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 June 30, 1997
                                
                                
                  Commission File Number:  2-56600
                                  
                       Global Industries, Ltd.
       (Exact name of registrant as specified in its charter)
Louisiana                                                 72-1212563
(State or other jurisdiction of incorporation or organization)(I.R.S.
Employer Identification No.)

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

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

  Indicate by check mark whether the registrant (1) has filed all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.                 x   Yes   o No
                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of August 5, 1997 was 45,446,088.
                                
                                
                                
                     Global Industries, Ltd.
                        Index - Form 10-Q
                                
                                
                             Part I
                                
Item 1.     Financial Statements - Unaudited
          Independent Accountants' Report                           3
          Consolidated Statements of Operations                     4
          Consolidated Balance Sheets                               5
          Consolidated Statements of Cash Flows                     6
          Notes to Consolidated Financial Statements                7

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


                             Part II
                                
Item 1.   Legal Proceedings                                         13

Item 6.   Exhibits and Reports on Form 8-K                          13

         Signature                                                  14



                                
                                
                PART I  -  FINANCIAL INFORMATION


Item 1. Financial Statements.


INDEPENDENT ACCOUNTANTS' REPORT


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

We  have reviewed the condensed consolidated financial statements
of  Global  Industries, Ltd. and subsidiaries, as listed  in  the
accompanying  index, as of June 30, 1997 and for the  three-month
periods ended June 30, 1997 and 1996.  These financial statements
are the responsibility of the Company's management.

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

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

We have previously audited, in accordance with generally accepted
auditing  standards,  the consolidated balance  sheet  of  Global
Industries, Ltd. and subsidiaries as of March 31, 1997,  and  the
related  consolidated  statements  of  operations,  shareholders'
equity,  and  cash flows for the year then ended  (not  presented
herein); and in our report dated June 6, 1997 (June 24,  1997  as
to  Note  13),  we  expressed  an unqualified  opinion  on  those
consolidated   financial  statements.   In   our   opinion,   the
information  set forth in the accompanying condensed consolidated
balance  sheet  as  of March 31, 1997 is fairly  stated,  in  all
material respects, in relation to the consolidated balance  sheet
from which it has been derived.

DELOITTE & TOUCHE LLP

July 31, 1997
New Orleans, Louisiana
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                          Quarter Ended June 30,
                                             1997         1996
                                                            
Revenues                                   $63,176      $50,332
                                                            
Cost of Revenues                           42,337        37,979
                                                            
Gross Profit                               20,839        12,353
                                                            
Equity in Net Earnings (Loss) of           (1,656)           --
Unconsolidated Affiliate
Selling, General and Administrative         4,247         2,970
Expenses
                                                            
Operating Income                           14,936         9,383
                                                            
Other Income (Expense):                                     
 Interest Expense                           (130)          (71)
 Other                                      1,515           137
                                            1,385            66
                                                            
Income Before Income Taxes                 16,321         9,449
                                                            
Provision for Income Taxes                  6,202         2,806
                                                            
Net Income                                $10,119       $ 6,643
                                                            
Weighted Average Common Shares                              
 Outstanding                           46,567,000    39,436,000
                                                            
Net Income Per Share                       $ 0.22       $  0.17
                                
                                
                                
                                
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)
                                              June         March
                                            30, 1997       31, 1997
ASSETS                                                    
Current Assets:                                           
 Cash                                      $ 51,156      $ 63,981
 Escrowed funds                              18,995        19,112
 Receivables                                 57,800        51,762
 Advances to unconsolidated affiliate         3,434        13,913
 Prepaid expenses and other                   4,762         2,874
  Total current assets                      136,147       151,642
                                                          
Escrowed Funds                                1,552         1,447
Property and Equipment, net                 287,719       243,915
                                                          
Other Assets:                                             
 Deferred charges, net                        7,274         6,469
 Investment in and advances to                1,883        15,071
unconsolidated affiliate
 Other                                        5,597         4,143
  Total other assets                         14,754        25,683
    Total                                  $440,172      $422,687
                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities:                                      
Current maturities of long-term debt       $  1,984      $  2,266
Accounts payable                             29,838        29,828
Accrued liabilities                          13,175         9,453
Accrued profit-sharing                        4,766         3,566
Insurance payable                             3,124         2,802
  Total current liabilities                  52,887        47,915
                                                          
