1998,  the
Company did experience a drop in demand for its services  in  the
U.S. Gulf because of cutbacks in the capital expenditures of  oil
and  gas companies and increased competition which had an adverse
effect on the Company's results of operations.  Should this trend
of  lower  demand  and increased competition  in  the  U.S.  Gulf
continue, the Company expects the results of operations  for  the
current  fiscal  year to be materially lower than  in  the  prior
fiscal year.

<PAGE>

Results of Operations

The  following  table  sets  forth the  Company's  statements  of
operations expressed as a percentage of  revenues for the periods
indicated.

<TABLE>
<CAPTION>
                               Quarter Ended      Six Months Ended
                               September 30,        September 30,
                              1998       1997       1998         1997
                              ----       ----       ----         ---- 
 <S>                         <C>         <C>        <C>          <C>
 Revenues                    100.0%      100.0%     100.0%       100.0%
 Cost of  revenues           (74.4)      (65.2)     (71.1)        (65.9)
                             ------      ------     ------       -------
 Gross profit                 25.6        34.8       28.9          34.1
 Equity in net                                              
  earnings (loss) of
  unconsolidated affiliate    (1.1)       (0.4)      (1.4)         (1.2)
 Selling, general and                                       
  administrative expenses     (6.6)       (5.9)      (6.3)         (6.2)
                             ------       -----      ------      -------
 Operating Income             17.9        28.5       21.2          26.7
 Interest expense             (2.3)       (0.3)      (1.9)         (0.3)
 Other income (expense),net    0.1         0.5        0.3           1.2
                             ------       -----      ------      -------
 Income before income taxes   15.7        28.7       19.6          27.6
 Provision for income taxes   (5.5)       (10.9)     (6.9)        (10.5)
                             ------       ------     ------      ------- 
 Net income                   10.2%       17.8%      12.7%         17.1%
                             ======       ======     ======      ======= 
</TABLE>

The  Company's results of operations for the first half of fiscal
1998 and 1999 reflect the level of offshore construction activity
in the U.S. Gulf, West Africa, and Asia Pacific and the amount of
resources supplied to the Company's unconsolidated affiliate, CCC
Fabricaciones  y Construciones, S.A. de C.V. ("CCC")  in  Mexico.
The  results  for the first half of fiscal 1999 also include  the
results of additional business acquired in July 1997 from Sub Sea
International,  Inc.  in the U. S. Gulf, Asia  Pacific,  and  the
Middle East.

Second Quarter Fiscal 1999 Compared to Second Quarter Fiscal 1998

Revenues.   Revenues for the second quarter  of  fiscal  1999  of
$120.6  million were 11% higher than the $108.8 million  recorded
in  the  second quarter of fiscal 1998.  The increase in revenues
for  the quarter resulted from greater revenue contributions from
the  Company's  international operations in West Africa,  Mexico,
Asia  Pacific,  and the Middle East, partially  offset  by  lower
revenues in the U. S. Gulf.

U.  S. Gulf of Mexico -- Revenues in the U. S. Gulf declined  10%
to  $73.0 million in the second quarter of fiscal 1999 from $81.0
million in the same period of fiscal 1998.  Barge days worked  in
the  U.  S.  Gulf were 372 in the second quarter of  fiscal  1999
compared  to  642 in the same quarter last year.  Liftboat,  DSV,
and  OSV days worked in the U. S. Gulf declined to 1,474  in  the
second  quarter of fiscal 1999 from 2,070 in last  year's  second
quarter.   Diver days in the U. S. Gulf declined to 4,352  during
the  second  quarter of fiscal 1999 from 6,039  during  the  same
period  last  year.   In  addition to decreased  demand  for  the
Company's  offshore  construction services, four  named  tropical
systems  in  the Gulf of Mexico during September further  reduced
operating  activities during the quarter.  The reduced  operating
activities  caused  a  decline in revenues.   Lower  pricing  and
increased  competition  further contributed  to  the  decline  in
revenue.

