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 March 31, 1999
                                
                                
                  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     No

                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of April 30, 1999 was 90,820,219.
                                
                                
                                
                                
                                
                                
                     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                      10

Item 3.   Quantitative and Qualitative Disclosures about Market
           Risk                                                    18

                             Part II
                                
Item 1.   Legal Proceedings                                        19

Item 6.   Exhibits and Reports on Form 8-K                         19

          Signature                                                20



                                
                                
                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 March 31, 1999 and for the  three-month
periods   ended  March  31,  1999  and  1998.   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 December 31,  1998,  and
the  related consolidated statements of operations, shareholders'
equity, cash flows, and comprehensive income for the nine  months
then  ended  (not  presented herein); and  in  our  report  dated
February  12, 1999, 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 December 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

May 5, 1999
New Orleans, Louisiana
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                      Quarter Ended  March 31,
                                      -------------------------
                                           1999         1998
                                      -----------   -----------
Revenues                               $  79,292     $  87,518
                                                            
Cost of Revenues                          69,538        63,775
                                      -----------   -----------
Gross Profit                               9,754        23,743
                                                            
Equity in Net Earnings (Loss) of                        
  Unconsolidated Affiliate                (2,000)         (800)
Selling, General and Administrative                     
  Expenses                                 5,730         5,585
                                      -----------   -----------
Operating Income                           2,024        17,358
                                      -----------   -----------
Other Income (Expense):                                     
 Interest Expense                         (2,989)         (786)
 Other                                     1,281           402
                                      -----------   -----------
                                          (1,708)         (384)
                                      -----------   -----------
Income Before Income Taxes                   316        16,974
                                                            
Provision for Income Taxes                   118         5,992
                                      -----------   -----------
Net Income                             $     198     $  10,982
                                      ===========   ===========
Weighted Average Common Shares                              
  Outstanding
 Basic                                 90,723,000    91,475,000
 Diluted                               92,037,000    94,042,000
                                                            
Net Income Per Share                                        
 Basic                                   $   0.00      $   0.12
 Diluted                                 $   0.00      $   0.12
                                
                                
                                
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)
                                        March 31,    December 31,
                                          1999           1998
                                      -----------   -------------
ASSETS                                               
Current Assets:                                    
 Cash                                  $  10,969        $ 25,368
 Escrowed funds                            1,499           2,447
 Receivables                             100,076         107,992
 Advances to and receivables from                    
  unconsolidated affiliate                14,886           8,190
 Prepaid expenses and other               10,375           9,874
                                      -----------   -------------
  Total current assets                   137,805         153,871
                                      -----------   -------------
Escrowed Funds                             7,695           9,143
                                      -----------   -------------
Property and Equipment, net              532,108         535,386
                                      -----------   -------------
Other Assets:                                        
 Deferred charges, net                    20,379          18,467
 Investment in and advances to                       
  unconsolidated affiliate                 8,655          10,655
 Other                                     3,378           3,349
                                      -----------   -------------
  Total other assets                      32,412          32,471
                                      -----------   -------------
    Total                               $710,020        $730,871
                                      ===========   =============
LIABILITIES AND SHAREHOLDERS' EQUITY                 
Current Liabilities:                                 
 Current maturities of long-term debt                 
  and short-term debt                   $  3,747        $  2,190
 Accounts payable                         38,582          53,005
 Employee-related liabilities              8,780           8,086
 Other accrued liabilities                 9,031          11,953
                                       ----------   -------------
  Total current liabilities               60,140          75,234
                                       ----------   -------------
Long-Term Debt                           202,747         208,607
                                       ----------   -------------
Deferred Income Taxes                     51,169          49,502
                                       ----------   -------------
Commitments and Contingencies
                                                    
Shareholders' Equity:                                
 Preferred stock                              --              --
 Common stock, 92,194,309 and                          
  92,110,929 shares issued,                          
  respectively                               921             921
 Additional paid-in capital              213,828         213,518
 Treasury stock at cost, 1,429,500                    
  shares                                 (15,012)        (15,012)
 Accumulated other comprehensive                      
  income                                 (10,227)         (8,155)
 Retained earnings                       206,454         206,256
                                       -----------   -------------
  Total shareholders' equity             395,964         397,528
                                       -----------   -------------
    Total                               $710,020        $730,871
                                       ===========   =============
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands)
                           (Unaudited)
                                          Quarter Ended March 31,
                                         ------------------------
                                             1999          1998
                                         ---------     ----------
Cash Flows From Operating Activities:                        
Net income                               $    198       $ 10,982
Adjustments to reconcile net income to                       
  net cash provided by (used in)
  operating activities:                  
   Depreciation and amortization            12,655         7,635
   Deferred income taxes                     1,700         6,872
   Equity in net (earnings) loss of                     
    unconsolidated affiliate                 2,000           800
   Other                                       868        (1,154)
   Changes in operating assets and                      
    liabilities:
     Receivables                             6,747         3,758
     Receivables from unconsolidated                    
      affiliate                               (696)           --
     Prepaid expenses and other               (548)         (320)
     Accounts payable and accrued                       
      liabilities                          (16,196)      (13,487)
                                          ---------     ---------
       Net cash provided by (used in)                     
        operating activities                 6,728        15,086
                                          ---------     ---------
Cash Flows From Investing Activities:                        
Additions to property and equipment         (9,203)      (27,936)
Escrowed funds                               2,396            19
Additions to deferred charges               (3,903)       (5,786)
Net (advances to) repayment of advances                 
 to unconsolidated affiliate                (6,000)          888
Other                                         (114)         (496)
                                          ---------     ---------
     Net cash (used in) investing                       
      activities                           (16,824)      (33,311)
                                          ---------     ---------
Cash Flows From Financing Activities:                        
Proceeds from sale of common stock             130           488
Net proceeds (repayment) of short-term                  
 debt                                        1,612            --
Net proceeds (repayment) of long-term                   
 debt                                       (5,915)        9,104
                                          ---------     ---------
     Net cash provided by (used in)                     
      financing activities                  (4,173)        9,592
                                          ---------     ---------
Effect of Exchange Rate Changes on Cash       (130)          211
                                                        
