**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D. C. 20549**

**FORM 10-Q**

**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THESECURITIES EXCHANGE ACT OF 1934**

**For the quarterly periodended June 30, 2005**

** Commission File Number:2-56600**

**Global Industries, Ltd.**

** **(Exact name ofregistrant as specified in its charter)

| **Louisiana**                                                   | **72-1212563**                       |
|-----------------------------------------------------------------|--------------------------------------|
| (State  or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|                                                                 |                                      |
|                                                            |                                 |
| **8000 Global Drive**                                           | ** **                           |
| **Carlyss****, Louisiana**                                      | **70665**                            |
| (Address  of principal executive offices)                       | (Zip Code)                           |

**(337) 583-5000**(Registrant'stelephone number, including area code)

**None**

(Former name, formeraddress and former fiscal year, if changed since last report)

Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.                   [ X] YES  [ ]  NO    

Indicate by check markwhether the registrant is an accelerated filer (as defined in Rule 12b-2 of theExchange Act).          [X ] YES  []  NO   

APPLICABLE ONLY TOCORPORATE ISSUERS:

            The number of shares of the Registrant's CommonStock outstanding, as of August 4, 2005 was 113,923,054.

**Global Industries, Ltd.Index - Form 10-Q**

** Part I - FinancialInformation**

| Item 1. | Financial  Statements - Unaudited                                           |
|---------|-----------------------------------------------------------------------------|
|         |     Report of Independent Registered Public  Accounting Firm | 3 |
|         |     Consolidated Condensed Statements of  Operations         | 4 |
|         |     Consolidated Condensed Balance Sheets                    | 5 |
|         |     Consolidated Condensed Statements of Cash  Flows         | 6 |
|         |     Notes to Consolidated Condensed Financial  Statements    | 7 |
|         |                                                                             |  |
|    |                                                                        |   |
| Item 2. | Management's  Discussion and Analysis of Financial Condition                |  |
|         |     and Results of Operations                                | 15 |
|         |                                                                             |  |
|    |                                                                        |   |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk                  | 27 |
|         |                                                                             |  |
|    |                                                                        |   |
| Item 4. | Controls and Procedures                                                     | 27 |
|         |                                                                             |  |
| Item 5. | Other Matters                                                               | 27 |
|         |                                                                             |  |
|         |                                                                             |  |

**Part  II - Other Information**

| Item 1. | Legal Proceedings                                   | 28     |
|---------|-----------------------------------------------------|--------|
|         |                                                     |        |
|    |                                                |   |
| Item 4. | Submission of Matters To a Vote of Security Holders | 29     |
|         |                                                     |        |
|    |                                                |   |
| Item 6. | Exhibits                                            | 29     |
|         |                                                     |        |
|    |                                                |   |
|         | Signature                                           | 30     |
|         |                                                     |        |
|         |                                                     |        |
|         |                                                     |        |

**PART I - FINANCIALINFORMATION**

**Item 1.           Financial Statements.**

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tothe Board of Directors and Stockholders of     Global Industries, Ltd.:

We have reviewed the accompanying consolidatedcondensed balance sheet of Global Industries, Ltd. and subsidiaries as of June30, 2005, and the related consolidated condensed statements of operations forthe three-month and six-month periods ended June 30, 2005 and 2004 and of cashflows for the six month-periods ended June 30, 2005 and 2004. These interimfinancial statements are the responsibility of the Company's management.

We conducted our review in accordance withstandards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applyinganalytical procedures and making inquiries of persons responsible for financialand accounting matters. It is substantially less in scope than an auditconducted in accordance with standards of the Public Company AccountingOversight Board (United States), the objective of which is the expression of anopinion regarding the financial statements taken as a whole. Accordingly, we donot express such an opinion.

Based on our review, we are not aware of anymaterial modifications that should be made to such consolidated condensed interimfinancial statements for them to be in conformity with accounting principlesgenerally accepted in the United States of America.

We have previously audited, in accordance withstandards of the Public Company Accounting Oversight Board (United States), theconsolidated balance sheet of Global Industries, Ltd. and subsidiaries as ofDecember 31, 2004, and the related consolidated statements of operations, shareholders'equity, and cash flows for the year then ended (not presented herein); and inour report dated March 14, 2005, we expressed an unqualified opinion on thoseconsolidated financial statements. In our opinion, the information set forth inthe accompanying consolidated condensed balance sheet as of December 31, 2004is fairly stated, in all material respects, in relation to the consolidatedbalance sheet from which it has been derived.

DELOITTE& TOUCHE LLP

August8, 2005  Houston, Texas

**GlobalIndustries, Ltd.********CONSOLIDATEDCONDENSED STATEMENTS OF OPERATIONS****(Inthousands, except per share data)(Unaudited)**

** **

|  |  |  |  |  |  | **Quarter Ended  June 30,** |  |  | **Six Months Ended    June 30,** |  
 
**2005**

** **

**2004**

** **

** **

**2005**

**2004**

 
 
**Results of Operations**

 
 
Revenues

$

209,359

$

82,335

$

346,615

$

161,727

 
Cost of Operations

171,825

81,442

284,784

157,744

 
Gross Profit

37,534

893

61,831

3,983

 
Net (gains) losses on asset disposal

(2,503)

60

(2,615)

53

 
Selling, general and administrative expenses

14,393

10,132

24,675

19,695

 
Operating income (loss)

25,644

(9,299)

39,771

(15,765)

 
Other Expense:

 
Interest Expense

2,480

3,095

4,864

6,608

 
Other

(817)

814

(1,546)

958

 
Income (loss) from continuing operations, before income taxes

23,981

(13,208)

36,453

(23,331)

 
Income taxes (benefit) 

11,628

(3,685)

16,604

(6,421)

 
Income (loss) from continuing operations, net of taxes

12,353

(9,523)

19,849

(16,910)

 
Income (loss) from discontinued  operations, net of taxes

--

(109)

--

(1,060)

 
Net income (loss)

$

12,353

$

(9,632)

$

19,849

$

(17,970)

 
 
**Basic Earnings Per Common Share:**

 
Earnings (loss) from continuing operations 

$

0.11

$

(0.09)

$

0.18

$

(0.16)

 
Earnings (loss) from discontinued operations 

   --

(0.00)

  --

(0.01)

 
Basic earnings (loss) per share 

$

0.11

$

(0.09)

$

0.18

$

(0.17)

 
 
**Diluted Earnings Per Common Share:**

 
Earnings (loss) from continuing operations 

$

0.11

$

(0.09)

$

0.17

$

(0.16)

 
Earnings (loss) from discontinued operations

   --

(0.00)

   --

(0.01)

 
Diluted earnings (loss) per share

$

0.11

$

(0.09)

$

0.17

$

(0.17)

 
 
**Weighted Average Common Share Outstanding:**

 
Basic 

112,512

110,996

112,557

106,338

 
Diluted 

115,346

110,996

114,911

106,338

** **See Notes to ConsolidatedCondensed Financial Statements.
 
**GlobalIndustries, Ltd.****CONSOLIDATEDCONDENSED BALANCE SHEETS****(Inthousands)(Unaudited)**

**June 30,**

** **

**December 31,**

**2005**

** **

**2004**
**ASSETS**
**Current****Assets:**

     Cash

    $    101,492

    $  143,161

     Receivables  - net of allowance of $10,325 for 2005 

         and $9,456  for 2004, respectively

177,281

123,096

     Unbilled work on uncompleted  contracts

82,260

7,980

     Prepaid expenses and other

29,264

23,068

             Total current assets

390,297

297,305
**Property and Equipment, net**
336,882

343,919

**Other Assets:**

     Deferred charges, net

22,448

21,860

     Goodwill, net

37,388

37,388

     Other

378

4,315

            Total  other assets

60,214

63,563

                **Total**

    $    787,393

    $   704,787
   **LIABILITIES AND SHAREHOLDERS' EQUITY**
**Current  Liabilities:**

     Current maturities of long-term debt

    $       3,960

    $      3,960

     Accounts payable

116,437

80,635

     Employee-related liabilities

13,324

7,890

     Income taxes payable

11,763

8,506

     Accrued interest

2,256

2,347

    Advance billings on uncompleted contracts

--

4,008

    Vinci  (Groupe GTM) litigation liability

34,324

34,068

     Other accrued liabilities

11,841

3,689

            Total  current liabilities

193,905

145,103
   **Long-Term Debt**
75,240

77,220
**Deferred Income Taxes**
43,156

30,846
**Other Liabilities**
839

890
   **Commitments and Contingencies**
--

--
**Shareholders' Equity:**
    Common stock  issued, 112,926 and 112,523 shares,

         respectively

1,129

1,125

    Additional paid-in capital

342,922

339,250

    Accumulated other comprehensive loss

(8,978)

(8,978)

    Retained earnings

139,180

119,331

            Total  shareholders' equity

474,253

450,728

                **Total**

    $    787,393

    $   704,787

See Notes to ConsolidatedCondensed Financial Statements.