<PAGE>

West Africa -- Revenues in West Africa increased to $15.3 million
during  the  second quarter of fiscal 1999 from $10.1 million  in
last  fiscal  year's  second quarter.  During  the  quarter,  the
Company  began  procurement  of job materials  and  subcontracted
fabrication  for  projects set to begin in the third  quarter  of
fiscal  1999.  Barge days worked in West Africa were 30  for  the
second  quarter  of  fiscal 1999 compared to 73  in  last  year's
second quarter.  The Company also recorded 206 diver days in West
Africa  during the second quarter of fiscal 1999 compared to  746
during the same period last year.

Mexico  --  Revenues  in Mexico increased significantly  to  $9.5
million during the second quarter of fiscal 1999 when compared to
$3.8  million in last fiscal year's second quarter.  The  Company
derived  substantially all of its revenue in  Mexico  from  barge
charters,  diving services, and other services  provided  to  its
unconsolidated  affiliate, CCC.  During  the  second  quarter  of
fiscal 1999, the Company had five barges working offshore Mexico.
Barge days worked offshore Mexico were 215 for the second quarter
of  fiscal  1999  compared to 176 in last year's second  quarter.
Diver  days  worked offshore Mexico during the second quarter  of
fiscal  1999  were  1,529 compared to 991 in last  year's  second
quarter.

Asia  Pacific  --  Revenues  in Asia Pacific  improved  to  $16.5
million  during the fiscal 1999 second quarter from $10.7 million
in  last fiscal year's second quarter.  The barge Seminole  began
work  in  Asia Pacific in September.  Additionally,  the  Company
benefited  in  the  second quarter of fiscal  1999  from  charter
revenue  on  the  barges DLB 332 and DLB 264, which  the  Company
purchased in April 1998.  The Company recorded 156 barge days  in
Asia  Pacific  during the second quarter of fiscal 1999  compared
with  none  in  last  fiscal year's second  quarter.   Also,  the
Company  had  increased  revenues during the  second  quarter  of
fiscal  1999 from its ROV services when compared with last fiscal
year's  second  quarter.   The increase in  revenues  during  the
second  quarter of fiscal 1999 from barge and ROV activities  was
partially  offset  by lower revenues from DSV,  OSV,  and  diving
activities when compared with last fiscal year's second  quarter.
DSV  and OSV days declined to 361 in the second quarter of fiscal
1999  compared  with  425 in last fiscal year's  second  quarter.
Diver  days  worked  during the second  quarter  of  fiscal  1999
declined to 1,302 from 2,824 during the second quarter of  fiscal
1998.

Middle  East  --  Revenues in the Middle East were  $6.3  million
during  the second quarter of fiscal 1999 as compared  with  $3.2
million  during the second quarter of fiscal 1998.   Middle  East
barge days, OSV days, and diver days during the second quarter of
fiscal  1999 were 24, 152, and 4,206, respectively.  Barge  days,
OSV days, and diver days during the second quarter of fiscal 1998
were 33, 143, and 1,231, respectively.

Depreciation  and  Amortization.  Effective April  1,  1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  that  it depreciates using a  units-of-production
method.  The Company increased total estimated operating days  to
better reflect the estimated periods during which the assets will
remain  in  service.  The change reduced depreciation expense  by
$0.7  million  in  the  second quarter of  fiscal  1999.   Higher
depreciation  expense  for  the second  quarter  of  fiscal  1999
compared  to  the  second  quarter of fiscal  1998  is  partially
attributable   to  the  depreciation  expense  on  the   upgraded
Hercules, the Seminole, and the addition of two barges,  the  DLB
332,  and  the  DLB  264, which the Company depreciates  using  a
units-of-production method.  The increase is  also  a  result  of
higher  dry-dock  cost  amortization  on  vessels  that  incurred
dry-dock  costs since the second quarter of fiscal  1998.   Lower
depreciation  on  certain  other  barges  depreciated   using   a
units-of-production method, and that had lower days  employed  in
the  second  quarter of fiscal 1999 than in the same  quarter  of
fiscal 1998, partially offset the depreciation increase.