Cash:                                                   
Increase (Decrease)                        (14,399)       (8,422)
Beginning of period                         25,368        27,115
                                          ---------     ---------
End of period                             $ 10,969      $ 18,693
                                          =========     =========
         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 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
changed its fiscal year-end from March 31 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  March 31, 1999, are not necessarily indicative  of
the results that may be expected for the year ending December 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 Transition Report
on Form 10-K for the nine months ended December 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 Pronouncement -  In June 1998, the FASB issued
Statement  of Financial Accounting Standards No. 133  "Accounting
for  Derivative Instruments and Hedging Activities" ("SFAS 133").
SFAS  133  establishes  accounting and  reporting  standards  for
derivative instruments and hedging activities and requires, among
other  things, that an entity recognize all derivatives as either
assets  or  liabilities in the balance sheet  and  measure  those
instruments  at  fair  value.   The Company  has  considered  the
implications  of SFAS 133 and does not believe that the  adoption
of  this  new accounting standard will have a material effect  on
its consolidated financial statements.

3.  Change in Accounting Estimate - Effective April 1, 1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  that  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.  The change had the effect  of
reducing depreciation expense by $1.2 million and increasing  net
income  by $0.7 million ($0.01 for both diluted and basic  share)
for the three months ended March 31, 1999.

4. Financing Arrangements - During March 1999, the Company amended
the  terms  of its existing credit agreement with a syndicate  of
commercial banks to, among other things, remove a provision  that
reduced  the amount available by borrowings outstanding  under  a
separate credit agreement between the banks and CCC.

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 dilutive outstanding options to purchase common
stock and non-vested restricted stock awards.

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.  No limit was placed  on  the
duration  of  the  purchase program.  No  shares  were  purchased
during  the  quarter  ended  March 31,  1999.   The  Company  has
purchased  1,429,500 shares since the authorization  at  a  total
cost of $15.0 million.

The  Company  has guaranteed certain indebtedness and commitments
of  CCC approximating $20 million at March 31, 1999.  The Company
has  also given a contingent guarantee to a financial institution
whereby  the  guarantee  becomes  effective  if  certain   vessel
contracts  of  CCC  are  canceled or not renewed.  The  principal
amount  subject to the contingent guaranty at March 31, 1999  was
approximately $13 million. The Company has also given performance
and  currency guarantees to banks for CCC debt approximating  $14
million  at March 31, 1999 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  the  normal  course of its business activities,  the  Company
provides  letters  of  credit 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  March  31,  1999,  outstanding
letters of credit and bonds approximated $38.3 million.  Also  in
the  normal  course  of  its  business  activities,  the  Company
provides  guarantees  and performance,  bid,  and  payment  bonds
pursuant  to agreements or obtaining such agreements  to  perform
construction  services.  Some of these financial instruments  are
secured  by parent guarantees.  The aggregate of these guarantees
and bonds at March 31, 1999 was $5.1 million.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at March 31, 1999  approximates
$12 million.

7. Investment in and Advances to Unconsolidated Affiliate - In March
1999, Global and its partner restructured their joint venture  in
Mexico,  CCC.  Under the restructuring, its partner, through  the
assumption  of  CCC  debt,  contributed  additional  capital   of
approximately  $16.5  million  to  CCC.   Global,   through   the
forgiveness of advances and receivables due from CCC, contributed
additional capital of approximately $15.8 million to CCC.  During
the  quarter  ended March 31, 1999, Global gave  a  $6.0  million
interest bearing short-term advance to CCC.

8. Industry Segment Information - The Company operates primarily in
the  offshore  oil and gas construction industry.   However,  the
Company  has  used  a  combination of  factors  to  identify  its
reportable  segments  as  required  by  Statement  of   Financial
Accounting Standards No. 131, "Disclosures about Segments  of  an
Enterprise and Related Information" ("SFAS 131").  The overriding
determination of the Company's segments is based on how the chief
operating  decision-maker of the Company evaluates the  Company's
results  of operations.  The underlying factors include types  of
service  and  types  of  assets used to  perform  such  services,
operational   management,   physical   locations,    degree    of
integration,  and  underlying  economic  characteristics  of  the
various  types  of work the Company performs.   The  Company  has
identified  eight  segments of which six  meet  the  quantitative
thresholds   as  required  by  SFAS  131  for  disclosure.    The
reportable  segments  are Gulf of Mexico  Offshore  Construction,
Gulf of Mexico Diving, Gulf of Mexico Marine Support, West Africa
Construction,  Asia  Pacific  Construction,  and  Latin   America
Construction.   Operating  segments  that  did   not   meet   the
quantitative  thresholds  for disclosure  include  the  Company's
Middle  East  Construction and Gulf of Mexico ROV/other  offshore
construction services.