** **

**GlobalIndustries, Ltd.**>CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)

**Six Months Ended June 30,**

**2005**

** **

**2004**

**Cash Flows  From Operating Activities:**

Income (loss) from continuing operations

 $     19,849

 $    (16,910)

Adjustments to  reconcile net income (loss) to net cash provided

    by operating  activities:

       Depreciation and amortization 

25,208

17,907

       Loss (gain) on sale, disposal of  property and equipment

(615)

53

       Provision for doubtful accounts

1,056

1,472

       Deferred income taxes

12,310

(9,475)

       Other

--

605

       Changes  in operating assets and liabilities 

           Receivables

(51,342)

(5,714)

          Unbilled work on uncompleted contracts

(74,280)

(16,498)

          Prepaid expenses and  other

(5,342)

(18,540)

          Accounts  payable, employee-related liabilities and

                other accrued liabilities

46,255

13,227

          Latin America tax  penalties and fees

2,500

--

       Net cash used in continuing operations

(24,401)

(33,873)

       Net cash provided by discontinued  operations 

--

3,124

                 Net cash used in operating activities 

(24,401)

(30,749)
**Cash Flows From Investing Activities:**
Proceeds from sale of assets

1,329

86

Additions to property and equipment

(11,012)

(2,396)

Additions to deferred charges

(7,950)

(16,661)

Net cash used in continuing operations

(17,633)

(18,971)

Net cash used in from discontinued operations

--

(3,498)

                 Net cash used in investing activities

(17,633)

(22,469)
               
**Cash Flows  From Financing Activities:**

Proceeds from long-term debt

--

112,000

Proceeds from sale of common stock, net

2,345

48,376

Repayment of long-term debt

(1,980)

(102,822)

                 Net cash provided by financing activities

365

57,554

**Cash:**  (Decrease) increase
(41,669)

4,336
  Beginning of period
143,161

15,628
  End of period
 $    101,492

 $     19,964

See Notes to ConsolidatedCondensed Financial Statements.
****
**Global Industries, Ltd.****Notes to ConsolidatedCondensed Financial Statements (Unaudited)**

1.    ***  Basis ofPresentation*** - The accompanying unaudited consolidated condensed financial statements include theaccounts of Global Industries, Ltd. and its subsidiaries (the "Company," "we," "us," or"our").

        In the opinion ofmanagement of the Company, all adjustments (such adjustments consisting only ofa normal recurring nature) necessary for a fair presentation of the operatingresults for the interim periods presented have been included in the unaudited consolidatedcondensed financial statements. Operating results for the period ended June 30,2005 are not necessarily indicative of the results that may be expected for theyear ending December 31, 2005. These financial statements should be read inconjunction with our audited consolidated financial statements and relatednotes thereto included in our Annual Report on Form 10-K for the year endedDecember 31, 2004.

        Certainreclassifications have been made to the prior period financial statements inorder to conform to the classifications adopted for reporting in 2005.*** ***

2.     ***Stock-BasedCompensation*** - In December 2004, the Financial Accounting StandardsBoard (FASB) revised Statement of Financial Accounting Standards (SFAS) No. 123,"*Accounting for Stock-Based Compensation*" ("SFAS No. 123R").  SFASNo. 123R is a revision of SFAS No. 123 and supersedes Accounting PrinciplesBoard (APB) No. 25. SFAS No. 123R requires a public entity to measure the costof employee services received in exchange for an award of equity instrumentsbased on the grant-date fair value of the award. That cost will be recognizedover the period in which an employee is required to provide service in exchangefor the award. SFAS No. 123R also requires a public entity to initially measurethe cost of employee services rendered in exchange for an award of liabilityinstruments at its current fair value. The fair value of that award is to beremeasured subsequently at each reporting date through the settlement date. Changesin the fair value during the required service period are to be recognized ascompensation cost over that period. We are currently in the process ofevaluating the impact of SFAS No. 123R on our consolidated financialstatements. We will adopt SFAS No. 123R on January 1, 2006. 

         The Company continues to apply APB Opinion No.25, *"Accounting for Stock Issued to Employees,"* and relatedinterpretations in accounting for its restricted stock awards and sharessubject to options as allowed under SFAS No. 123R, "*Share-Based Payment."*Additionally, under APB 25, our employee stock purchase plan is considerednoncompensatory, and accordingly, no compensation cost has been recognized inthe financial statements. Therefore, the Company has elected to make pro forma disclosuresversus recognizing the related compensation expense in the accompanyingconsolidated financial statements. Had the Company elected to apply theaccounting standards of SFAS No. 123R, the Company's net income and earningsper share would have approximated the pro forma amounts indicated below:  

**Quarter Ended**

**June 30,**

**Six Months Ended June 30,**

 
**2005**

**2004**

**2005**

**2004**

 
(In thousands, except per share data)

 
Income (loss)  from continuing operations, net of 

 
taxes

   $  12,353

   $ (9,523)

   $ 19,849

   $(16,910)

   Add: Recognized stock compensation expense     408     115     866     231 
Deduct: FAS 123 pro forma stock compensation expense

(738)

(1,203)

(1,520)

(2,407)

 
**Pro forma net income (loss)**

   $  12,023

  $(10,611)

  $  19,195

  $ (19,086)

 
 
**Earnings (loss) per common****share**: 

 
As  reported:

 
Basic

   $     0.11

  $    (0.09)

   $     0.18

  $     (0.16)

 
Diluted

0.11

(0.09)

0.18

(0.16)

 
Pro  forma:

 
Basic

0.11

(0.10)

0.17

(0.18)

 
Diluted

0.11

(0.10)

0.17

(0.18)

 
3.   ***Contracts in Progress and Revenue Recognition*** - Revenues from construction contracts, aregenerally recognized on the percentage-of-completion method, measured byrelating the actual cost of work performed to date to the current estimatedtotal cost (the cost-to-cost method) of the respective contract. Contract costsinclude all direct material and labor costs and those indirect costs related tocontract performance, such as indirect vessel costs (including depreciation andamortization), labor, supplies, and repairs. During the early stages of acontract, certain costs may be excluded from the cost-to-cost method ofmeasuring progress, such as significant costs for materials and major third-party subcontractors, if it appears that such exclusion would result in a moremeaningful measurement of actual contract progress and resulting periodicallocation of income. Provisions for estimated losses, if any, on uncompletedcontracts are made in the period in which such losses are determined. Selling,general and administrative costs are charged to expense as incurred. We alsoprovide services on a day-rate basis to many of our customers in both ourOffshore Construction Division and our Global Divers and Marine ContractorsDivision. Revenue for these services is recognized as the services are renderedand when collectability is reasonably assured.

4.   ***Receivables*** - Trade and other receivables are stated at netrealizable value and the allowances for uncollectible accounts were $10.3million and $9.5 million at June 30, 2005 and December 31, 2004, respectively.Certain receivables represent amounts that have not yet been billed to thecustomer pursuant to contractually specified milestone billing requirements. AtJune 30, 2005 and December 31, 2004, our receivables included unbilledreceivables of $37.0 million and $27.1 million, respectively. Weinclude claims and unapproved change orders in contract revenues to the extentof costs incurred when (1) the contract or other evidence provides a legal basisfor the claim, (2) additional costs are not the result of deficiencies in ourperformance, (3) costs are identifiable, and (4) evidence supporting the claimis objective and verifiable. The basis for our recorded unapproved changeorders and claims is formed after we engage in an extensive contract review, areview of the supporting evidence and generally, obtained a legal opinion fromeither internal or external legal counsel. Additionally, we believe that wehave objective, verifiable evidence to support these claims. That evidenceconsists of explicit contractual terms and/or written legal opinions. The claims and unapproved change orders, includedin receivables and unbilled receivables, amounted to $26.4 million at June 30,2005 and $21.1 million at December 31, 2004. Retainage at June 30,2005 was $3.9 million and is expected to be billed in 2005. Retainageat December 31, 2004 was $4.4 million.

*** ***

***Costs and EstimatedEarnings on Uncompleted Contracts:***

**June 30,**

**December 31,**

 
**2005**

**2004**

 
***(In thousands*****)**

 
Costs incurred on uncompleted contracts

   $   322,950

   $   172,333

      Estimated earnings     26,233     19,200 
349,183

191,533

 
Less: Billings to date

266,923

187,561

 
   $     82,260

   $       3,972

 
Included in  accompanying balance sheets under the 

 
    following  captions:

 
    Unbilled work on uncompleted contracts

   $     82,260

   $      7,980

 
    Advance billings on uncompleted contracts

--

(4,008)

 
Unbilled revenues

   $     82,260

   $      3,972

 
5.    ***Goodwill***- Goodwill represents the excess cost over the fair valueof net assets acquired. The carrying amount of goodwill as of June 30, 2005 andDecember 31, 2004 was approximately $37.4 million and is primarily attributableto our Latin America segment. We completed the required annual impairment test,in accordance with SFAS No. 142, "*Goodwill and Other Intangible Assets*," during the firstquarter of 2005 and determined that our goodwill was not impaired.

6.    ***Property andEquipment***-****Propertyand equipment are stated at cost. Expenditures for property and equipment anditems that substantially increase the useful lives of existing assets arecapitalized at cost and depreciated. Routine expenditures for repairs andmaintenance are expensed as incurred. Except for construction barges that aredepreciated on the units-of-production (UOP) method over estimated bargeoperating days, depreciation is provided utilizing the straight-line methodover the estimated useful lives of the assets. The UOP method is based onvessel utilization days and more closely correlates depreciation expense tovessel revenue. In addition, the UOP method provides for a minimum depreciationfloor in periods with nominal vessel use. If we applied only a straight-linedepreciation method, less depreciation expense would be recorded in periods ofhigh vessel utilization and revenues and more depreciation expense would berecorded in periods of low vessel utilization and revenues.

7.     ***Income Taxes***- Our effective tax rate forthe six months ended June 30, 2005 was 45.5%. This rate varies from our 35%U.S. Federal statutory rate due primarily to certain foreign jurisdictions thatare taxed on a deemed profits (percentage of revenue) basis, net operatinglosses in certain foreign jurisdictions where we did not record a tax benefitand certain permanent book to tax differences.