Gross Profit.  Gross profit for the second quarter of fiscal 1999
of  $30.9  million  was 18% lower than the  $37.9  million  gross
profit  for  the  same quarter a year earlier.  The  lower  gross
profit  was  primarily  attributable to the  decreased  operating
activity  and  margins  in  the U. S. Gulf  and  decreased  barge
activity in West Africa.  Higher gross profit from operations  in
Mexico,  Asia Pacific, and the Middle East partially  offset  the
decrease.  Gross profit as a percentage of revenue was 25.6%  for
the  second quarter of fiscal 1999 as compared to 34.8%  for  the
same quarter a year earlier.

<PAGE>

Selling, General, and Administrative Expenses.  Selling, general,
and administrative expenses for the second quarter of fiscal 1999
were  $8.0 million, 25% higher than the $6.4 million expense  for
the same quarter a year earlier.  The increase is attributable to
the expansion of the Company's business.

Interest  Expense and Other Income (Expense).  Interest  expense,
net  of  $0.2  million  of capitalized interest  cost,  was  $2.8
million  in  the second quarter of fiscal 1999 compared  to  $0.4
million  in  the  same quarter a year earlier.  The  increase  is
attributable  to  higher debt levels in  the  second  quarter  of
fiscal  1999  than in the second quarter of fiscal  1998.   Other
income in the second quarter fiscal 1999 of $0.1 million was $0.5
million  lower  than  the other income reported  a  year  earlier
largely because the Company had lower cash balances available for
investment.

Net  Income.   Included in net income for the second  quarter  of
fiscal  1999 is a $1.3 million loss associated with the Company's
49% ownership interest in CCC.  The second quarter of fiscal 1998
loss  associated  with the CCC ownership was $0.5  million.   The
Company's  effective income tax rate declined from 38.0%  in  the
second  quarter of fiscal 1998 to 35.0% in the second quarter  of
fiscal  1999,  reflecting changes in taxable income in  differing
taxable jurisdictions.

First Six Months of Fiscal 1999 Compared to First Six Months of
Fiscal 1998

Revenues.   Revenues for the first six months of fiscal  1999  of
$212.7  million were 24% higher than the $171.9 million  recorded
in the first six months of fiscal 1998.  The increase in revenues
for   the   six-month  period  resulted  from   greater   revenue
contributions from the Company's international operations in West
Africa,  Mexico,  Asia  Pacific, and the Middle  East,  partially
offset by lower revenues in the U. S. Gulf.

United States   Gulf of Mexico -- Revenues  in  the  U.  S.  Gulf
declined 17% to $115.3 million in the first six months of  fiscal
1999  from  $138.8  million in the same period  of  fiscal  1998.
Barge  days  worked in the U.S. Gulf were 619 in  the  first  six
months  of  fiscal 1999 compared to 1,023 in the  same  six-month
period  last year.  Liftboat, DSV, and OSV days worked in the  U.
S.  Gulf declined to 2,954 in the first six months of fiscal 1999
from 3,633 in last year's first six months.  Diver days in the U.
S.  Gulf declined to 7,921 during the first six months of  fiscal
1999  from  10,644 during the same period last  year.   Decreased
demand,  increased competition, weather events, and  dry-dockings
contributed to the declines in activity and revenues.

West Africa -- Revenues in West Africa increased to $35.6 million
during the first six months of fiscal 1999 from $10.8 million  in
last  fiscal year's first six months.  Barge days worked in  West
Africa  were 117 for the first six months of fiscal 1999 compared
to 81 in last year's first six months.  The Company also recorded
1,178  diver days in West Africa during the first six  months  of
fiscal 1999 compared to 939 during the same period last year.

Mexico  --  Revenues in Mexico also increased  to  $20.9  million
during  the first six months of fiscal 1999 from $4.8 million  in
last  fiscal  year's  first  six  months.   The  Company  derived
substantially  all of its revenue in Mexico from barge  charters,
diving   services,   and   other   services   provided   to   its
unconsolidated affiliate, CCC.  During the first  six  months  of
fiscal  1999, the Company had five barges working offshore Mexico
with  as  many as four working concurrently.  Barge  days  worked
offshore Mexico were 446 for the first six months of fiscal  1999
compared  to  231  in last year's first six months.   Diver  days
worked offshore Mexico during the first six months of fiscal 1999
were 3,022 compared to 1,063 in last year's first six months.