Gulf  of  Mexico  Offshore Construction  is  principally  related
services performed using the Company's construction barges in the
Gulf of Mexico, including pipelay and derrick services.  Gulf  of
Mexico  Diving  is all diving services including those  performed
using  dive  support  vessels.  Gulf  of  Mexico  Marine  Support
includes  services  performed using the Company's  SWATH  vessel,
Pioneer, liftboat services, crewboat services, and transportation
services.   West  Africa  Construction  is  principally   related
services  performed  using  construction  barges  offshore   West
Africa.   Asia  Pacific Construction includes a  broad  range  of
offshore  construction services, including pipelay  and  derrick,
diving,  offshore  support  vessels,  and  ROV  services.   Latin
America Construction is primarily services and equipment provided
to  CCC  and  the  49%  equity in CCC's  results.   Many  of  the
Company's  services are integrated, and thus, are  performed  for
other  of  the Company's segments, typically at rates charged  to
external customers.

The following tables present information about the profit or loss
of  each  of  the Company's reportable segments for the  quarters
ended  March 31, 1999 and 1998.  The information contains certain
allocations   of  corporate  expenses  that  the  Company   deems
reasonable  and  appropriate for the  evaluation  of  results  of
operations.

                     Gulf of Mexico                         
              -----------------------------
              Offshore              Marine    West    Asia      Latin
              Construction  Diving  Support   Africa  Pacific   America
              ------------  ------- -------  -------  -------  --------
                                (in thousands)
                         Quarter Ended March 31, 1999
Revenues from                                             
 external
 customers     $21,953     $   903   $ 3,883  $29,516  $20,290  $ 1,161
Intersegment     
 revenues          383       2,950     1,200       --       --       --
Income (loss)
 before income 
  tax              310      (1,587)   (1,103)   7,682      349   (2,569)
                         Quarter Ended March 31, 1998
Revenues from                                             
 external
 customers     $40,688     $ 5,353   $ 9,925  $15,935  $ 5,002  $ 2,725
Intersegment     
 revenues          116      10,645     2,579       --       --       --
Income (loss)                                             
 before income
 tax                47       5,597     4,153    6,174      581     (388)
                                                          
The  following table reconciles the reportable segments' revenues
and profit or loss presented above, to the Company's consolidated
totals.

                                   Quarter Ended March 31,
                                   ------------------------- 
                                       1999         1998
                                   -----------  ------------
                                         (in thousands)
Revenues                                    
    Total for reportable                    
     segments                       $ 82,239      $ 92,968
    Total for other segments           1,596         8,050
    Elimination of intersegment
     revenues                         (4,543)      (13,500)
                                   ------------   -----------
      Total consolidated                  
       revenues                      $ 79,292     $ 87,518
                                   ============   ===========
Income (loss) before income                 
 tax
    Total for reportable segments    $  3,082     $ 16,164
    Total for other segments           (3,130)         114
    Unallocated corporate income          364          696
                                   ------------   -----------
      Total consolidated                  
       income before tax             $    316     $ 16,974
                                   ===========   ============

9. Comprehensive Income - 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 (loss) which, in the case of  the
Company,  currently  includes only foreign  currency  translation
adjustments.

Following  is  a  summary of the Company's  comprehensive  income
(loss)  for  the three months ended March 31, 1999 and  1998  (in
thousands):

                                   Quarter Ended March 31,
                                   -----------------------
                                      1999         1998
                                   ----------  -----------
                                                
Net income                           $    198    $  10,982
Other comprehensive income (loss):
   Foreign  currency translation                
    adjustments                        (2,072)         150
                                   -----------  ----------
Comprehensive income (loss)            (1,874)      11,132
                                   ===========  ==========

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.  Factors that could  cause  actual
results  to  differ  from those expected  include,  but  are  not
limited  to, dependence on the oil and gas industry and  industry
conditions, general economic conditions including interest  rates
and  inflation,  competition,  the  ability  of  the  Company  to
continue  its  acquisition  strategy,  successfully  manage   its
growth, and obtain funds to finance its growth, operating  risks,
contract  bidding  risks,  the  use  of  estimates  for   revenue
recognition, risks of international operations, risks  of  vessel
construction  such  as  cost  overruns,  changes  in   government
regulations,   and   disputes   with  construction   contractors,
dependence  on  key  personnel and the  availability  of  skilled
workers during periods of strong demand, the impact of regulatory
and  environmental  laws, the ability to  obtain  insurance,  and
other  factors discussed below.  Operating risks include  hazards
such  as  vessel  capsizing, sinking, grounding,  colliding,  and
sustaining  damage in severe whether conditions.   These  hazards
can  also  cause personal injury, loss of life, severe damage  to
and   destruction  of  property  and  equipment,  pollution   and
environmental  damage,  and suspension of operations.  The  risks
inherent with international operations include political, social,
and  economic  instability, exchange rate fluctuations,  currency
restrictions,  nullification, modification, or renegotiations  of
contracts,  potential vessel seizure, nationalization of  assets,
import-export quotas, and other forms of public and  governmental
regulation.   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 March 31, 1999 and 1998, 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
Transition Report on Form 10-K for the nine months ended December
31, 1998.

As  a  result of the prolonged worldwide oil price weakness  that
began in mid-1997, the Company continued to experience an overall
decline  in the demand for its services and increased competition
for  available  projects in the quarter  ended  March  31,  1999,
particularly when compared to the quarter ended March  31,  1998,
as oil and gas companies reduced their capital expenditures.  The
increased  competition, which resulted from the lower  oil  price
conditions,  the  greater contribution from Asia  Pacific,  which
historically  has  had  lower  margins,  and  increased  interest
expense  as  a  result of the Company's higher debt  levels  have
resulted  in overall lower net income for the quarter.   Although
there  has  been recent improvement in oil and gas  pricing,  the
Company  does not expect significant improvement in its  industry
until after the current year.  See "Industry Outlook" below.