Long-Term Debt                               40,900        40,947
Deferred Income Taxes                        23,598        21,598
Commitments and Contingencies                             
                                                          
Shareholders' Equity:                                     
Preferred stock                                  --           --
Common stock, issued and outstanding,                     
45,418,294, and
45,278,375 shares, respectively                  454          454
Additional paid-in capital                   201,772      201,331
Retained earnings                            120,561      110,442
  Total shareholders' equity                 322,787      312,227
    Total                                   $440,172     $422,687
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands)
                           (Unaudited)
                                           Quarter Ended June 30,
                                               1997         1996
                                                              
Cash Flows From Operating Activities:                         
Net income                                   $10,119      $ 6,643
Adjustments to reconcile net income to                        
net cash provided
  by (used in) operating activities:                          
   Depreciation and amortization               4,855        3,549
   Deferred income taxes                       2,000        1,000
   Equity in net (earnings) loss of                       
     unconsolidated affiliate                  1,656           --
   Changes in operating assets and                        
    liabilities:
     Receivables                              (6,038)      (3,745)
     Prepaid expenses and other               (1,888)         457
     Accounts payable and accrued              5,254        7,207
      liabilities
     Other                                       (32)          --
                                                              
     Net cash provided by (used in)           15,926       15,111
operating activities
                                                              
Cash Flows From Investing Activities:                         
Additions to property and equipment          (47,629)     (10,810)
Additions to deferred charges                 (1,646)      (1,642)
Net repayment of advances to                  22,011           --
unconsolidated affiliate
Other                                         (1,469)         (95)
                                                              
     Net cash (used in) investing            (28,733)     (12,547)
activities                                   
                                                              
Cash Flows From Financing Activities:                         
Proceeds from sale of common stock               311          229
Net proceeds (repayment) of long-term           (329)       3,894
debt
                                                              
     Net cash provided by (used in)              (18)       4,123
financing activities
                                                              
Cash:                                                         
Increase (Decrease)                          (12,825)       6,687
Beginning of period                           63,981        5,430
End of period                                $51,156      $12,117
                                                              
Supplemental Cash Flow Information:                           
Interest paid, net of amount                 $    83      $    86
capitalized
Income taxes paid                                500          446
                                
         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").
Effective December 23, 1996, the Company acquired a 49% ownership
in  CCC  Fabricaciones y Construcciones, S.A. de C.V.,  which  is
accounted for by the equity method.

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
quarter  ended  June 30, 1997, are not necessarily indicative  of
the  results that may be expected for the year ending  March  31,
1998.   These  financial statements should be read in conjunction
with the Company's audited consolidated financial statements  and
related notes thereto included in the Company's Annual Report  on
Form 10-K for the fiscal year ended March 31, 1997.

The  accompanying consolidated financial statements for June  30,
1996  have  been adjusted to reflect a two-for-one  common  stock
split effected in August of 1996.

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

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

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

The  Company  has guaranteed certain indebtedness and commitments
of CCC approximating $50.6 million at June 30, 1997.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at June 30,  1997  approximates
$90.0 million.


3.   Subsequent Event -  On July 31, 1997, the Company completed the
acquisition of certain business operations and assets of Sub  Sea
International,  Inc.  and  certain  of  its  subsidiaries.    The
purchase price consisted of $102 million, paid in cash and funded
from  available cash and borrowings under the Company's  existing
credit line, and the assumption of certain liabilities. The major
assets  acquired  in  the transaction include three  construction
barges, four liftboats and one dive support vessel based  in  the
United States, four support vessels based in the Middle East, and
support vessels and ROVs based in the Far East and Asia Pacific.