Asia  Pacific  --  Revenues  in Asia Pacific  improved  to  $23.8
million  during  the first six months of fiscal 1999  from  $14.3
million  in  last  fiscal year's first six months.   The  Company
benefited  in the first six months of fiscal 1999 from  the  July
1997  Sub Sea Acquisition.  The Company also received revenue  on
the  DLB  332  and DLB 264, which the Company acquired  in  April
1998.   Also,  the barge Seminole began work in Asia  Pacific  in
September.   The Company recorded 324 barge days in Asia  Pacific
during the first six months of fiscal 1999 compared with none  in
last  fiscal  year's first six months.  The Company recorded  910
DSV  and OSV days in the first six months of fiscal 1999 compared
to 425 in last fiscal year's first six months.  Diver days worked
during the first six months of fiscal 1999 declined to 3,190 from
6,735 worked during the first six months of fiscal 1998.

<PAGE>

Middle  East  -- Revenues in the Middle East were  $17.1  million
during  the  first  six months of fiscal 1999  compared  to  $3.2
million  during the first six months of fiscal 1998.  The Company
entered the Middle East market through the Sub Sea Acquisition in
July  1997.   Middle East barge days, OSV days,  and  diver  days
during  the  first six months of fiscal 1999 were  85,  443,  and
9,401, respectively.  Barge days, OSV days, and diver days during
the  first  six  months of fiscal 1998 were 33, 143,  and  1,231,
respectively.

Depreciation  and  Amortization.  Effective April  1,  1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  that  it depreciates using a  units-of-production
method.  The Company increased total estimated operating days  to
better reflect the estimated period during which the assets  will
remain  in  service.   The  change had  the  effect  of  reducing
depreciation expense by $1.7 million in the first six  months  of
fiscal  1999.   Higher depreciation expense  for  the  first  six
months  of fiscal 1999 compared to the first six months of fiscal
1998 is partially attributable to (i) depreciation expense on the
upgraded  Hercules, the Seminole, and the addition of two  barges
the DLB 332, and the DLB 264, which the Company depreciates using
a   units-of-production  method,  (ii)   higher   dry-dock   cost
amortization  on vessels that incurred dry-dock costs  since  the
second  quarter  of  fiscal 1998, and (iii)  other  increases  in
property and equipment through purchases and acquisitions.  Lower
depreciation  on  barges depreciated using a  units-of-production
method, and which had lower days employed in the first six months
of  fiscal 1999 than in the same six-month period of fiscal 1998,
partially offset the depreciation increase.

Gross  Profit.  Gross profit for the first six months  of  fiscal
1999  of $61.5 million was 5% higher than the $58.7 million gross
profit  for the same six-month period a year earlier.  The  gross
profit  increase  was  primarily attributable  to  the  increased
revenue  contributions of the international operations,  and  was
partially offset by lower gross profit from the operations in the
U.  S.  Gulf.  Gross profit as a percentage of revenues was 28.9%
for  the first six months of fiscal 1999 as compared to 34.1% for
the  same  six-month period a year earlier.  For  the  first  six
months  of  fiscal 1999, gross profit as a percentage of  revenue
for  operations in the U. S. Gulf was lower when compared to  the
first six months of fiscal 1998.  Gross profit as a percentage of
revenue in the Company's international operations improved in the
first six months of fiscal 1999.

Selling, General, and Administrative Expenses.  Selling, general,
and  administrative expenses for the first six months  of  fiscal
1999  were  $13.4  million, 25% higher  than  the  $10.7  million
expense  for  the  same six-month period  a  year  earlier.   The
increase  is  primarily  attributable to  the  expansion  of  the
Company's business.

Interest  Expense and Other Income (Expense).  Interest  expense,
net  of  $1.8  million  of capitalized interest  cost,  was  $4.0
million  in the first six months of fiscal 1999 compared to  $0.5
million  in  the  same  six-month period  a  year  earlier.   The
increase  is attributable to higher debt levels in the first  six
months  of  fiscal  1999 than in the first six months  of  fiscal
1998.   Other income in the first six months fiscal 1999 of  $0.6
million  was  $1.5 lower than the other income  reported  a  year
earlier  largely  because  the Company had  lower  cash  balances
available for investment.