Results of Operations

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

                                     Quarter Ended March 31,
                                        1999         1998
                                     ----------  -----------
Revenues                               100.0%        100.0%
Cost of revenues                       (87.7)        (72.9)
                                     ----------  -----------
Gross profit                            12.3          27.1
Equity in net earnings (loss) of                     
 unconsolidated affiliate               (2.5)         (0.9)
Selling, general and administrative                  
 expenses                               (7.2)         (6.4)
                                     ----------  -----------
Operating income                         2.6          19.8
Interest expense                        (3.8)         (0.9)
Other income (expense), net              1.6           0.5
                                     ----------  -----------
Income before income taxes               0.4          19.4
Provision for income taxes              (0.2)         (6.9)
                                     ----------  -----------
Net income                               0.2          12.5
                                     ==========  ===========
Quarter Ended March 31, 1999 Compared to Quarter Ended March  31,
1998

Revenues.    Revenues for the quarter ended  March  31,  1999  of
$79.3  million were 9% lower than revenues for the quarter  ended
March  31,  1998  of  $87.5 million.  The  decrease  in  revenues
resulted  largely  from  decreased  activity  in  certain   areas
including  Gulf  of Mexico and Latin America, and  was  partially
offset  by  increased West Africa and Asia Pacific  activity  and
revenues.  The decrease is also attributable to lower pricing for
the  Company's  services  resulting  from  declining  demand  and
increased competition for available projects.

Gross  Profit.  For the quarter ended March 31, 1999, the Company
had  gross profit of $9.8 million compared with $23.7 million for
the  quarter ended March 31, 1998.  The 59% decrease was  largely
the  result of decreased activity in certain areas including Gulf
of  Mexico  and  Latin  America,  and  was  partially  offset  by
increased  West Africa and Asia Pacific activity.  Lower  pricing
for  the  Company's services further contributed to the decrease.
As  a  percentage of revenues, gross profit for the quarter ended
March  31,  1999 was 12% compared to the gross profit  percentage
earned  for the quarter ended March 31, 1998 of 27%. Gross profit
as  a  percent of revenues was lower in all areas as a result  of
pricing  pressures  and an increase in the  percentage  of  lower
margin international work.

Selling, General, and Administrative Expenses.   For the  quarter
ended  March  31,  1999,  selling,  general,  and  administrative
expenses  of  $5.7  million were slightly higher  than  the  $5.6
million reported during the quarter ended March 31, 1998.   As  a
percentage of revenues, they increased to 7.2% during the quarter
ended  March 31, 1999, compared to 6.4% during the quarter  ended
March  31,  1998  principally  as a  result  of  the  decline  in
revenues.

Depreciation  and  Amortization.  Depreciation and  amortization,
including amortization of drydocking costs, for the quarter ended
March  31,  1999 was $12.7 million compared to the  $7.6  million
recorded  in the quarter ended March 31, 1998.  The 66%  increase
was  principally attributable to the employment of barges  during
the  quarter  ended March 31, 1999 that were not employed  during
the quarter ended March 31, 1998, including the upgraded Hercules
in  the  Gulf  of  Mexico and the Seminole and DLB  264  in  Asia
Pacific.  Each  of those barges are depreciated  on  a  units-of-
production  basis.   Higher amounts of drydock amortization  also
contributed  to the increase.  Lower employment of other  vessels
that   are  also  depreciated  on  a  units-of-production   basis
partially offset the increase.

Effective April 1, 1998, the Company changed its estimate of  the
useful lives of certain marine barges that 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 quarter ended March 31, 1999, the change had the  effect
of  reducing depreciation expense by $1.0 million and  increasing
net  income  by  $0.6 million ($0.01 for both basic  and  diluted
share).

Interest  Expense.    Interest expense was $3.0  million  net  of
capitalized  interest  for  the quarter  ended  March  31,  1999,
compared  to  $0.8 million for the quarter ended March  31,  1998
principally due to higher average long-term debt outstanding.

Net  Income.    Net income for the quarter ended March  31,  1999
declined  98%  to  $0.2  million as  compared  to  $11.0  million
recorded for the quarter ended March 31, 1998.  Included  in  net
income  for  the quarter ended March 31, 1999 is a  $2.0  million
loss associated with the Company's 49% ownership interest in CCC.
The  loss associated with the CCC ownership for the quarter ended
March  31,  1998  was  $0.8  million. The increase in CCC's loss 
was attributable to unabsorbed operating expenses and adjustments to
prior period provisions. The  Company's effective tax rate for the
quarter ended March 31, 1999 was  37%, compared to 35% for the
quarter ended March 31, 1998.

Segment  Information.  The Company has identified six  reportable
segments  as  required by SFAS 131.  The following discusses  the
results of operations for each of those reportable segments.

Gulf  of Mexico Offshore Construction - Overall decreased  demand
for  offshore  construction services in the Gulf  of  Mexico  and
resulting pricing decreases caused this segment's gross  revenues
to   decline  45%  to  $22.3  million  (including  $0.4   million
intersegment  revenues)  for the quarter  ended  March  31,  1999
compared  to  $40.8 million (including $0.1 million  intersegment
revenues)  for  the  quarter ended March 31, 1998.   Despite  the
lower  revenues, income before income taxes improved slightly  to
$0.3 million during the quarter ended March 31, 1999 compared  to
less than $0.1 million for the quarter ended March 31, 1998.  The
Hercules,  which worked during the quarter ended March  31,  1999
and  was out of service during the quarter ended March 31,  1998,
helped  partially offset the decline in revenues and  contributed
to profits.