4.    Recent  Accounting Pronouncements - In February  1997,  the
Financial Accounting Standards Board ("FASB") issued Statement of
Financial  Accounting  Standards No. 128,  "Earnings  per  Share"
("SFAS  128"),  which changes the method of calculating  earnings
per share ("EPS").  SFAS 128 requires the presentation of "basic"
EPS and "diluted" EPS on the face of the statement of operations.
Basic  EPS  is  computed by dividing the net income available  to
common shareholders by the weighted-average shares of outstanding
common stock.  The calculation of diluted EPS is similar to basic
EPS  except  that the denominator includes dilutive common  stock
equivalents such as stock options and warrants.  The statement is
effective  for  financial  statements for  periods  ending  after
December 15, 1997.  The Company will adopt SFAS 128 in the  third
quarter of fiscal 1998, as early adoption is not permitted.  When
adopted,  it will require restatement of prior years'  EPS.   Had
the  provisions of SFAS 128 been in effect as of June  30,  1997,
the  Company  would have reported basic EPS of $0.22 and  diluted
EPS of $0.22 for the three months ended June 30, 1997.

In  June  1997, the FASB issued Statement of Financial Accounting
Standards No. 130, "Reporting Comprehensive Income" ("SFAS 130").
SFAS  130  requires  that  all items  that  are  required  to  be
recognized   under   accounting  standards   as   components   of
comprehensive income be reported in a financial statement that is
displayed with the same prominence as other financial statements.
This  statement  does  not  require a specific  format  for  that
financial statement but requires that an entity display an amount
representing  total comprehensive income for the period  in  that
financial  statement.  SFAS 130 requires that an entity  classify
items  of  other  comprehensive  income  by  their  nature  in  a
financial statement.  For example, other comprehensive income may
include foreign currency items and unrealized gains and losses on
certain  investments in debt and equity securities.  In addition,
the  accumulated balance of other comprehensive  income  must  be
displayed separately from retained earnings and additional  paid-
in  capital  in  the equity section of a statement  of  financial
position.  Reclassification of financial statements  for  earlier
periods,  provided for comparative purposes,  is  required.   The
Company  has not determined the impact that the adoption of  this
new  accounting standard will have on its consolidated  financial
statements.   The  Company  will adopt this  accounting  standard
effective April 1, 1998, as required.



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

General

The  following  commentary presents management's  discussion  and
analysis  of  the Company's financial condition  and  results  of
operations.  Certain of the statements included below,  including
those  regarding future financial performance or results or  that
are  not  historical  facts,  are  or  contain  "forward-looking"
information  as  that term is defined in the  Securities  Act  of
1933,  as  amended.  The words "expect," "believe," "anticipate,"
"project,"  "estimate," and similar expressions are  intended  to
identify   forward-looking  statements.   The  Company   cautions
readers  that  any such statements are not guarantees  of  future
performance   or  events  and  such  statements  involve   risks,
uncertainties  and  assumptions, including  but  not  limited  to
industry  conditions,  general economic conditions,  competition,
ability  of  the  Company  to  successfully  manage  its  growth,
operating  risks,  risks of international  operations,  risks  of
vessel construction and other factors discussed below and in  the
Company's Annual Report on Form 10-K for the year ended March 31,
1997.   Should  one  or  more  of these  risks  or  uncertainties
materialize or should the underlying assumptions prove incorrect,
those  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 June 30, 1997 and 1996, included elsewhere in  this
report and the Company's audited consolidated financial statement
and  Management's Discussion and Analysis of Financial  Condition
and Results of Operations included in the Company's Annual Report
on Form 10-K for the fiscal year ended March 31, 1997.

During   fiscal   1997  the  Company  completed   the   following
acquisitions:   Norman Offshore Pipelines,  Inc.,  ("Norman"),  a
pipeline  construction company operating in  the  United  States,
which   included  two  shallow  water  pipelay  vessels;   Divcon
International Pty Ltd.'s ("Divcon") diving and remotely  operated
vehicles  ("ROV's") assets in Southeast Asia; and a 49% ownership
interest  in  a  Mexican  marine  construction  contractor,   CCC
Fabricaciones y Construcciones, S.A. de C.V. ("CCC"), as well  as
two 400 foot combination pipelay derrick barges, the Comanche and
the  Shawnee (formerly the DB-21 and  DB-l5), operating  in  West
Africa  and  in Mexico (under charter to CCC), respectively.  The
Company's  investment in CCC is accounted for  under  the  equity
method.