Net  Income.  Included in net income for the first six months  of
fiscal  1999 is a $2.9 million loss associated with the Company's
49%  ownership interest in CCC.  The first six months  of  fiscal
1998  loss  associated with the CCC ownership was  $2.1  million.
The  Company's effective income tax rate declined from  38.0%  in
the  first  six months of fiscal 1998 to 35.0% in the  first  six
months  of  fiscal 1999, reflecting changes in taxable income  in
differing taxable jurisdictions.

<PAGE>

Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $37.0  million
during   the  first  six  months  of  fiscal  1999.   Cash   from
operations,  together with available cash and funds  provided  by
financing  activities, funded net investing activities of  $101.1
million.   Net  investing  activities  consisted  principally  of
capital  expenditures, dry-docking costs, and net  reimbursements
of escrowed funds and advances to CCC.  Working capital increased
$8.8  million  during the first six months of  fiscal  1999  from
$77.5  million at March 31, 1998, to $86.3 million  at  September
30, 1998.

Capital  expenditures during the first six months of fiscal  1999
aggregated $112.4 million.  These expenditures included  a  $42.5
million  final payment to acquire the DLB 332 and DLB 264,  $28.8
million  for  continued conversion and upgrade of  the  Hercules,
$8.5   million   for  continued  construction  of  the   Carlyss,
Louisiana,  deepwater  support facility and  pipebase,  and  $7.1
million  for the construction of a shorebase facility  in  Batam,
Indonesia.   The  Company estimates that  the  cost  to  complete
capital  expenditure projects in progress at September 30,  1998,
approximates $28 million.

Long-term  debt  outstanding at September  30,  1998,  (including
current maturities), consists primarily of $39.1 million of Title
XI  bonds,  a  $28.0 million obligation to service  Lake  Charles
Harbor  and  Terminal  District bonds, and $153.0  million  drawn
against the Company's revolving line of credit.

The  Company's outstanding Title XI bonds mature in  2003,  2005,
2020  and 2022, carry interest rates of 9.15%, 8.75%, 8.30%,  and
7.25%  per annum, respectively, and require aggregate semi-annual
payments of $0.9 million, plus interest.  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.

The  Company  maintains a revolving line of credit under  a  loan
agreement  ("Restated  Credit Agreement")  with  a  syndicate  of
commercial banks.  Effective September 16, 1998, an amendment  to
the  Restated Credit Agreement increased the line of credit  from
$200.0  million to $250.0 million.  The revolving credit facility
reduces  to $150.0 million on July 1, 2000, and to $100.0 million
on  July 1, 2001.  Borrowings under the facility bear interest at
fluctuating  rates,  are  payable on  June  30,  2002,  and  have
subsidiary guarantees and stock pledges as security.  The  amount
of  available  credit  decreases by  (i)  borrowings  outstanding
($153.0  million at September 30, 1998), (ii) outstanding letters
of  credit  issued  under  the Restated Credit  Agreement  ($31.2
million  at  September  30, 1998) and (iii)  amounts  outstanding
under  a  separate credit agreement between the  banks  and  CCC,
limited to a maximum of $35.0 million ($23.9 million at September
30, 1998). For continuing access to the revolving line of credit,
the  Company must remain in compliance with the covenants of  the
Restated  Credit Agreement, including covenants relating  to  the
maintenance  of  certain  financial  ratios.   The   Company   is
currently  in  compliance with these covenants.  At  October  31,
1998,  $49.6  million  was available under  the  Restated  Credit
Agreement.

The  Company  has guaranteed certain indebtedness and commitments
of  CCC approximating $23.9 million at September  30, 1998.   The
Company  has  also  given  performance  and  currency  guarantees
totaling  $30.8 million at September 30, 1998, to banks  for  CCC
debt  related  to  project financings.  Under the  terms  of  the
performance  and currency guarantees, the banks may  enforce  the
guarantees  (i) if the customer does not pay CCC because  neither
CCC  nor  the guarantors performed the contracts that define  the
projects  or  (ii)  if, after converting contract  payments  from
Mexican  Pesos to United States Dollars, funds from  the  project
are insufficient to pay the sums due.  In April 1998, the Company
gave  a  contingent guarantee to a financial institution  whereby
the  guarantee becomes effective if certain vessel  contracts  of
CCC  are canceled or not renewed.  The contingent guaranty amount
at September 30, 1998 was $16.0 million.