8.      ***FinancingArrangements*** - OnMarch 14, 2005, we amended and restated our revolving credit facility. Thisamendment was entered into to improve operating flexibility and to takeadvantage of favorable market conditions. The amendment (i) decreased thecredit facility to $75.0 million from $100.0 million, (ii) provided for anadditional $50.0 million credit capacity option, if needed, upon receipt ofadditional loan commitments by our existing and/or additional lenders, (iii)reduced the requirements of the minimum net worth covenant for all futureperiods, (iv) changed the maximum leverage ratio to include Title XI bonds, (v)added a minimum fixed charge coverable ratio, (vi) eliminated all the remainingfinancial covenants, (vii) reduced the interest rate spread applicable to theCompany's borrowings under the credit facility (the spreads now can range from0.75% to 1.75% and 1.75% to 2.75% for prime rate and LIBOR based borrowings,respectively, based upon certain of our financial ratios), (viii) reduced thenumber of participants in the syndication from seven to three, and (ix)extended the maturity of the credit facility to March 2008 from March 2007. Afee of $0.4 million was paid for this amendment.  

On June 7, 2005, the credit facility wasincreased to $85.0 million to provide additional credit capacity due toincreased bonding requirements. A fee of $0.1 million was paid for this change.

At June 30, 2005, we were in compliancewith the terms of our credit facility. As of August 2, 2005, we had noborrowings outstanding under the credit facility, $68.3 million of letters ofcredit outstanding and $16.7 million of credit availability under our revolvingcredit facility.  

Our Title XI bonds mature in 2025. Thebonds carry an interest rate of 7.71% per annum and require aggregatesemi-annual payments of $2.0 million, plus interest. The agreement pursuant towhich the Title XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements. If not met,additional covenants may result that would restrict our operations and our abilityto pay cash dividends.  At June 30, 2005, we were in compliance with thesecovenants.

We also have a $16.0 million short-termcredit facility at one of our foreign locations that is secured by a letter ofcredit.

9.    ***Commitments and Contingencies*** - We are a party to legalproceedings and potential claims arising in the ordinary course of business.Management does not believe these matters will materially affect ourconsolidated financial statements.

In November1999, we notified Groupe GTM (now Vinci) that as a result of material adversechanges and other breaches by Vinci, we were no longer bound by and wereterminating the Share Purchase Agreement to purchase the shares of ETPM S.A.Vinci responded stating that they believed we were in breach. The SharePurchase Agreement provided for liquidated damages of $25.0 million to be paidby a party that failed to consummate the transaction under certain circumstances.We notified Vinci that we do not believe that the liquidated damages provisionis applicable to our termination of the Share Purchase Agreement. On December23, 1999, we filed suit against Vinci in the Tribunal de Commerce de Paris to recover damages. On June 21, 2000, Vinci filed an answer and counterclaim againstus seeking the liquidated damages of $25.0 million and other damages, costs andexpenses of approximately $3.2 million based on then current exchange rates. InNovember 2003, the Tribunal de Commerce de Paris ruled in favor of Vinci in thematter and awarded Vinci $25.0 million plus approximately $8.5 million ininterest, exchange rate differential and legal fees. As a result, although wehave not yet paid the judgment, we recorded a $33.5 million (pre-tax) provisionin the fourth quarter of 2003. We appealed this verdict in the Cour d'appel deParis. On April 12, 2004 the Cour d'appel de Paris heard the case before threeappellate judges. A decision was rendered in May 2005 by the Cour d'appel deParis upholding the lower court decision. We are studying whether additionalappeals are appropriate. Vinci has filed an enforcement action in the UnitedStates District Court for the Eastern District of Louisiana (civil actionnumber 05-3251). The Company intends to defend this action by Vinci, however,the Company may be required to pay the judgment this year. Although theprovision for the judgment had a significant impact on our reported results for2003, we do not believe that the ultimate outcome of this matter will have amaterial adverse effect on our future results of operations or business. 

On March 19,2004, Marathon E.G. Production Limited filed an arbitration with the AmericanArbitration Association against our subsidiary, Global Offshore International,Ltd. seeking liquidated damages of approximately $12.0 million and adeclaration that the pricing and schedule adjustments claimed by our subsidiaryare disallowed. Our subsidiary has claimed standby and extra work and scheduleextensions, which would eliminate the liquidated damages claimed. Arbitrationhearings currently are scheduled for the third and fourth quarters of 2005. Wedo not believe that the ultimate outcome of this matter will have a materialadverse effect on our future results of operations or financial position.

On June 30, 2005, we werenotified by the Mexican appeals court of an unfavorable decision in a litigationrelated to an audit assessment of 1999 corporate income and value added taxestotaling $15.4 million. The assessment is related to the timing of contractrevenue recognition for Mexican tax purposes. The assessed amount includes taxesadjusted for inflationary costs of approximately $5.4 million and penalties andinterest of approximately $10.0 million. As a result of this decision, Globalmay file amended corporate returns for subsequent years that will result in decreasedtaxes for those years and offset the amount of tax assessed. Global has filedan appeal before the Mexico Supreme Court for the penalties and is currentlynegotiating the amount of the taxes and interest with the Mexican tax authorities. For the quarter ended June 30, 2005, areserve of $2.5 million dollars has been established and recorded in our Latin America segment and represents management's assessment of the most likely outcome ofthe dispute settlement.

The terms ofour contracts typically include liquidated damages provisions in the event thatcertain deadlines or conditions are not met. We currently have potentialexposures for such provisions in our Latin America segment. We believe that wehave substantial defenses related to these exposures and expect to mitigate ourexposures via specific contract extensions. While we have recorded contractreserves for the liquidated damages that we believe will ultimately result, theaggregate exposures are approximately $4.7 million in excess of the reserveamounts.

In the normalcourse of our business, we provide guarantees and performance, bid, and paymentbonds pursuant to agreements to perform construction services, or in connectionwith bidding to obtain such agreements. All of these guarantees are secured byparent company guarantees. The aggregate of these guarantees and bonds at June30, 2005 was $48.6 million in surety bonds and $68.4 million in bankguarantees/letters of credit. The surety bonds and bank guarantees/letters ofcredit expire between August  2005 and December 2005 and between August 2005and August 2008, respectively.

Weestimate that the cost to complete capital expenditure projects in progress at June30, 2005 approximates $7.0 million.

10. ***Industry Segment Information*** - We conduct our operationsthrough two divisions, Offshore Construction Division (OCD) and Global Divers andMarine Contractors (GDMC). OCD includes all pipelay and derrick lifts worldwideas well as diving and marine support services in our Asia Pacific region. GDMCincludes all remaining diving and marine support services worldwide.  

Weclassified our Liftboat Division, which was sold in October 2004 and historicallyincluded in our GDMC Gulf of Mexico segment, as discontinued operations. Thepresentation of segment disclosure information provided below has beenreclassified for this change. (See Note 11 of the Notes to Consolidated CondensedFinancial Statements for additional information.) The following tables presentinformation about the profit or loss of each of the Company's nine reportablesegments for the quarters and six months ended June 30, 2005 and 2004. Theinformation contains certain allocations of corporate expenses that we deemreasonable and appropriate for the evaluation of results of operations. 

** **

** **

** **

** **

** **

** **

**Quarter  Ended**

** **

**Six  Months Ended**

**June  30,**

**June  30,**

**2005**

**2004**

**2005**

**2004**

***(In thousands)***

**Total segment revenues:**

Offshore Construction Division:

Gulf of Mexico

$

22,671

$

13,271

$

45,990

$

26,154

West Africa

5,802

1,508

9,320

17,083

Latin America

96,706

31,702

162,461

60,065

Asia Pacific

48,548

23,913

58,919

38,137

Middle East

14,307

177

27,107

182

Subtotal

$

188,034

$

70,571

$

303,797

$

141,621

Global Divers and Marine Contractors:

Gulf of Mexico

$

10,177

$

10,431

$

23,697

$

15,049

West Africa

185

--

245

525

Latin America

8,139

1,829

13,555

3,761

Middle East

16,752

5,643

32,303

11,674

Subtotal

$

35,253

$

17,903

$

69,800

$

31,009

Total

$

223,287

$

88,474

$

373,597

$

172,630

**Intersegment eliminations:**

Offshore Construction Division:

Gulf of Mexico

$

--

$

3,157

$

--

$

3,460

Asia Pacific

227

--

227

--

Subtotal

$

227

$

3,157

$

227

$

3,460

Global Divers and Marine Contractors:

Gulf of Mexico

$

2,790

$

1,153

$

6,899

$

3,157

West Africa

185

--

245

525

Latin America

8,139

1,829

13,555

3,761

Middle East

2,587

--

6,056

--

Subtotal

$

13,701

$

2,982

$

26,755

$

7,443

Total

$

13,928

$

6,139

$

26,982

$

10,903

Total segment revenues from external customers

$

209,359

$

82,335

$

346,615

$

161,727

**Income (loss) from continuing operations**

**before income taxes:**

Offshore Construction Division:

Gulf of Mexico

$

6,755

$

(6,602)

$

16,676

$

(17,477)

West Africa

(3,525)

(4,347)

(7,659)

1,550

Latin America

(2,458)

975

(1,806)

4,502

Asia Pacific

6,497

(574)

(1,088)

(6,688)

Middle East

5,779

(3,008)

7,761

(5,741)

Subtotal

$

13,048

$

(13,556)

$

13,884

$

(23,854)

Global Divers and Marine Contractors:

Gulf of Mexico

$

3,562

$

(830)

$

8,391

$

(2,674)

West Africa

66

(74)

84

(53)

Latin America

1,632

584

3,456

895

Middle East

5,366

1,520

9,893

3,073

Subtotal

$

10,626

$

1,200

$

21,824

$

1,241

Total

$

23,674

$

(12,356)

$

35,708

$

(22,613)

The followingtable reconciles the revenues of the reportable segments and profit or losspresented above to our consolidated totals.