During  the second quarter of fiscal 1998, the Company  completed
the  acquisition of certain business operations and assets of Sub
Sea  International,  Inc. and certain of its  subsidiaries.   The
$102  million cash portion of the purchase price was funded  from
available cash and borrowings under the Company's existing credit
line.  The major assets acquired in the transaction include three
construction  barges, four liftboats and one dive support  vessel
based  in  the United States, four support vessels based  in  the
Middle  East, and support vessels and ROVs based in the Far  East
and Asia Pacific.

Although   the  Company  has  been  expanding  its  international
operations, 73% of the Company's revenues in fiscal 1997 and  91%
of revenues in the first quarter of fiscal 1998 were derived from
work  performed  in  the  Gulf  of Mexico.  The  offshore  marine
construction industry in the Gulf of Mexico is highly seasonal as
a  result  of  weather  conditions  and  the  timing  of  capital
expenditures   by   oil  and  gas  companies.   Historically,   a
substantial portion of the Company's services has been  performed
during  the  period from June through November.  As a  result,  a
disproportionate portion of the Company's revenues, gross  profit
and  net  income  is  generally earned during  the  second  (July
through  September) and third (October through December) quarters
of  its  fiscal year.  Because of seasonality, full year  results
are  not likely to be a direct multiple of any particular quarter
or  combination of quarters.  The following table  documents  the
seasonal  nature  of the Company's operations by  presenting  the
percentage  of revenues, gross profit and net income  contributed
by each fiscal quarter for the past three fiscal years.

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

Revenues, three year average       22%       32%       25%     21 %
Gross profit, three year average   21        38        25      16
Net  income,  three year average   20        40        25      15

The  Company expanded its operations offshore West Africa  during
the  first  half  of fiscal 1996.  Strong demand in  this  market
during  the  fourth  quarters  of fiscal  1996  and  fiscal  1997
resulted  in  the fourth quarters of fiscal 1996 and fiscal  1997
making   a  significantly  greater  contribution  to  the  year's
revenues,  gross  profit and net income than historically,  which
has a significant impact on the three year averages shown above.


Results of Operations

The  following  table  sets forth for the periods  indicated  the
Company's  statements of operations expressed as a percentage  of
revenues.
                                      Quarter Ended
                                        June 30,
                                  1997          1996

Revenues                         100.0%         100.0 %
Cost of revenues                 (67.0)         (75.5)
Gross profit                      33.0           24.5
Equity in net earnings (loss) of 
  unconsolidated affiliate        (2.6)            --
Selling, general and 
  administrative expenses         (6.7)          (5.9)
Interest expense                  (0.2)          (0.1)
Other income (expense), net        2.3            0.3
Income before income taxes        25.8           18.8
Provision for income taxe s        9.8           (5.6)
Net income                        16.0           13.2

The Company's results of operations reflect the level of offshore
construction activity in the Gulf of Mexico and West  Africa  for
the  first  quarter of fiscal 1997 and 1998, and in Asia  Pacific
for  the  first quarter of fiscal 1998, and the Company's ability
to  win  jobs through competitive bidding and manage projects  to
successful   completion.   The  level  of  offshore  construction
activity  is principally determined by three factors: first,  the
oil  and  gas industry's ability to economically justify  placing
discoveries  of oil and gas reserves on production;  second,  the
oil  and  gas  industry's need to clear all structures  from  the
lease  once  the  oil  and gas reserves have been  depleted;  and
third, weather events such as major hurricanes.





First Quarter Fiscal 1998 Compared to First Quarter Fiscal 1997

Revenues.  Revenues for the first quarter of fiscal 1998 of $63.2
million  were 26% higher than the $50.3 million recorded  in  the
first quarter of fiscal 1997, with strong contributions from Gulf
of  Mexico pipelay, derrick, liftboat and diving services in  the
current  quarter as compared to the same period a  year  earlier.
The  Norman  acquisition  completed  on  July  1,  1996  and  the
additional  shallow water assets acquired resulted in  a  greater
contribution  from the Coastal Division in the first  quarter  of
fiscal  1998,  as compared to the first quarter of  fiscal  1997.
The  increases were partially offset by lower revenues from  West
Africa  and  the absence of the Hercules (which was undergoing  a
major  upgrade)  during  the  first quarter  of  fiscal  1998  as
compared  to the same period a year earlier. Barge days  employed
were  444  in the first quarter of fiscal 1998 compared with  332
days in the 1997 period, with increases largely from the addition
of  the  Coastal  Division barges as well as the charter  of  the
Shawnee to CCC in Mexico. Liftboat and DSV days of 1,563  in  the
most recent period were 18% higher than the 1,320 days during the
year  earlier  period.  Diver days totaled 8,781  in   the  first
quarter of fiscal 1998 compared with 3,545 a year earlier,  as  a
result of higher activity and additional days from the Norman and
Divcon acquisitions.