<PAGE>

Although  Global  had  reached agreement in  principal  with  its
partner  to  restructure its joint venture  in  Mexico,  CCC,  by
selling or spinning-off to its partner CCC's onshore construction
and  fabrication  business  and assets,  implementation  of  this
agreement  on terms acceptable to Global has been more  difficult
than   expected.    The  Company  is  currently  evaluating   its
participation in CCC and alternative ways to restructure CCC  but
can  give no assurance concerning the form or the timing  of  any
transaction.

During  August  1998,  the  Board  of  Directors  authorized  the
expenditure  of  up to $30.0 million to purchase  shares  of  the
Company's   outstanding   common  stock.    Subject   to   market
conditions, the Company may effect purchases from time  to  time.
The  Board  of Directors placed no limit on the duration  of  the
program.  As  of  September 30, 1998, the Company  had  purchased
874,500  shares since the authorization at a total cost of  $11.2
million.   In  October 1998, the Company purchased an  additional
55,000 shares at a total cost of $0.4 million.

The  Company expects funds available under the Company's Restated
Credit  Agreement, combined with available cash,  cash  generated
from operations, and other potential debt arrangements to provide
sufficient  funds  for the Company's operations,  scheduled  debt
retirement,  planned  capital expenditures, and  working  capital
needs for the foreseeable future.

Recent Accounting Pronouncements

In  June  1997, the Financial Accounting Standards Board ("FASB")
issued  Statement  of  Financial Accounting  Standards  No.  131,
"Disclosures  about  Segments  of  an  Enterprise   and   Related
Information"  ("SFAS 131"), which is effective  for  the  Company
beginning  April  1,  1998.   SFAS 131  redefines  how  operating
segments  are  determined  and  requires  disclosure  of  certain
financial and descriptive information about a Company's operating
segments.   Management believes that implementation of  SFAS  131
will  not  have  a  material impact on the  presentation  of  the
Company's   financial  statements  but  may  require   additional
disclosure.

    In  February  1998,  the FASB issued Statement  of  Financial
Accounting  Standards  No.  132,  "Employers'  Disclosures  about
Pensions  and Other Postretirement Benefits" ("SFAS 132").   SFAS
132  revises  the standards for disclosure of pension  and  other
postretirement  benefit  plans  by standardizing  the  disclosure
requirements, requiring additional information on changes in  the
benefit   obligations  and  fair  values  of  plan  assets,   and
eliminating certain disclosure requirements no longer  considered
to  be useful.  These new disclosure requirements are designed to
improve   the   understandability  of  benefit  disclosures   for
financial  analysis.   The  Company is  required  to  adopt  this
standard   for  fiscal  1999.   Management  believes   that   the
implementation of SFAS 132 will not have a material impact on the
Company's financial statements and disclosures.

Year 2000

The   Company   makes   use  of  computers  in   its   gathering,
manipulating,   calculating,   and   reporting   of   accounting,
financial, administrative, and management information.   It  also
relies  on  computers to undertake certain operational procedures
and   to   more  efficiently  produce  documents  and   financial
instruments.   Additionally,  the Company  uses  computers  as  a
communication  tool  for  its  employees  to  communicate   among
themselves  and  with  other  persons outside  the  organization.
Finally, certain of the Company's equipment makes use of embedded
computer technology.  The complete failure of these or certain of
the   Company's  suppliers'  computer  systems   could   have   a
significant  negative impact on the business  operations  of  the
Company.

<PAGE>

The Company has prepared a Year 2000 project plan to identify and
assess  its  risks associated with Year 2000 issues.   Under  the
plan,  the Company has begun assessing its major information  and
computing  systems and is updating or replacing,  in  the  normal
course  of  business, any applications that  are  not  Year  2000
compliant.   The  scope of this work includes  an  assessment  of
systems  using  embedded  technology,  including  its  fleet   of
offshore  vessels.  The Company has contracted firms specializing
in  the  assessment and remediation of embedded technology.   The
Company  plans  to  complete identification of  mission  critical
systems that require modification or replacement by mid-1999.