**Quarter  Ended**

** **

**Six  Months Ended**

**June  30,**

** **

**June  30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

***(In thousands)***

**Revenues:**

Total for reportable segments

$

223,287

$

88,474

$

373,597

$

172,630

Elimination of intersegment  revenues

(13,928)

(6,139)

(26,982)

(10,903)

Total

$

209,359

$

82,335

$

346,615

$

161,727

**Income (loss) from continuing operations**

**before income taxes:**

Total for reportable segments

23,674

$

(12,356)

$

35,708

$

(22,613)

Over (under) allocated corporate expense

307

(852)

745

(718)

Total  consolidated income (loss) from

continuing operations before tax

$

23,981

$

(13,208)

$

36,453

$

(23,331)

11.  ***Discontinued Operations*** - The Liftboat Division, which wassold in October 2004, was historically included in our GDMC Gulf of Mexicosegment. In accordance with SFAS No. 144, *"Accounting for the Impairment orDisposal of Long-Lived Assets,"*the Liftboat Division's results ofoperations, financial position and cash flows have been reflected in the 2004 consolidatedfinancial statements and notes as a discontinued operation. We completed thesales transaction with Mercury Offshore Assets, LLC in October 2004.

Operatingresults of the Liftboat Division's discontinued operation were as follows:

**Quarter Ended June 30,**

**Six Months Ended June 30,**

**2004**

**2004**

***(In thousands)***

Revenues

$

6,674

$

12,052

Loss before income taxes

(167)

(1,629)

Income tax benefit

(58)

(569)

  Net loss from discontinued operations

$

(109)

$

(1,060)

**Item2.            Management's Discussion and Analysis of Financial Condition andResults of Operations. **

**General**

Thefollowing discussion presents management's discussion and analysis of ourfinancial condition and results of operations. The following discussion shouldbe read in conjunction with our unaudited consolidated condensed financialstatements for the periods ended June 30, 2005 and 2004, included in Item 1 ofthis report, and our audited consolidated financial statements and Management'sDiscussion and Analysis of Financial Condition and Results of Operationsincluded in our Annual Report on Form 10-K for the year ended December 31, 2004. 

Certain of the statementsincluded below, including those regarding future financial performance orresults 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 similarexpressions are intended to identify forward-looking statements. We cautionreaders that any such statements are not guarantees of future performance orevents 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 industryconditions, general economic conditions including interest rates and inflation,competition, our ability to successfully manage our growth and obtain funds tofinance our growth, operating risks, contract bidding risks, the use ofestimates for revenue recognition, risks of international operations, risks ofvessel construction such as cost overruns, changes in government regulations,and disputes with construction contractors, dependence on key personnel and theavailability of skilled workers and project materials during periods of strongdemand, the impact of regulatory and environmental laws, the ability to obtaininsurance, and other factors discussed below. Operating risks include hazardssuch as vessel capsizing, sinking, grounding, colliding, and sustaining damagein severe weather conditions, fire and explosion. These hazards can causepersonal injury, loss of life, severe damage to and destruction of property andequipment, pollution and environmental damage, and suspension of operations.The risks inherent with international operations include political, social, andeconomic instability, exchange rate fluctuations, currency restrictions,nullification, modification, or renegotiations of contracts, potential vesselseizure, nationalization of assets, import-export quotas, and other forms ofpublic and governmental regulation. Should one or more of these risks oruncertainties materialize or should our underlying assumptions prove incorrect,actual results and outcomes may differ materially from those indicated in theforward-looking statements.

**Resultsof Operations**

***Overview***

Our results of operationsreflect the level of offshore construction activity in the Gulf of Mexico andthe international locations**in which we operate. The results alsoreflect our ability to win jobs through competitive bidding and manage awarded jobsto successful completion. The level of offshore construction activity isprincipally determined by three factors: first, the oil and gas industry'sability to economically justify placing discoveries of oil and gas reserves inproduction; second, the oil and gas industry's need to clear all structuresfrom the lease once the oil and gas reserves have been depleted; and third,weather events such as major hurricanes.

We conduct our operations through two divisions, OffshoreConstruction Division (OCD) and Global Divers and Marine Contractors (GDMC).OCD includes all pipelay and derrick lifts worldwide as well as diving andmarine support services in our Asia Pacific region. GDMC includes all remainingdiving and marine support services worldwide. Our GDMC Gulf of Mexico segmenthas been restated for the quarter ended June 30, 2004 to reflect thereclassification of the Liftboat Division, which was sold in October 2004, asdiscontinued operations.

Our construction activity level(activity) is one of the three primary drivers of our business results in termsof revenues, gross profit, and gross profit as a percentage of revenues(margins). The other two are pricing (which is affected by contract mix) andoperating efficiency or productivity on any particular construction project. Activitylevels have a significant impact on our gross profit and gross profit aspercentage of revenues because our business is capital and personnel intensive.Our vessels, operations personnel, and marine facilities used to perform ourconstruction work "sit idle" when not working; in most cases, however, much oftheir costs remain (including depreciation) and are essentially fixed. Ingeneral, the more activity, the more these fixed costs are recovered; therefore,more gross profit is recognized. This has the effect of improving grossmargins. As activity levels decrease, revenues decline but our costs do notproportionately decline, thereby constricting our gross profit and margins.Activity levels can be affected by changes in demand due to economic or otherconditions in the oil and gas exploration business, seasonal conditions incertain geographic areas, and/or our ability to win the bidding for availablejobs.

Our results of operations dependheavily on obtaining sufficient quantity of offshore construction contractswith sufficient gross profit margins. Contract bidding is very competitive.

Most of our OCD revenue is obtainedthrough larger, more complex contracts that are longer in duration and requiresignificant amounts of working capital. Most of these contracts are bid on alump-sum basis and are secured by a letter of credit or performance bond. Thesecontracts are inherently risky and are subject to many unforeseen circumstancesand events that may affect productivity. As productivity decreases, with nooffsetting decrease in costs or increases in revenue, contract margins erode ascompared to our bid margins. As a result, our OCD revenues and margins aresubject to a high degree of variability.  

Our competition and inherentoperating risks vary by area of the world in which we operate and affectindividual segment profitability. 

Due to the nature of OCDcontracts and sometimes adding to the degree of project execution difficulty,changes in the scope of the base contract sometimes occur as contract workprogresses. A change order usually increases the scope of work but may alsodecrease the scope and, consequently, the contract revenue and costs. Eitherthe customer or we may initiate change orders. At the time of initiation,change orders may be approved or unapproved by either party, priced orunpriced, or defined or undefined regarding detailed scope. Even when the scopeof work is defined, the associated increase or decrease in contract revenueoften will be governed by contract terms or negotiated later, sometimes afterthe work is performed. We recognize these change orders as revenue inaccordance with accounting principles generally accepted in the United States.  

Most GDMC revenues are theresult of short-term work, involve numerous smaller contracts, and are usuallybased on a day-rate charge. Financial risks associated with these types ofcontracts are normally limited due to their short-term and non-lump sum nature.Revenues and margins in our GDMC division tend to be more consistent than inour OCD division.

Our secondquarter and six months results for 2005 reflect marked improvement compared tothe same period in 2004 as our gross profit increased by $36.6 million and $57.8million, respectively, due primarily to increased activity in almost all of oursegments, partially offset by low margins due to poor productivity in our Latin AmericaOCD segment.  

Duringthe second quarter of 2005, we booked approximately $286.0 million of new workresulting in a backlog of approximately $436.0 million at June 30, 2005 ascompared to $277.1 million on the same date last year. Our backlog isprincipally comprised as follows: Middle East $203.0 million, Latin America $86.2million and Southeast Asia $112.1 million. Backlog scheduled to be worked offin fiscal 2005, 2006, and 2007 is $194.5 million, $138.0 million, and $103.5million, respectively.  For the quarter ended June 30, 2005, as compared to thesame period last year, company-wide bidding activity and the dollar volume ofbidding activity was up. During the quarter, we received 118 new bid requestswith a total estimated value of $1.0 billion and we currently have bidsoutstanding and in-house totaling approximately $1.6 billion.

Thefollowing table sets forth, for the periods indicated, our statements ofoperations expressed as a percentage of revenues.