Gulf  of Mexico Diving - Revenues and income before income  taxes
from  diving-related services in the Gulf of Mexico declined  due
to decreased demand from outside customers and the Company's Gulf
of  Mexico Offshore Construction Segment.  Gross revenues for the
quarter  ended  March  31,  1999 declined  76%  to  $3.9  million
(including $3.0 million intersegment revenues) compared to  $16.0
million  (including $10.6 million intersegment revenues) for  the
same  period  ended March 31, 1998.  The overall  lower  activity
levels  and  resulting lower prices caused income  before  income
taxes  to  decline from $5.6 million for the quarter ended  March
31,  1998,  to  a loss of $1.6 million during the  quarter  ended
March 31, 1999.

Gulf  of  Mexico Marine Support - Decreased demand and  resulting
pricing decreases also affected the Gulf of Mexico Marine Support
services.   Gross  revenues from Gulf of  Mexico  Marine  Support
services  declined  59% to $5.1 million (including  $1.2  million
intersegment  revenues) for the quarter  ended  March  31,  1999,
compared  to  $12.5 million (including $2.6 million  intersegment
revenues)  for  the  same period ended March  31,  1998.   Income
before  income  taxes  also declined from $4.2  million  for  the
quarter ended March 31, 1999 to a loss of $1.1 million during the
quarter ended March 31, 1999.

West  Africa  Construction - The West Africa Construction  market
continued  its  recovery  from a down cycle  in  1997.   For  the
quarter  ended  March 31, 1999, gross revenues increased  85%  to
$29.5  million  compared to $15.9 million for the  quarter  ended
March  31,  1998.  Income before income taxes increased  to  $7.7
million during the quarter ended March 31, 1999 compared to  $6.2
million for the quarter ended March 31, 1998.

Asia  Pacific  Construction - Asia Pacific  Construction  results
benefited  from  the  acquisition and placement  of  construction
barges  in  that region.  For the quarter ended March  31,  1999,
gross  revenues increased 306% to $20.3 million compared to  $5.0
million  for  the  quarter ended March 31, 1998. However,  income
before  income taxes declined to $0.3 million during the  quarter
ended  March  31, 1999 compared to $0.6 million for  the  quarter
ended March 31, 1998.  The decline in profits was attributable to
lower  pricing  for offshore construction services and  decreased
demand for other offshore diving and support services.

Latin  America  Construction - For the quarter  ended  March  31,
1999,  revenue  from  services  and  equipment  provided  to  CCC
decreased  57% to $1.2 million compared to $2.7 million  for  the
quarter  ended March 31, 1998.  The decrease was attributable  to
CCC's  decline  in offshore construction activity. Income  before
income taxes and equity in CCC losses decreased from $0.4 million
during  the  quarter ended March 31, 1998 to a $0.6 million  loss
during  the  quarter ended March 31, 1999.  Equity in CCC  losses
were  $2.0 million for the quarter ended March 31, 1999 and  $0.8
for the quarter ended March 31, 1998.  The increase in CCC's loss
was attributable to unabsorbed operating expenses and adjustments
to prior period provisions.

Liquidity and Capital Resources

The  Company's operations generated net cash flow of $6.7 million
during the quarter ended March 31, 1999. During the quarter,  the
Company  used  available cash to reduce its debt by $4.3  million
and  fund  investing  activities  of  $16.8  million.   Investing
activities  consisted  principally of (i)  capital  expenditures,
(ii)  dry-docking costs, (iii) the release from  escrow  of  Lake
Charles  Harbor  and  Terminal District Port Improvement  Revenue
Bonds  proceeds,  and  (iv) advances  to  CCC.   Working  capital
decreased  $0.9 million during the quarter ended March  31,  1999
from $78.6 million at December 31, 1998 to $77.7 million at March
31, 1999.

Capital  expenditures  during the quarter ended  March  31,  1999
aggregated  $9.2  million, including $1.9 million  for  continued
conversion  and  upgrade  of  the  Hercules,  $2.7  million   for
continued  construction  of  the  Carlyss,  Louisiana,  deepwater
support   facility  and  pipebase,  and  $3.7  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 March  31,  1999,  will  be
approximately $12 million all of which is expected to be incurred
during  the next twelve months.  The scheduled completion of  the
addition of reel pipelay capability to the Hercules is during the
first  quarter  of  the  year  ending  December  31,  2000.   The
estimated  remaining costs to complete the Hercules upgrades  are
approximately $3 million.

The  Company  is  constructing a deepwater support  facility  and
pipebase  near Carlyss, Louisiana. The Company plans  to  replace
its  existing facilities in Houma and Amelia, Louisiana with  the
Carlyss  Facility.  Estimated completion is in the third  quarter
of  the  year  ending  December 31,  1999  at  a  total  cost  of
approximately $37 million, including approximately $32.1  million
incurred through March 31, 1999.  Tax exempt revenue bonds issued
by  the  Lake  Charles  Harbor  and  Terminal  District  financed
approximately  $28 million of the construction.  The  bonds  bear
interest  at a variable rate, which was 3.1% at March  31,  1999,
and mature on November 1, 2027.

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 in the fourth quarter  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 accounting and
procurement  systems.   The  Company expects  the  corporate-wide
accounting   and   procurement   system   replacement   to   cost
approximately $3 million.