Depreciation  and  Amortization.  Depreciation  and  amortization
expenses,  including amortization of drydocking costs, were  $4.9
million  in  the  first quarter of fiscal 1998 compared  to  $3.5
million   a   year   earlier.   The  increase   was   principally
attributable  to additions to the fleet during the year  and  the
depreciation expense  resulting from those additions.

Gross Profit.  Gross profit for the first quarter of fiscal  1998
of  $20.8  million  was 69% higher than the $12.4  million  gross
profit  for  the same quarter a year earlier.  The  gross  profit
increase  was primarily attributable to the increases in domestic
services, partially offset by lower than normal gross profit from
international  operations  resulting  from  lower  activity   and
revenues  from West Africa. Gross profit as a percent of revenues
increased  for  the  first quarter of fiscal  1998  to  33.0%  as
compared  to 24.5% for the same quarter a year earlier, primarily
due  to  the greater domestic service revenues with higher  gross
profit margins.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the first quarter of fiscal 1998
were  $4.2 million, 43% higher than the $3.0 million expense  for
the  same quarter a year earlier. A provision for  retirement and
incentive compensation plan expense of $1.2 million was  recorded
in the first quarter of fiscal 1998, compared to $0.4 million for
the  same period a year earlier. Of the first quarter fiscal 1998
provision,  $0.4  million was included in  selling,  general  and
administrative expenses, compared to $0.2 million  for  the  same
period  a  year  earlier.  The increase in selling,  general  and
administrative expenses largely reflects the cost of staff  added
in order to manage the Company's expansion.

Interest  Expense and Other Income (Expense).  Interest  expense,
net  of   $0.5  million of capitalized interest  cost,  was  $0.1
million in the first quarter fiscal 1998 compared to less than  $
0.1  million  in  the same quarter a year earlier.  Other  income
(expense)  in the first quarter fiscal 1998 of  $1.5 million  was
higher  than  the  $0.1 million reported a year  earlier  largely
because  the  Company  had  higher cash  balances  available  for
investment.

Net  Income.   Net income for the first quarter  of  fiscal  1998
totaled  $10.1 million, an increase of 53% from $6.6  million  in
the  same quarter a year earlier.  Included in net income for the
first  quarter  of fiscal 1998 is a $1.7 million loss  associated
with  the Company's 49% ownership interest in CCC.  The Company's
effective  income  tax rate increased from  29.7%  in  the  first
quarter   of  fiscal  1997  to  38.0%  in  the  current  quarter,
reflecting the loss of the benefit of a lower effective tax  rate
for   the  Company's international operations  which  provided  a
smaller percentage of revenues during the first quarter of fiscal
1998 as compared to the year earlier period.


Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $15.9  million
during  the  first quarter of fiscal 1998. Cash from  operations,
together with available cash, funded net investing activities  of
$28.7  million.   Investing activities consisted  principally  of
capital  expenditures,  dry-docking costs  and  reimbursement  of
funds  advanced to CCC. Working capital decreased  $22.5  million
during  the first three months of fiscal 1998 from $103.7 million
at March 31, 1997 to $81.3 million at June 30, 1997.

Capital expenditures during the first quarter included the  $21.0
million to acquire the Seminole (previously the DLB 900) and $3.2
million  to  acquire the Sea Tiger (previously the Bulan  Malai),
and  $12.3  million for continued construction of the upgrade  of
the Hercules.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at June 30,  1997  approximates
$90.0  million.  The addition of conventional pipelay  capability
and  dynamic  positioning to the Hercules is  now  scheduled  for
completion  during  the second quarter of  fiscal  1998  with  an
estimated  cost  of $15.0 million, which is in  addition  to  the
approximately $50.0 million previously spent.