**Quarter  Ended**

**Six  Months Ended**

** **

**June  30,**

**June  30,**

** **

** **

**2005**

** **

** **

**2004**

** **

** **

**2005**

** **

** **

**2004**

** **
  Revenues
100.0%

100.0%

100.0%

100.0%
  Cost of operations
82.1

98.9

82.2

97.5
  Gross profit
17.9

1.1

17.8

2.5

Net (gains) losses on asset disposal

(1.2)

0.1

(0.8)

0.0
  Selling, general and administrative  expenses  
6.9

12.3

7.1

12.2
  Operating income (loss)
12.2

(11.3)

11.5

(9.7)

Other expenses  (income)

     Interest expense

1.2

3.8

1.4

4.1

     Other

(0.4)

1.0

(0.4)

0.6

Income (loss) from  continuing operations, before income taxes

11.4

(16.1)

10.5

(14.4)

Income taxes (benefit)

5.5

(4.5)

4.8

(4.0)

Income (loss)  from continuing operations, 

     net of taxes

5.9

(11.6)

5.7

(10.4)

Income (loss)  from discontinued operations,  net of taxes

--

(0.1)

--

(0.7)
  Net income (loss)
5.9%

(11.7)%

5.7%

(11.1)%

*** ***

***QuarterEnded June 30, 2005 Compared to Quarter Ended June 30, 2004***

** **

**Quarter Ended    June 30,**

** **

** **

**2005**

** **

**2004**

**Percentage Change**

**(In Millions)**
  Revenues
$

209.3

$

82.3

154%
  Cost of operations
171.8

81.4

111
  Gross profit
37.5

0.9

*

Net (gains) losses on asset disposal

(2.5)

0.1

*
  Selling, general and administrative expenses
14.4

10.1

43
  Operating income (loss)
25.6

(9.3)

375

Other expenses  (income)

     Interest expense

2.4

3.1

(23)

     Other

(0.8)

0.8

200

Income (loss) from continuing operations, before income taxes

24.0

(13.2)

282

Income taxes

11.6

(3.7)

414

Income (loss) from continuing operations, net of taxes

12.4

(9.5)

231

Income (loss) from discontinued operations, net of taxes

--

(0.1)

100

Net income (loss)

$

12.4

$

(9.6)

229%

____________________

*     not meaningful

***Revenues.*** The 154% increase in revenues was primarily attributable to increased activityin all our segments. Our Gulf of Mexico segments experienced increased activityand improved pricing due primarily to Hurricane Ivan repair work. Majorconstruction barge utilization in our OCD increased to 67% compared with 20% inthe same quarter last year. For a detailed discussion of revenues in eachdivision and geographic area, see "Segment Information" below.

***Gross Profit***.  Gross profit increased by $36.6 million due primarily toincreased activity in our Asia Pacific segment, Gulf of Mexico segments andMiddle East segments partially offset by decreased margins in our Latin America segment due to poor productivity. As a percentage of revenue, gross profitsincreased to 18% from 1%. Due to poor productivity on two large projects, ourgross profit in our Latin America OCD segment, as a percentage of revenues,declined to 4% from 13% in the comparable quarter.

***Selling,General and Administrative Expenses.*** For the quarter ended June 30,2005, selling, general and administrative expenses were $14.4 million ascompared to $10.1 million reported during the quarter ended June 30, 2004. The increaseis due to a $2.5 million tax penalty reserve in our Latin America segment and increasedlabor costs.

***Depreciationand Amortization.***  Depreciation and amortization, includingamortization of dry-docking costs, for the quarter ended June 30, 2005 was $13.6million compared to the $9.2 million recorded in the quarter ended June 30,2004. The increase is due primarily to higher utilization of our majorconstruction barges, which are depreciated on a unit of production basis.

***InterestExpense*.**  Interest expense decreased $0.7 million to $2.4 million forthe quarter ended June 30, 2005, compared to $3.1 million for the quarter endedJune 30, 2004. This was primarily due to decreased average debt outstanding.

***OtherExpense/Income.***  Other expense decreased $1.6 million to income of $0.8million for the quarter ended June 30, 2005 from an expense of $0.8 million inthe prior comparable period due primarily to increased interest income andexchange gains compared to the same period last year.

***Net Income (Loss).***  The $22.0 million increase in net income was primarilythe result of increased activity in all segments. Our effective tax rate forthe quarter ended June 30, 2005 was 48% as compared to 28% for the same periodlast year. The change in the effective tax rate for the quarter ended 2005 ascompared to the same period last year is due primarily to a reduction inearnings in certain foreign jurisdictions that are taxed on a deemed profits,percentage of revenue, basis and net operating losses in certain foreignjurisdictions where we did not record a tax benefit.

Lossfrom discontinued operations, net of taxes of 35%, for the quarter ended June30, 2004 was $0.1 million.

***Segment Information.***  Our reportable segments include two divisions, theOffshore Construction Division and the Global Divers and Marine ContractorsDivision, with five and four reportable segments, respectively. The OffshoreConstruction Division includes all pipelay and derrick lifts worldwide as wellas diving and marine services in our Asia Pacific region. Our Global Divers andMarine Contractors Division includes all remaining diving and marine supportservices worldwide. Our Global Divers and Marine Contractors Gulf of Mexicosegment has been restated for the quarter ended June 30, 2004 to reflect thereclassification of the Liftboat Division, which was sold in October 2004, asdiscontinued operations. We have identified nine reportable segments asrequired by SFAS 131. 

Thefollowing discusses the results of operations for each of our reportablesegments during the second quarter ended June 30, 2005 and 2004.

** **

**OffshoreConstruction Division:**

Due to increased activity, totalrevenues in our Offshore Construction Division increased 166% to $188.0 million(including $0.2 million of intersegment revenues) in the second quarter of 2005from $70.6 million (including $3.2 million of intersegment revenues) in the sameperiod in 2004, which had a positive impact on this division's results. Thisdivision's 2005 second quarter income before income taxes increased to $13.0million as compared to a loss of $13.6 million in the second quarter of 2004.Earnings increased due to increased work were partially offset by low marginsdue to poor productivity in our Latin America segment and losses in our WestAfrica segment. Our worldwide major construction barge fleet utilization for the2005 quarter increased to 67% compared to 20% utilization in the same quarter last year.

*Gulf of Mexico* - Revenues increased 71% to $22.7 million for the quarter ended June30, 2005 from $13.3 million (including $3.2 million of intersegment revenues)for the quarter ended June 30, 2004 due primarily to increased activity in theregion.  In the 2005 period, work continued on numerous pipeline repair jobsrelated to Hurricane Ivan damage and one large pipeline project as compared to onlya few small contracts that were in progress in the 2004 comparable period. Incomebefore taxes increased by $13.4 million to $6.8 million primarily due toincreased activity and lower allocated costs due to vessels being transferredto other locations. The ***Hercules*** was transferred to our Asia Pacificsegment and two vessels were assigned to our Latin America OCD segment.Utilization of our two major construction barges in the U.S. Gulf of Mexicoduring the second quarter of 2005 was 71% compared to five barges achieving 29%in the same period last year. Bidding activity and the dollar volume of biddingactivity during the quarter were up compared to the same period last year.

*West Africa* - Revenues increased to $5.8 million for the quarter ended June 30, 2005compared to $1.5 million for the quarter ended June 30, 2004. This increase in secondquarter revenues is attributable to two day-rate contracts being in progress inthe 2005 period as compared to one day-rate contract in progress in the 2004 period.Loss before income taxes decreased to $3.5 million for the quarter ended June30, 2004 compared to loss before taxes of $4.3 million for the same period in2004. This was primarily the result of the increased activity. For the quarter endedJune 30, 2005, our three barges in this segment had 6% utilization as comparedto 1% in the same period last year. Bidding activity and the dollar volume ofbidding activity declined during the quarter compared to the same period lastyear.

*LatinAmerica* - Revenues increased significantly to $96.7 million for the quarterended June 30, 2005 from $31.7 million for the quarter ended June 30, 2004, dueprimarily to work performed on six large contracts in the 2005 period ascompared to three in the comparable 2004 period. Income before income taxes decreased$3.5 million to loss before taxes of $2.5 million for the quarter ended June30, 2005 compared to income before taxes of $1.0 million for the quarter ended June30, 2004, due to poor productivity on two projects and a $2.5 million tax penaltyreserve. Six barges achieved 95% utilization in the second quarter of 2005 comparedto two barges achieving 47% utilization in the same quarter last year. Biddingactivity and the dollar volume of bidding activity during the quarter were downover the same period last year.

*Asia**Pacific*****- Revenues increased $24.6 million to $48.5 million (including$0.2 million of intersegment revenues) for the quarter ended June 30, 2005compared to $23.9 million for the quarter ended June 30, 2004 due to increasedactivity. Income before income taxes increased to $6.5 million for the quarterended June 30, 2005 compared to a loss before income taxes of $0.6 million forthe quarter ended June 30, 2004. The increase in income before income taxes wasdue primarily to increased activity. Utilization for our four majorconstruction vessels, including the ***Hercules***, in this segment was60% compared to 24% in the same period last year. Both bidding activity and thedollar value of bidding activity rose during the quarter compared to the priorcomparable period.

*Middle East* - For the quarter ended June 30, 2005, revenues increased significantlyto $14.3 million compared to nominal revenues for the quarter ended June 30,2004, due primarily to two projects in progress in 2005 as compared to noprojects in progress in the 2004 period. Due to the increased activity and the$2.0 million gain on the disposition of one cargo barge, income before taxes increased$8.8 million to income before taxes of $5.8 million for the quarter ended June30, 2005 compared to a loss before income taxes of $3.0 million for the quarterended June 30, 2004. Bidding activity and the dollar volume of bidding activityduring the quarter decreased compared to the same period last year.

**GlobalDivers and Marine Contractors:**

Totalrevenues from our Global Divers and Marine Contractors Division increased to $35.3million (including $13.7 million of intersegment revenues) in the second quarterof 2005 as compared to $17.9 million (including $3.0 million of intersegmentrevenues) in the same period in 2004 and results increased to income fromcontinuing operations before taxes of $10.6 million in the second quarter of2005 from income from continuing operations before income taxes of $1.2 millionin the second quarter of 2004. Income before taxes increased due to improvedpricing in our Gulf of Mexico segment due to continued Hurricane Ivan repairwork and increased activity in our Latin America and Middle East segments.** **

*Gulf of Mexico* - Revenues decreased 2% to $10.2 million (including $2.8 million ofintersegment revenues) for the quarter ended June 30, 2005 from $10.4 million(including $1.2 million of intersegment revenues) for the quarter ended June30, 2004. Income from continuing operations before income taxes increased by $4.4million to $3.6 million for the quarter ended June 30, 2005 compared to a lossfrom continuing operations before income taxes of $0.8 million for the quarterended June 30, 2004. The increase in income before taxes was due primarily to adifferent mix of diving work. Average diver-day-rates decreased 33% and diver-days rose 45% compared to the same period last year.