In 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.  The Board of Directors placed no limit
on  the duration of the program.  No shares were purchased during
the quarter ended March 31, 1999.

Long-term debt outstanding at March 31, 1999, (including  current
maturities), includes $38.6 million of Title XI bonds, the  $28.0
million  of Lake Charles Harbor and Terminal District bonds,  and
$139.1  million  drawn against the Company's  revolving  line  of
credit.

The  Company's  Title XI bonds mature in 2003,  2005,  2020,  and
2022.  The bonds carry interest rates of 9.15%, 8.75%, 8.30%  and
7.25%  per annum, respectively, and require aggregate semi-annual
payments of $0.9 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.  If not met, additional  covenants
result  that  restrict  the operations of  the  Company  and  its
ability to pay cash dividends.  At March 31, 1999 the Company was
in compliance with these covenants.

The  Company maintains a $250.0 million revolving line of  credit
under  a  loan  agreement ("Restated Credit  Agreement")  with  a
syndicate  of  commercial banks.  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  collateral.   The
amount  of  available credit decreases by borrowings  outstanding
($139.1  million at March 31, 1999), and outstanding  letters  of
credit  issued under the Restated Credit Agreement ($39.3 million
at  March  31, 1999).  Effective March 30, 1999, an amendment  to
the  Restated  Credit Agreement, among other  things,  removed  a
provision   that  reduced  the  amount  available  by  borrowings
outstanding under a separate credit agreement between  the  banks
and  CCC.  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.  At March 31,  1999  the
Company  was  in compliance with these covenants.   Additionally,
the  Restated Credit Agreement contains cross-default  provisions
that  specify that default by CCC under a separate loan agreement
constitutes   default   under  the  Company's   Restated   Credit
Agreement.

The  Company also has short-term credit facilities at its foreign
locations  that aggregate $2.8 million and are secured by  parent
company  guarantees.   Additionally,  in  the  normal  course  of
business,  the Company provides guarantees and performance,  bid,
and  payment bonds pursuant to agreements, or in connection  with
bidding  to  obtain  such  agreements,  to  perform  construction
services.   Some  of  these  guarantees  are  secured  by  parent
guarantees.  The aggregate of these guarantees and bonds at March
31, 1999 was $5.1 million.

The  Company  has guaranteed certain indebtedness and commitments
of  CCC approximating $20 million at March 31, 1999.  The Company
has  given  a  contingent  guarantee to a  financial  institution
whereby  the  guarantee  becomes  effective  if  certain   vessel
contracts  of  CCC  are  canceled or not renewed.  The  principal
amount  subject  to  the contingent guaranty at  March  31,  1999
approximated $13 million.  The Company has also given performance
and  currency  guarantees  to banks for  CCC  debt  totaling  $14
million at March 31, 1999, 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  March  1999, Global and its partner restructured their  joint
venture  in  Mexico, CCC.  Under the restructuring, its  partner,
through  the  assumption  of  CCC  debt,  contributed  additional
capital  of approximately $16.5 million to CCC.  Global,  through
the  forgiveness  of  advances  and  receivables  due  from  CCC,
contributed additional capital of approximately $15.8 million  to
CCC.   Among other provisions of the restructuring, CCC will also
dispose  of its industrial construction division.  CCC's  primary
business  is offshore marine construction and marine fabrication.
Global  has a 49% ownership interest in CCC and charters  vessels
and other equipment to CCC.

The  Company  expects funds available under the  Restated  Credit
Agreement, proceeds from the tax exempt revenue bonds  issued  by
the  Lake  Charles Harbor and Terminal District, available  cash,
and  cash generated from operations to be sufficient to fund  the
Company's  operations,  scheduled debt  retirement,  and  planned
capital expenditures for the next twelve months.

In  the  normal  course  of business, the  Company  is  currently
evaluating  its  debt structure and considering  alternatives  to
refinance  a  portion of its credit facility debt to  extend  the
payment terms beyond the current expiration.

Facilities Relocation

The  Company  is  constructing a deepwater support  facility  and
pipebase  near  Carlyss, Louisiana, to accommodate  deeper  draft
vessels   such  as  the  Hercules  and  the  Pioneer.   To   gain
anticipated  efficiencies,  the  Company  plans  to  replace  the
existing  facilities  in  Houma and Amelia,  Louisiana  with  the
Carlyss   Facility.   Certain  of  the  Company's  administrative
functions  will also relocate from its Lafayette,  Louisiana  and
Houston,  Texas  offices.  As a result  of  the  relocation,  the
Company expects to incur certain employment costs, equipment  and
material  relocation  costs,  and costs  to  close  the  replaced
facilities.

The  total  employment costs, equipment and  material  relocation
costs, and costs to close the replaced facilities expended during
the  quarter ended March 31, 1999 were $0.6 million of which $0.3
million had been provided for in the results of operations during
the nine months ended December 31, 1998.  The Company expects  to
expend  $3.5  million for facility relocation  costs  during  the
remainder  of  the year ending December 31, 1999  of  which  $0.4
million  were  also  provided for in the  results  of  operations
during the nine months ended December 31, 1998.