Long-term  debt  outstanding at June 30, 1997  including  current
maturities),  consist  primarily of $41.4  million  of  Title  XI
bonds.  Included in this amount are $20.3 million of bonds  which
the Company issued during August 1996 to finance the construction
of  two  liftboats,  a  launch barge  and  a  cargo  barge.   The
Company's  outstanding Title XI bonds mature in 2003, 2005,  2020
and  2022,  carry interest rates of 9.15%, 8.75% ,  8.30%  ,  and
7.25%  per annum, respectively, and require aggregate semi-annual
payments of $0.5 million (until January 1998, when aggregate semi-
annual  payments  will  be  $0.9 million),  plus  interest.   The
agreements  pursuant  to which the Title  XI  bonds  were  issued
contain  certain covenants, including the maintenance of  minimum
working  capital and net worth requirements, which, if  not  met,
result  in  additional covenants that restrict the operations  of
the  Company and its ability to pay cash dividends.  The  Company
is  currently in compliance with these covenants. The proceeds of
the  1996 Title XI bonds were placed in escrow pending completion
and  delivery of the four vessels.  During August 1997 the  final
vessel  is  to  be  completed and delivered  and  the  funds  are
expected to be released from escrow.

In  July  1997 the Company completed the acquisition  of  certain
assets  and  operations from Sub Sea International,  Inc.  for  a
purchase price of $102 million.  In addition, as noted above  the
Company  acquired the Seminole in June 1997.  The cost  of  these
acquisitions   was  primarily  funded  by  cash  generated   from
operations  and  borrowings of $77 million  under  the  Company's
Credit Facility.

The  Company maintains an $85.0 million revolving line of  credit
("Loan  Agreement") with a syndicate of commercial  banks.    The
revolving  credit  facility of the Loan  Agreement  is  available
until  June  30,  2000,  at which time the  amount  available  is
reduced  to  zero over two years.  Borrowings under the  facility
are unsecured bear interest at fluctuating rates, and are payable
on  July  30, 2002.  Continuing access to the Revolving  Line  of
Credit  is  conditioned upon the Company remaining in  compliance
with   the  covenants  of  the  Loan  Agreement,  including   the
maintenance  of certain financial ratios.  At June 30,  1997,  no
amounts were outstanding under the Loan Agreement and the Company
was in compliance with the covenants contained therein.

Funds available under the Company's credit facility and Title  XI
bonds,  combined  with available cash, and  cash  generated  from
operations,  are expected to provide sufficient  funds  for   the
Company's operations, scheduled debt retirement, planned  capital
expenditures,  and  working  capital needs  for  the  foreseeable
future.
                                
                                
                   PART II - OTHER INFORMATION
                                
                                
Item 1.  Legal Proceedings

The  Company  is  involved in various routine  legal  proceedings
primarily involving claims for personal injury under the  General
Maritime  Laws of the United Sates 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.

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

During  the quarter covered by this report the Registrant  filed:
Current  Report  on Form 8-K dated July 31, 1997,  reporting  the
consummation  of  the acquisition of certain assets  of  Sub  Sea
International.


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

                              GLOBAL INDUSTRIES, LTD.
                              
                              By:  /s/MICHAEL J. POLLOCK
                              
                              ___________________________________
                                     Michael J. Pollock
                              Vice President, Chief Financial Officer
                           (Principal Financial and Accounting Officer)
                                
August 14, 1997
                                                       EXHIBIT 15









August 13, 1997

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

We  have  made a review, in accordance with standards established
by the American Institute of Certified Public Accountants, of the
unaudited  interim  financial information of  Global  Industries,
Ltd.  and  subsidiaries for the periods ended June 30,  1997  and
1996, as indicated in our report dated July 31, 1997; because  we
did  not  perform  an  audit, we expressed  no  opinion  on  that
information.

We are aware that our report referred to above, which is included
in  your Quarterly Report on Form 10-Q for the quarter ended June
30,  1997, is incorporated by reference in Registration Statement
Nos. 33-58048 and 33-89778 on Form S-8.

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



DELOITTE & TOUCHE LLP

New Orleans, Louisiana