*West Africa* - Revenues, all of which were intersegment revenues, increased $0.2million for the quarter ended June 30, 2005 from a negligible amount for thequarter ended June 30, 2004. Income from continuing operations before incometaxes remained nominal for the quarter ended June 30, 2005 compared to thequarter ended June 30, 2004. The increase in revenue was due primarily to increasedactivity in the region.

*Latin America* - Revenues, all of which were intersegment revenues, increased to $8.1million for the quarter ended June 30, 2005 compared to $1.8 million for thequarter ended June 30, 2004 due primarily to work performed on five largecontracts in the 2005. Income from continuing operations before income taxesincreased for the quarter ended June 30, 2005 to $1.6 million compared to $0.6million for the quarter ended June 30, 2004, also as a result of increased activity.

*MiddleEast* - For the quarter ended June 30, 2005, revenues increased 200% to $16.8million (including $2.6 million of intersegment revenues) compared to $5.6million for the quarter ended June 30, 2004 due to improved pricing and increasedactivity due to several large projects in India. Income from continuingoperations before income taxes increased to $5.4 million for the quarter ended June30, 2005 compared to $1.5 million for the quarter ended June 30, 2004 due to increasedactivity.

***Six Months Ended June 30,2005 Compared to Six Months Ended June 30, 2004***

** **

**Six Months Ended    June 30,**

** **

** **

**2005**

** **

**2004**

**Percentage Change**

**(In Millions)**
  Revenues
$

346.6

$

161.7

114%
  Cost of operations
284.8

157.7

81
  Gross profit
61.8

4.0

*

Net (gains) losses on asset disposal

(2.6)

0.1

*
  Selling, general and administrative expenses
24.6

19.7

25
  Operating income (loss)
39.8

(15.8)

352

Other expenses  (income)

     Interest expense

4.9

6.6

(26)

     Other

(1.5)

0.9

267

Income (loss) from continuing operations, before income taxes

36.4

(23.3)

256

Income taxes (benefit)

16.6

(6.4)

359

Income (loss) from continuing operations, net of taxes

19.8

(16.9)

217

Income (loss) from discontinued operations, net of taxes

--

(1.1)

100

Net income (loss)

$

19.8

$

(18.0)

210%

____________________

*     not meaningful

***Revenues.*** The 114% increase in revenues was primarily attributable to increased activityin our Latin America segments, Gulf of Mexico segments, Asia Pacific segmentand Middle East segments partially offset by decreased activity in our West Africa segments. Our Gulf of Mexico segments experienced increased activity andimproved pricing due primarily to Hurricane Ivan repair work. Majorconstruction barge utilization in our Offshore Construction Division increasedto 65% compared with 31% in the first six months of  last year. For a detaileddiscussion of revenues in each division and geographic area, see "SegmentInformation" below.

***Gross Profit***.  Gross profit increased by $57.8 million due primarily toincreased activity in our Asia Pacific segment, Gulf of Mexico segments and Middle East segments. As a percentage of revenue, gross profits increased to 18% from 2%.Our gross profit in our Latin America OCD segment, as a percentage of revenues,declined to 6% from 17% in the comparable quarter due to poor productivity on certaincontracts.

***Selling,General and Administrative Expenses.***  For the six months ended June 30,2005, selling, general and administrative expenses were $24.6 million as comparedto $19.7 million reported during the six months ended June 30, 2004. Theincrease is due to a $2.5 million tax penalty reserve, increased labor costsand increased legal costs.

***Depreciationand Amortization.***  Depreciation and amortization, includingamortization of dry-docking costs, for the six months ended June 30, 2005 was$25.2 million compared to the $17.9 million recorded in the six months endedJune 30, 2004. The increase is due primarily to higher utilization of our majorconstruction barges, which are depreciated on a unit of production basis.

***InterestExpense*.**  Interest expense decreased $1.7 million to $4.9 million forthe six months ended June 30, 2005, compared to $6.6 million for the six monthsended June 30, 2004. This was primarily due to decreased average debtoutstanding.

***OtherExpense/Income.***  Other expense decreased $2.4 million to income of $1.5million for the six months ended June 30, 2005 from an expense of  $0.9 millionin the prior comparable period due primarily to increased interest income anddecreased exchange losses compared to the same period last year.

***Net Income (Loss).***  The $37.8 million increase in net income was primarilythe result of increased activity in our Asia Pacific segments, Gulf of Mexicosegments and Middle East segments. Our effective tax rate for the six monthsended June 30, 2005 was 46% as compared to 27% for the same period last year.The change in the effective tax rate for the six months ended 2005 as comparedto the same period last year is due primarily to a reduction in earnings incertain foreign jurisdictions that are taxed on a deemed profits, percentage ofrevenue, basis and net operating losses in certain foreign jurisdictions where wedid not record a tax benefit.

Lossfrom discontinued operations, net of taxes of 35%, for the six months endedJune 30, 2005 was $1.1 million.

***Segment Information.***  Our reportable segments include two divisions, theOffshore Construction Division and the Global Divers and Marine ContractorsDivision, with five and four reportable segments, respectively. The OffshoreConstruction Division includes all pipelay and derrick lifts worldwide as wellas diving and marine services in our Asia Pacific region. Our Global Divers andMarine Contractors Division includes all remaining diving and marine supportservices worldwide. Our Global Divers and Marine Contractors Gulf of Mexicosegment has been restated for the quarter ended June 30, 2004 to reflect thereclassification of the Liftboat Division, which was sold in October 2004, asdiscontinued operations. We have identified nine reportable segments asrequired by SFAS 131. 

Thefollowing discusses the results of operations for each of our reportablesegments during the six months ended June 30, 2005 and 2004.

** OffshoreConstruction Division:**

Due toincreased activity, total revenues in our Offshore Construction Divisionincreased 115% to $303.8 million (including $0.2 million of intersegmentrevenues) in the six months quarter of 2005 from $141.6 million (including $3.5million of intersegment revenues) in the same period in 2004, which had apositive impact on this division's results. Our 2005 first six months incomebefore income taxes increased to $13.9 million as compared to a loss of $23.9million in the six months of 2004. Earnings increased due to increased workfrom continued Hurricane Ivan repair work in our Gulf of Mexico segment andincreased activity in our Asia Pacific segment and Middle East segmentpartially offset by margin erosion in our Latin America segment. Our worldwidemajor construction barge fleet utilization for the 2005 six months increased to65% compared with 31% utilization in the same six months last year.

*Gulf of Mexico* - Revenues increased 76% to $46.0 million for the six months endedJune 30, 2005 from $26.2 million (including $3.5 million of intersegmentrevenues) for the six months ended June 30, 2004 due primarily to increasedactivity and improved pricing in the region. In the 2005 period, work continuedon numerous pipeline repair jobs related to Hurricane Ivan damage and one largepipelay project as compared to one large contract and a few small projects thatwere in progress in the 2004 comparable period. Income before taxes increasedby $34.2 million to $16.7 million primarily due to increased activity and lowerallocated costs due to vessels being transferred to other locations. The ***Hercules***was transferred to our Asia Pacific segment and two vessels were assigned to ourLatin America OCD segment. Utilization of our three major construction bargesin the U.S. Gulf of Mexico during the first six months of 2005 was 65% comparedto six barges achieving 31% in the same period last year. Bidding activity andthe dollar volume of bidding activity during the first six months of 2005 were downcompared to the same period last year.

*West Africa* - Revenuesdecreased to $9.3 million for the first six months of 2005 compared to $17.1million for the first six months of 2004. This decrease in first six monthsrevenues is attributable to four day-rate contracts being in progress in the2004 period as compared to three day-rate contracts in progress in the 2005period. Loss before income taxes increased to $7.7 million for the six months endedJune 30, 2005 compared to income before taxes of $1.6 million for the sameperiod in 2004. This was primarily the result of the reduced activity. In the sixmonths ended June 30, 2005, our three barges in this segment had 5% utilizationas compared to 16% in the same period last year. Bidding activity and thedollar volume of bidding activity during the six months were up compared to thesame period last year.

*Latin America* - Revenues increased significantly to $162.5 million for the first sixmonths of 2005 from $60.1 million for the first six months of 2004, dueprimarily to work performed on six large contracts in the 2005 period ascompared to two in the comparable 2004 period. Income before income taxesdecreased $6.3 million to a loss before taxes of $1.8 million for the first sixmonths of 2005 compared to income before taxes of $4.5 million for the firstsix months of 2004, due to poor productivity on two projects, a $2.5 milliontax penalty reserve, and costs associated with the transfer of the one barge tothe region from the Middle East. Five barges achieved 75% utilization in the firstsix months of 2005 compared to two barges achieving 86% utilization in the sameperiod last year. Bidding activity and the dollar volume of bidding activityduring the first six months of 2005 remained constant over the same period lastyear.

*Asia**Pacific* - Revenues increased $20.8 million to $58.9 million (including$0.2 million of intersegment revenues) for the first six months of 2005 comparedto $38.1 million for the first six months of 2004 due to increased activity.Loss before income taxes decreased to $1.1 million for the first six months of2005 compared to a loss before income taxes of $6.7 million for the first sixmonths of 2004. The decrease in loss before income taxes is due primarily toincreased activity partially offset by the transfer of the ***Hercules***to this region. Utilization for our four major construction vessels, includingthe ***Hercules***, in this segment was 47% compared to three bargesachieving 20% in the same period last year. Both bidding activity and thedollar value of bidding activity during the first six months of 2005 were upcompared to the same period in 2004.