Industry Outlook

Recent  improvements in oil and gas prices have given the Company
cautious  optimism  regarding  the  economics  of  its  industry.
However,  most  oil  and gas companies based their  1999  capital
expenditure  budgets  on lower oil and  gas  prices.   Thus,  the
Company expects that any appreciable benefit from higher oil  and
gas  prices  is  unlikely to occur until  the  third  and  fourth
quarters  of  1999 with the most significant impact occurring  in
2000,  and  then,  only  if current commodity  pricing  holds  or
improves.  The Company expects revenues and margins for  1999  to
be  lower  than  in 1998.  The Company also expects  the  current
competitive  environment to continue for  the  remainder  of  the
year,  which  will cause the Company to continue  to  adjust  its
pricing  to bid competitively for available projects,  and  which
could  result  in  the Company's results of  operations  for  the
current  year  being materially lower than the results  for  last
year.

Ultimately, the Company feels that eventual economic recovery  of
developing nations, which will spur demand growth, and  depletion
of  petroleum  reserves currently in production  will  result  in
sustained favorable prices for petroleum resources.  However, the
Company cannot predict when such sustained recovery might occur.

The  Company projects that considering the industry expectations,
its  capital  expenditures in 1999 will be  smaller  than  recent
fiscal  periods.  However, the Company is committed to completing
the  conversion of the Hercules, the construction of the Carlyss,
Louisiana,  deepwater  support facility  and  pipebase,  and  the
construction of a shorebase facility in Batam, Indonesia.   Also,
as  the  Company  has  historically done,  it  will  continue  to
evaluate  the  merits of any opportunities  that  may  arise  for
acquisitions of equipment or businesses.

Recent Accounting Pronouncement

In  June  1998, the Financial Accounting Standards Board ("FASB")
issued  Statement  of  Financial Accounting  Standards  No.  133,
"Accounting for Derivative and Hedging Activities" ("SFAS  133").
SFAS  133  establishes  accounting and  reporting  standards  for
derivative instruments and hedging activities and requires, among
other  things, that an entity recognize all derivatives as either
assets or liabilities in the statement of financial position  and
measure  the  instruments at fair value.  The  Company  does  not
believe  that  the adoption of this new accounting standard  will
have  a material effect on its consolidated financial statements.
The  Company  will adopt this accounting standard, if applicable,
effective January 1, 2000, as required.

Year 2000

The  Year  2000 problem results from the use in computer hardware
and  software of two digits rather than four digits to define the
applicable year.  The use of two digits was a common practice for
decades  when  computer  storage and  processing  was  much  more
expensive  than today.  When computer systems must process  dates
both  before  and after January 1, 2000, two-digit year  "fields"
may  create  processing ambiguities that  can  cause  errors  and
system failures.  For example, computer programs that have  date-
sensitive  features may recognize a date represented by  "00"  as
the  year  1900, instead of 2000.  These errors or  failures  may
have limited effects, or the effects may be widespread, depending
on  the  computer chip, system or software, and its location  and
function.

The  effects of the Year 2000 problem are exacerbated because  of
the interdependence of computer and telecommunications systems in
the United States and throughout the world.  This interdependence
certainly  is  true  for  Global  and  Global's  suppliers,   and
customers,  as  well as for governments of countries  around  the
world where Global does business.

The   Company   makes   use  of  computers  in   its   gathering,
manipulating,   calculating,   and   reporting   of   accounting,
financial, administrative, and management information.   We  also
rely 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 (including the dynamic positioning systems on
certain  of the Company's vessels) makes use of embedded computer
technology.

Readiness  -  The Company has prepared a Year 2000  Project  Plan
(the "Y2K Plan") to identify and assess its risks associated with
Year 2000 issues and to take reasonable steps to prevent Global's
critical  functions  from being impaired.   Global  is  currently
implementing  its  Y2K  Plan, which will be  modified  as  events
require.  Under the plan, the Company continues to (i) assess its
critical information and computing systems and (ii) inventory its
systems  using  embedded  technology,  including  our  fleet   of
offshore vessels and related systems; assess the effects of  Year
2000  problems  on  the critical functions of  Global's  business
units;  remedy systems, software and embedded chips in an  effort
to  avoid material disruptions or other material adverse  effects
on critical functions, processes and systems; verify and test the
critical  systems to which remediation efforts have been applied;
and  attempt to mitigate those critical aspects of the Year  2000
problem that are not remediated by January 1, 2000, including the
development  of  contingency  plans  to  cope  with  the  mission
critical  consequences of Year 2000 problems that have  not  been
identified or remediated by that date.  Implementation of our Y2K
Plan  is  supervised  by a Vice President  and  the  Company  has
contracted   with  firms  specializing  in  the  assessment   and
remediation of embedded technology for additional assistance.  As
a  result  of the assessments, non-compliant embedded  technology
has  been found on certain of the Company's vessels.  The Company
plans  to complete the identification and remediation of  mission
critical systems that require modification or replacement by mid-
1999.

The  Y2K  Plan  recognizes that the computer, telecommunications,
and   other  systems  ("Outside  Systems")  of  outside  entities
("Outside  Entities")  have  the  potential  for  major,  mission
critical,  adverse  effects on the conduct of Global's  business.
Global does not have control of these Outside Entities or Outside
Systems.  In some cases, Outside Entities are foreign governments
or  businesses  located in foreign countries.  However,  Global's
Y2K   Plan  includes  an  ongoing  process  of  identifying   and
contacting Outside Entities whose systems, in Global's  judgment,
have  or may have a substantial effect on our ability to continue
to  conduct the mission critical aspects of our business  without
disruption  from Year 2000 problems.  The Company  has  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.  Global will work prudently
with  Outside  Entities  in a reasonable  attempt  to  inventory,
assess,  analyze,  convert (where necessary), test,  and  develop
contingency  plans  for  Global's connections  to  these  mission
critical  Outside Systems and to ascertain the  extent  to  which
they  are,  or can be made to be, Year 2000 ready and  compatible
with Global's mission critical systems.