The  Company has also contacted its key vendors and customers  to
assess  their  progress with their own Year 2000  issues  and  to
anticipate  potential risks associated with its key  vendors  and
customers.   The Company does not currently foresee any  material
affects  to  its  business, operations,  or  financial  condition
resulting from any suppliers' and customers' deficiency.

Despite  efforts  to  address all material Year  2000  issues  in
advance, the Company could potentially experience disruptions  to
some aspects of  its activities or operations.  Thus, the Company
intends to develop business contingency plans for mitigating  the
effect of potential disruptions.

Total  amounts spent to date on Year 2000 efforts are  less  than
$100,000.   Additional efforts to carry out  the  plan  are  also
expected to cost less than $100,000.  The Company cannot  make  a
reliable  estimate  of  the cost to fix non-Year  2000  compliant
systems at this time.  However, considering assessments to  date,
the Company believes that its estimated costs related to the year
2000  issue  will  not  be  material to the  Company's  business,
operations, or financial condition.

In  the  normal course of business, the Company is in the initial
phase of replacing its accounting and procurement systems and has
established  a  target date of mid-1999 for its installations  at
all  locations.   While  the  Company's  growth  is  driving  the
Company's  efforts  to  replace its  accounting  and  procurement
systems,  the Company does expect the implementation of  the  new
accounting and procurement system to mitigate any potential  Year
2000 issues related to the existing systems.  The Company expects
the  corporate-wide accounting and procurement system replacement
to cost approximately $3 million.



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.

<PAGE>

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

The  1998 Annual Meeting of Shareholders of the Company was  held
on  August  5,  1998.   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 1999 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.

<TABLE>
<CAPTION>


  Name of Director                  Number of Votes Cast
                                               Broker    
                        For         Withhold   Non-Vote    Abstain
<S>                  <C>            <C>           <C>         <C>
William J. Dore      78,975,033     166,955       0           0
Michael J. McCann    78,955,141     186,847       0           0
James C. Day         78,975,429     166,559       0           0
Edward P.Djerejian   78,975,429     166,559       0           0
Myron J. Moreau      78,975,408     166,580       0           0
Michael J. Pollock   78,955,162     186,826       0           0

</TABLE>

At  the  1998  Annual  Meeting  of  Shareholders,  the  Company's
shareholders  voted  for approval of the  Company's  1998  Equity
Incentive  Plan.   The plan permits the granting  of  both  stock
option  awards  and restricted stock awards to officer  and  non-
officer employees.   The number of votes cast with respect to the
amendment is set forth below:

<TABLE>
<CAPTION>
                                  Number of Votes Cast
                                                               Broker
                     For       Against   Abstain   Withhold   Non-Vote
<S>              <C>          <C>        <C>           <C>       <C>
Approval of the                                           
 1998 Equity
 Incentive Plan   70,470,488  8,556,071  115,426       0         0
      
</TABLE>
                                                 

Item 5.  Other Information.

On  October 28, 1998, the Company's Board of Directors determined
to  change the Company's fiscal year-end to December 31  of  each
year  effective December 31, 1998.  The Company's Form  10-K  for
the  fiscal  period  ended  December 31,  1998,  will  cover  the
transition period.

Item 6.  Exhibits and Reports on Form 8-K

      (a) Exhibits:
          No.  10.1-  Fourth  Amendment  to  Restated  Credit
          Agreement dated September 16,1998 by and among  the  Registrant,  
          certain of its subsidiaries,  Bank  One, Louisiana, National 
          Association, and other lenders named therein.
          No.  15.1-  Letter  re: unaudited interim financial information.
          No. 27.1- Financial Data Schedules.
      (b) Reports on Form 8-K - None

<PAGE>

                             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/  PETER S. ATKINSON
                              
                           ________________________________________
                                      Peter S. Atkinson
                            Vice President, Chief Financial Officer
                          (Principal Financial and Accounting Officer)
                                
November  10, 1998


<PAGE>
                                                     EXHIBIT 15.1



November 9, 1998

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,  1998
and  1997,  as  indicated in our report dated October  29,  1998;
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, 1998, 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