*Middle East* - For the first six months of 2005, revenues increased significantly to$27.1 million compared to nominal revenues for the first six months of 2004,due primarily to two projects in progress in 2005 as compared to no projects inprogress in the 2004 period. Due to the increased activity and the gain of $2.0million on the disposition of one cargo barge, income before taxes increased $13.5million to income before taxes of $7.8 million for the first six months of 2005compared to a loss before income taxes of $5.7 million for the first six monthsof 2004. Bidding activity and the dollar volume of bidding activity during the firstsix months of 2005 were up compared to the same period last year.

**GlobalDivers and Marine Contractors:**

Totalrevenues from our Global Divers and Marine Contractors Division increased to $69.8million (including $26.8 million of intersegment revenues) in the first sixmonths of 2005 as compared to $31.0 million (including $7.4 million ofintersegment revenues) in the same period in 2004 and results increased toincome from continuing operations before taxes of $21.8 million in the firstsix months of 2005 from income from continuing operations before income taxesof $1.2 million in the first six months of 2004. Income before taxes increaseddue to increased activity and a different mix of diving work in our Gulf of Mexicosegment due to continued Hurricane Ivan repair work and increased activity inour Latin America and Middle East segment.

*Gulf of Mexico* - Revenues increased 58% to $23.7 million (including $6.9 million ofintersegment revenues) for the first six months of 2005 from $15.0 million(including $3.2 million of intersegment revenues) for the first six months of2004. Income from continuing operations before income taxes increased by $11.1million to $8.4 million for the first six months of 2005 compared to a lossfrom continuing operations before income taxes of $2.7 million for the firstsix months of 2004. The increase in revenues and income before taxes was dueprimarily to increased activity due to Hurricane Ivan repair work and adifferent mix of diving work. Average diver-day-rates were down 5% and diver-days were up 66% compared to the same period last year.

*West Africa* - Revenues, all of which were intersegment revenues, decreased $0.3million to $0.2 million for the first six months of 2005 from $0.5 million forthe first six months of 2004. Income from continuing operations before incometaxes remained nominal for the first six months of 2005 compared to the firstsix months of 2004. 

*Latin America* - Revenues, all of which were intersegment revenues, increased to$13.6 million for the first six months of 2005 compared to $3.8 million (including$3.8 million of intersegment revenues) for the first six months of 2004 dueprimarily to work performed on five large contracts in the 2005 period. Income fromcontinuing operations before income taxes increased for the first six months of2005 to $3.5 million compared to $0.9 million for the first six months of 2004,also as a result of the increased activity.

*MiddleEast* - For the first six months of 2005, revenues increased 176% to $32.3million (including $6.1 million of intersegment revenues) compared to $11.7million for the first six months of 2004 due to improved pricing and increasedactivity due to several large projects in India. Income from continuingoperations before income taxes increased to $9.9 million for the first sixmonths of 2005 compared to $3.1 million for the first six months of 2004 due tothe increased activity.

**Liquidityand Capital Resources**

***Overview***

The principal uses of cash inour business generally have been investment in our assets (particularly for theacquisition and enhancement of vessels), funding working capital and lossesfrom operations, and repayment of debt. Cash to fund the needs of our businesshas been provided primarily by operations, debt financing, asset sales andequity issuances.  

We expect activity levels to continueto increase over the next twelve to twenty-four months. During the first sixmonths of 2005, we have been awarded over $286.0 million in projects. Ourbacklog at June 30, 2005 was approximately $436.0 million, the highest in theCompany's history. Approximately $194.5 million, or 45%, of this backlog isexpected to be completed in 2005. The increase in activity will cause workingcapital to increase. We have a credit facility to provide for the funding ofthis anticipated increase in working capital needs in advance of increases inour cash flows from operations. In addition, the judgment against us in theVinci (Groupe GTM) litigation may require a substantial cash payment in 2005that would likely be paid out of cash on hand. Identified capital expenditure projectsfor the remainder of 2005 are expected to be approximately $33.0 million. Theseprojects are primarily upgrades to our existing vessels.

***CashFlow***

Our cashbalance decreased by $41.7 million to $101.5 million at June 30, 2005 from $143.2million at December 31, 2004. During the six months ended June 30, 2005, our continuingoperations used cash of $24.4 million compared to $33.9 million in thecomparable period of 2004 due primarily to increased working capital as aresult of increased activity in our Latin America segment. Cash on hand fundedinvesting activities of $17.6 million and the cash used by our operations.Investing activities consisted principally of capital expenditures of $11.0million and dry-docking costs of $8.0 million.

Workingcapital increased $44.2 million during the six months ended June 30, 2005 to $196.4million from $152.2 million at December 31, 2004. The increase in workingcapital is due primarily to increases in receivables and unbilled work onuncompleted contracts partially offset by a decrease in cash and an increase inaccounts payable. Working capital is anticipated to continue to increase asactivity increases. At June 30, 2005, our backlog was $436.0 million ascompared to a backlog of $277.1 million at June 30, 2004. Approximately 45% ofour backlog is expected to be performed during the remainder of 2005.

Our capital expenditures during the six months ended June30, 2005 aggregated $11.0 million. Weestimate that the cost to complete capital expenditure projects in progress at June30, 2005 will be approximately $7.0 million, all of which is expected to beincurred during the next six months. The capital expenditures are primarilyrelated to vessel and equipment upgrades.

***Long-Term Debt***

On March 14, 2005, we amended andrestated our revolving credit facility. Thisamendment was entered into to improve operating flexibility and to takeadvantage of favorable market conditions. The amendment (i) decreased thecredit facility to $75.0 million from $100.0 million, (ii) provided for anadditional $50.0 million credit capacity option, if needed, upon receipt ofadditional loan commitments by our existing and/or additional lenders, (iii)reduced the requirements of the minimum net worth covenant for all futureperiods, (iv) changed the maximum leverage ratio to include Title XI bonds, (v)added a minimum fixed charge coverable ratio, (vi) eliminated all the remainingfinancial covenants, (vii) reduced the interest rate spread applicable to theCompany's borrowings under the credit facility (the spreads can range from0.75% to 1.75% and 1.75% to 2.75% for prime rate and LIBOR based  borrowings,respectively, based upon certain of our financial ratios), (viii) reduced thenumber of participants in the syndication from seven to three, and (ix)extended the maturity of the credit facility to March 2008 from March 2007. Afee of $0.4 million was paid for this amendment. 

On June 7, 2005, the credit facility wasincreased to $85.0 million to provide additional credit capacity due toincreased bonding requirements.  A fee of 0.1 million was paid for this change.At June 30, 2005, we were in compliance with the terms of our credit facility. Asof August 2, 2005, we had no borrowings, $68.3 million of letters of creditoutstanding and $16.7 million of credit availability under our revolving creditfacility.  

Our Title XI bonds mature in 2025. Thebonds carry an interest rate of 7.71% per annum and require aggregatesemi-annual payments of $2.0 million, plus interest. The agreement pursuant towhich the Title XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements. If not met,additional covenants result that would restrict our operations and our abilityto pay cash dividends. At June 30, 2005, we were in compliance with thesecovenants.

***Other Indebtedness and Obligations***

We also have a $16.0 millionshort-term credit facility at one of our foreign locations that is secured by aletter of credit. Additionally, in the normal course of business, we provideguarantees and performance, bid, and payment bonds pursuant to agreements, orin connection with bidding to obtain such agreements to perform constructionservices. All of these guarantees are secured by parent company guarantees. Theaggregate of these guarantees and bonds at June 30, 2005 was $48.6 million insurety bonds and $68.4 million in bank guarantees/letters of credit. The suretybonds and bank guarantees/letters of credit expire between August 2005 andDecember 2005 and between August 2005 and August 2008, respectively.

In August 2003, we renegotiatedour April 2001 long-term charter of the ***Titan 2***, a 456-footself-propelled twin-hulled derrick ship to provide improved vessel staffing andmaintenance flexibility. The new vessel charter payments are approximately $6.1million annually. In April 2001, we prepaid $3.0 million of charter paymentsthat will continue to be systematically applied to future charter payments. Thenew charter term is 120 months, expiring in August 2013. This charter can becanceled by us at anytime, subject to a termination penalty of the transfer tothe vessel owner of title to our dynamic positioning (DP) system used on thevessel. The DP system was purchased and installed on the ***Titan 2***at our cost in the first quarter of 2002 for a total cost of $8.9 million.

***Liquidity Outlook***

We expectfunds available under our credit facility, available cash, and cash generatedfrom operations and recent asset dispositions to be sufficient to fund ouroperations (including the anticipated increase in working capital required tofund increasing activity), scheduled debt retirement, planned capitalexpenditures for the next twelve months, as well as payments that may berequired related to the Vinci (Groupe GTM) judgment. If such sources areinsufficient, we will be required to seek additional financing and/or curtailoperations or spending including planned capital expenditures. In addition, aswe have in the recent past, we will continue to evaluate the divestiture ofvessels that are no longer critical to our operations in order to reduce ouroperating costs and debt levels.

Over the longer term, we expectcash from operations, supplemented by equity financing and proceeds fromlong-term debt, to provide sufficient funds to operate and expand our businessand maintain our fleet. For flexibility, we maintain a shelf registration statementthat as of August 2, 2005 permits the issuance of up to $365.8 million of debtand equity securities. In addition, as we have historically done, we willcontinue to evaluate the merits of any opportunities that may arise foracquisitions of equipment or businesses, which may require additionalliquidity.  