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
is  developing  business  contingency plans  for  mitigating  the
effect of potential disruptions.

Costs  -  Total  amounts spent to date on  Year  2000  awareness,
inventory,   assessment,   analysis,   conversion,   testing   or
contingency   planning   efforts  were  approximately   $125,000.
Additional   costs   to  carry  out  the  Y2K   Plan,   including
implementation   of  Year  2000  contingency   plan,   based   on
assessments  to  date, are not expected to  be  material  to  the
Company's financial condition.  Although management believes that
its  estimates are reasonable, there can be no assurance that the
actual  costs  of  implementing the  Y2K  Plan  will  not  differ
materially  from the estimated costs or that Global will  not  be
materially adversely affected by Year 2000 issues.  Moreover, the
estimated  costs of implementing the Y2K Plan do  not  take  into
account the costs, if any, that might be incurred as a result  of
Year   2000-related   failures  that   occur   despite   Global's
implementation of the Y2K Plan.

Worst  Case  Scenario  - The Securities and  Exchange  Commission
requires  that  public  companies forecast  the  most  reasonably
likely  worst  case Year 2000 scenario.  In doing so,  Global  is
assuming  that  the  Company's Y2K Plan will  not  be  effective.
Analysis  of  the  most reasonably likely worst  case  Year  2000
scenarios Global may face leads to contemplation of the following
possibilities which, though unlikely in some or many cases,  must
be  included  in  any consideration of worst  cases:   widespread
failure  of  electrical, gas, and similar supplies  by  utilities
serving   Global  domestically  and  internationally;  widespread
disruption  of  the  services of communications  common  carriers
domestically and internationally; similar disruption to means and
modes   of   transportation  for  Global   and   its   employees,
contractors, suppliers, and customers; significant disruption  to
Global's ability to gain access to, and remain working in, office
buildings  and  other  facilities;  the  failure  of  substantial
numbers of Global's critical information (computer) hardware  and
software    systems;   and   the   failure,   domestically    and
internationally, of Outside Systems, the effects of  which  would
have  a  cumulative material adverse impact on Global's  critical
systems.   Among  other  things, Global  could  face  substantial
claims  by  customers  or loss of revenues due  to  inability  to
fulfill contractual obligations, inability to account for certain
revenues or obligations or to bill customers accurately and on  a
timely  basis, and increased expenses associated with litigation,
stabilization of operations following critical failures, and  the
execution of contingency plans.  Global could also experience  an
inability  by  customers to pay, on a timely  basis  or  at  all,
obligations  owed  to  Global.  Under  these  circumstances,  the
adverse   effect  on  Global,  and  the  diminution  of  Global's
revenues,  would be material, although not quantifiable  at  this
time.

Summary  - Global has a plan to deal with the Year 2000 challenge
and  believes  that it will be able to achieve  substantial  Year
2000  readiness with respect to the mission critical systems that
it  controls.   However, from a forward-looking perspective,  the
extent  and magnitude of the Year 2000 problem as it will  affect
Global,  both before and for some period after January  1,  2000,
are  difficult  to predict or quantify for a number  of  reasons.
Among these are: the difficulty of locating "embedded" chips that
may  be  in  a  great  variety of mission critical  systems;  the
difficulty of inventorying, assessing, remediating, verifying and
testing  Outside Systems; the difficulty in locating all  mission
critical software (computer code) internal to Global that is  not
Year 2000 compatible; and the unavailability of certain necessary
internal  or  external resources, including but  not  limited  to
trained  hardware and software engineers, technicians, and  other
personnel  to  perform  adequate  remediation,  verification  and
testing  of  mission critical Global systems or Outside  Systems.
Accordingly,  there  can be no assurance  that  all  of  Global's
Systems and all Outside Systems will be adequately remediated  so
that  they  are Year 2000 ready by January 1, 2000,  or  by  some
earlier  date,  so  as  not to create a  material  disruption  to
Global's  business.   If  despite  Global's  efforts,  there  are
mission   critical   Year  2000-related  failures   that   create
substantial  disruptions to our business, the adverse  impact  on
Global's  business  could be material.  Additionally,  Year  2000
costs   are   difficult   to  estimate  accurately   because   of
unanticipated vendor delays, technical difficulties,  the  impact
of tests of Outside Systems and similar events.

Item 3.   Quantitative and Qualitative Disclosures about Market
Risk

During  the  quarter ended March 31, 1999, the  Company  did  not
enter   into  any  transactions  involving  financial  derivative
instruments.   Quantitative  and  qualitative  disclosures  about
market  risk  are  in  Item  7A of  the  Company's  10K  for  the
transition period ended December 31, 1998.
                                
                                
                   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.

Item 6.   Exhibits and Reports on Form 8-K

     (a) Exhibits:
            15.1  -  Letter regarding unaudited interim financial
                     information.
            27.1  -  Financial Data Schedule.

     (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/ PETER S. ATKINSON
                              
                              ___________________________________
                                      Peter S. Atkinson
                              Vice President, Chief Financial Officer
                         (Principal Financial and Accounting Officer)
                                
May 14, 1999
                                                     EXHIBIT 15.1









May 12, 1999

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 March 31, 1999  and
1998,  as  indicated in our report dated May 5, 1999; 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 March
31,  1999, is incorporated by reference in Registration Statement
Nos. 33-58048, 33-89778, and 333-69949 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