** Industryand Business Outlook**

Weexpect activity to continue to increase during the next twelve to twenty-fourmonths. We are currently experiencing growth in our Asia Pacific segment and Middle East segments and continued activity in our U.S. Gulf of Mexico segments. During thesecond quarter, we booked $286.0 million of new work. Our backlog at June 30,2005 was $436.0 million and is principally comprised as follows - Middle East$203.0 million, Latin America $86.2 million and Asia Pacific $112.1 million. Wecurrently have bids outstanding and in-house totaling approximately $1.6 billion.In addition, both contract terms and pricing are becoming more favorable in ourdomestic and international locations.

We areexperiencing an increase in bidding activity and in the dollar volume ofbidding activity in most of our locations. In addition, activity in our U.S.Gulf of Mexico, Middle East and West Africa areas is expected to increase into2006.

**Critical AccountingPolicies and Estimates**

For adiscussion of critical accounting policies and estimates, see Item 7. Management Discussion and Analysis of Financial Condition and Results ofOperations - Critical Accounting Policies and Estimates in our Annual Report onForm 10-K for the year ended December 31, 2004, which discussion isincorporated herein by reference.

**Item3.            Quantitative and Qualitative Disclosures About Market Risk.**

** **We usenatural hedging techniques to hedge against foreign currency exchange losses bycontracting, to the extent possible, international construction jobs to bepayable in U.S. dollars. We also, to the extent possible, maintain cashbalances at foreign locations in U.S. dollar accounts. We do not believe that achange in currency rates in the regions in which we operate would have asignificant effect on our results of operations. Additional quantitative andqualitative disclosures about market risk are in Item 7A, Quantitative andQualitative Disclosures About Market Risk, of our Annual Report on Form 10-Kfor the year ended December 31, 2004.

**Item 4.            Controlsand Procedures.**

As of the end of the periodcovered by this report, our management, with the participation of our ChiefExecutive Officer and Chief Financial Officer, has evaluated the effectivenessof our disclosure controls and procedures. These disclosure controls andprocedures are designed to provide us with a reasonable assurance that all ofthe information required to be disclosed by us in our periodic reports filedwith the Securities and Exchange Commission is recorded, processed, summarizedand reported, within the time periods specified in the SEC's rules and forms.Disclosure controls and procedures include, without limitation, controls andprocedures designed and maintained to ensure that all of the informationrequired to be disclosed by us in our reports is accumulated and communicatedto our management, including our Chief Executive Officer and Chief FinancialOfficer, as appropriate to allow those persons to make timely decisionsregarding required disclosure.  

Based on their evaluation, ourChief Executive Officer and Chief Financial Officer have concluded that ourdisclosure controls and procedures are effective to ensure that materialinformation relating to our company is made known to management on a timelybasis. Our Chief Executive Officer and Chief Financial Officer noted nosignificant deficiencies or material weaknesses in the design or operation ofour internal controls over financial reporting (as defined in Rule 13a-15(f)under the Exchange Act) that are likely to adversely affect our ability torecord, process, summarize and report financial information. There have been nochanges in our internal control over financial reporting that occurred duringour last fiscal quarter that have materially affected or are reasonably likelyto materially affect our internal control over financial reporting.

**Item 5.            OtherMatters. **

On May 9, 2005, the CompensationCommittee of the board of Directors approved the provision of annualcardiovascular examinations using CT angiography to all non-employee directorsand their spouses at the Company's expense as part of the director'scompensation package beginning in the current year. The examinations will beprovided at a medical facility selected or approved by the Company.
 
**PART II - OTHER INFORMATION**

**Item 1.            LegalProceedings.**

We are a party in legalproceedings and potential claims arising in the ordinary course of ourbusiness. Management does not believe these matters will materially affect ourconsolidated financial statements.

In November 1999, we notifiedGroupe GTM (now Vinci) that as a result of material adverse changes and otherbreaches by Vinci, we were no longer bound by and were terminating the SharePurchase Agreement to purchase the shares of ETPM S.A. Vinci responded statingthat they believed we were in breach. The Share Purchase Agreement provided forliquidated damages of $25.0 million to be paid by a party that failed toconsummate the transaction under certain circumstances. We notified Vinci thatwe do not believe that the liquidated damages provision is applicable to ourtermination of the Share Purchase Agreement. On December 23, 1999, we filedsuit against Vinci in the Tribunal de Commerce de Paris to recover damages. OnJune 21, 2000, Vinci filed an answer and counterclaim against us seeking theliquidated damages of $25.0 million and other damages, costs and expenses ofapproximately $3.2 million based on then current exchange rates. In November2003, the Tribunal de Commerce de Paris ruled in favor of Vinci in the matterand awarded Vinci $25.0 million plus approximately $8.5 million in interest,exchange rate differential and legal fees. As a result, although we have notyet paid the judgment, we recorded a $33.5 million (pre-tax) provision in thefourth quarter of 2003. We appealed this verdict in the Cour d'appel de Paris.On April 12, 2004 the Cour d'appel de Paris heard the case before threeappellate judges. A decision was rendered in May 2005 by the Cour d'appel deParis upholding the lower court decision. The Company is studying whetheradditional appeals are appropriate. Vinci has filed an enforcement action inthe United States District Court for the Eastern District of Louisiana civilaction number 05-3251. The Company intends to defend this action by Vinci,however, the Company may be required to pay the judgment this year. Althoughthe provision for the judgment had a significant impact on our reported resultsfor 2003, we do not believe that the ultimate outcome of this matter will havea material adverse effect on our future results of operations or business. 

On March 19, 2004, Marathon E.G.Production Limited filed an arbitration with the American Arbitration Associationagainst our subsidiary, Global Offshore International, Ltd. seeking liquidateddamages of approximately $12.0 million and a declaration that the pricing andschedule adjustments claimed by our subsidiary are disallowed. Our subsidiaryhas claimed standby and extra work and schedule extensions, which wouldeliminate the liquidated damages claimed. Arbitration hearings currently arescheduled for the third and fourth quarters of 2005. We do not believe that theultimate outcome of this matter will have a material adverse effect on ourfuture results of operations or financial position.

On June 30, 2005, we were notified by the Mexicanappeals court of an unfavorable decision in a litigation related to an auditassessment of 1999 corporate income and value added taxes totaling $15.4million. The assessment is related to the timing of contract revenue recognitionfor Mexican tax purposes. The assessed amount includes taxes adjusted forinflationary costs of approximately $5.4 million; penalties and interest ofapproximately $10.0 million. As a result of this decision, Global may fileamended corporate returns for subsequent years that will result in decreased taxes for those years andoffset the amount of tax assessed. Global has filed an appeal before the MexicoSupreme Court for the penalties and is currently negotiating the amount of thetaxes and interest with the Mexican tax authorities.For the quarter ended June 30,2005, a reserve of $2.5 million dollars has been established and recorded inour Latin America segment. This reserve represents management's assessment ofthe most likely outcome of the dispute settlement.

**Item 4.            Submissionof Matters to a Vote of Security Holders.**

Our 2005 Annual Meeting ofShareholders was held on May 17, 2005. At the meeting, each of the personslisted below was elected to our Board of Directors for a term ending at the2005 Annual Meeting of Shareholders. The number of votes cast with respect tothe election of each person is set forth opposite such person's name. The personslisted below constitute the entire Board of Directors.

**Name of Director**

**Number of Votes  Cast**

Broker

For

Withhold

Non-Vote

William J. Dore'

104,776,710

1,581,526

0

James C. Day

104,908,349

1,534,786

0

Edward P. Djerejian

73,074,709

33,368,426

0

Edgar G. Hotard

104,529,235

1,913,900

0

Richard A. Pattarozzi

104,811,579

1,631,556

0

James L. Payne

105,134,980

1,308,155

0

Michael J. Pollock

102,217,488

4,225,647

0

Luis Te'llez

72,323,705

34,119,430

0

At thesame meeting, our shareholders approved adoption of the Global Industries 2005Stock Incentive Plan. Votes cast with respect to the approval of the GlobalIndustries 2005 Stock Incentive Plan were as follows (Broker non-votes are notcounted and so had no effect on the approval):

Votes  for

51,600,761

Votes  against

39,369,983

Votes  abstain

2,848,999

Broker  non-vote

12,538,493

Total

106,358,236

Inaddition, shareholders ratified the appointment of our independent auditors. Votescast with respect to the ratification of the appointment of Deloitte &Touche, LLP as independent auditors for 2005 were as follows (Broker non-votesare not counted and so had no effect on the approval):

Votes for

105,380,958

Votes  against

921,573

Votes  abstain

55,705

Broker  non-vote

--

Total

106,358,236

**Item6.            Exhibits.**

*

15.1 -

Letter  regarding unaudited interim financial information.

*

31.1 -

Section 302 Certification of  CEO, William J. Dore'

*

31.2 -

Section  302 Certification of CFO, Timothy W. Miciotto

*

32.1 -

Section 906 Certification of  CEO, William J. Dore'

*

32.2 -

Section  906 Certification of CFO, Timothy W. Miciotto

*

Included  with this filing

     

**Signature**

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned, theretoduly authorized.

GLOBAL INDUSTRIES, LTD.

By          TIMOTHY W. MICIOTTO   

Timothy W. Miciotto

Senior Vice President, Chief Financial Officer

(Principal Financial and Accounting Officer)

August 9,2005 |
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