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 December  31, 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 February 6, 1998 was 91,380,310.
                                
                     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                     11


                                 Part II
                                
Item 1.   Legal Proceedings                                        16

Item 6.   Exhibits and Reports on Form 8-K                         16

         Signature                                                 17



                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 December 31, 1997 and for  the  three-
month  and  nine-month periods ended December 31, 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

February 6, 1998
New Orleans, Louisiana
                                
                                
                                
                                
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                
                                 Quarter Ended      Nine Months Ended
                                 December 31,         December 31,
                                1997      1996       1997      1996
                                                                  
Revenues                      $120,435  $ 56,776    $292,383  $179,539
                                                              
Cost of Revenues                88,218    41,496     201,470   130,122
                              --------  --------     -------   -------          
Gross Profit                    32,217    15,280      90,913    49,417
                                                               
Equity in Net Earnings                                         
(Loss) of
 Unconsolidated Affiliate        1,273        --       (854)        --
                                                               
Selling, General and                                           
Administrative
 Expenses                        6,212     4,033      16,907    10,597
                              --------   -------     -------   -------         
Operating Income                27,278    11,247      73,152    38,820
                              --------   -------     -------   -------          
Other Income (Expense):                                        
 Interest Expense                (965)     (121)     (1,459)     (574)
 Other                             892       395       3,018       601
                              --------   -------     -------   ------- 
                                  (73)       274       1,559        27
                              --------   -------     -------   -------         
Income Before Income Taxes      27,205    11,521      74,711    38,847
                                                               
Provision for Income Taxes      10,338     3,449      28,390    11,615
                              --------   -------     -------  --------         
Net Income                    $ 16,867  $  8,072    $ 46,321  $ 27,232
                              ========  ========    ========  ========         
Net Income Per Share:                                          
 Basic                        $   0.18   $  0.11    $   0.50   $  0.36
 Diluted                      $   0.18   $  0.10    $   0.49   $  0.34
                                
         See Notes to Consolidated Financial Statements.
            

                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)
            
                                        December 31,    March 31,
                                            1997         1997
ASSETS                                                 
Current Assets:                                        
 Cash                                     $ 27,115     $ 63,981
 Escrowed funds, bond proceeds               1,404       19,112
 Receivables                               100,855       51,762
 Advances to unconsolidated affiliate       23,740       13,913
 Prepaid expenses and other                  6,680        2,874
                                          --------     --------
  Total current assets                     159,794      151,642
                                          --------     --------             
Escrowed Funds, Bond Proceeds               28,000        1,447
Property and Equipment, net                409,638      243,915
                                                       
Other Assets:                                          
 Deferred charges, net                       7,754        6,469
 Investment in and advances to                           
   unconsolidated affiliate                  2,678       15,071
 Other                                       3,246        4,143
                                          --------     --------
  Total other assets                        13,678       25,683
                                          --------     --------
    Total                                 $611,110     $422,687
                                          ========     ========
                                                       
LIABILITIES AND SHAREHOLDERS' EQUITY                   
Current Liabilities:                                   
Current maturities of long-term debt      $  2,159     $  2,266
Accounts payable                            63,623       29,828
Accrued liabilities                         20,042        9,453
Accrued profit-sharing                       4,689        3,566
Insurance payable                            2,461        2,802
                                          --------     --------
  Total current liabilities                 92,474       47,915
                                          --------     --------             
Long-Term Debt                             135,730       40,947
Deferred Income Taxes                       29,599       21,598
Commitments and Contingencies                          
                                                       
Shareholders' Equity:                                  
Preferred stock                                 --           --
Common stock, issued and outstanding,                  
   91,320,640 and 90,556,750 shares, 
   respectively                                913          906
Additional paid-in capital                 203,918      201,331
Translation adjustments                     (8,328)          --
Retained earnings                          156,304      109,990
                                          --------     --------
  Total shareholders' equity               353,307      312,227
                                          --------     --------
    Total                                 $611,110     $422,687
                                          ========     ========

         See Notes to Consolidated Financial Statements.


                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in thousands)
                           (Unaudited)

                                      Nine Months Ended December 31,
                                           1997           1996
Cash Flows From Operating Activities:                       
Net income                              $ 46,321       $ 27,232
Adjustments to reconcile net income                         
  to net cash provided
  by (used in) operating activities:                        
   Depreciation and amortization          21,941         12,602
   Deferred income taxes                   8,000          4,500
   Equity in net (earnings) loss of                    
     unconsolidated affiliate                854             --
   Other                                      94             12
   Changes in operating assets and                     
     liabilities
     (net of acquisitions):                             
     Receivables                         (34,014)       (11,499)
     Prepaid expenses and other           (2,922)           985
     Accounts payable and accrued         
       liabilities                        35,980         12,119
                                        ---------      --------- 
                                                       
     Net cash provided by (used in)       
       operating activities               76,254         45,951 
                                        ---------      ---------
                                                            
Cash Flows From Investing Activities:                       
Additions to property and equipment      (94,384)       (72,919)
Escrowed funds, bond proceeds             (8,845)           226
Acquisition of business, net of cash    
  acquired                              (103,805)        (5,990)
Acquisition of equity interest in             
  unconsolidated affiliate                    --           (201)
Net (advances to) repayment of                         
  advances to unconsolidated affiliate     1,705        (23,231)
Additions to deferred charges             (4,290)        (3,464)
Other                                        791         (7,850)
                                       ----------      ---------              
     Net cash (used in) investing       
       activities                       (208,828)      (113,429)
                                       ----------      ---------
                                                            
Cash Flows From Financing Activities:                       
Proceeds from exercise of employee        
  stock plans                              1,957          1,028
Net proceeds of long-term debt            94,676         67,315
                                        ---------      ---------                
     Net cash provided by financing       
       activities                         96,633         68,343
                                        ---------      ---------
                                                       
Effect of Exchange Rate Changes on Cash     (925)             --
                                        ---------      ---------
Cash:                                                  
Increase (Decrease)                      (36,866)            865
Beginning of period                       63,981           5,430
                                        ---------      ----------
End of period                           $ 27,115        $  6,295
                                        =========      ==========               
Supplemental Cash Flow Information:                    
Interest paid, net of amount            
  capitalized                           $    601        $    721
Income taxes paid                         10,703           3,093
                                



                     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
interest  in  CCC Fabricaciones y Construcciones,  S.A.  de  C.V.
("CCC"), 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
period ended December 31, 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  have  been
adjusted  to reflect the two-for-one common stock split  effected
in October 1997.

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. Business Acquisition -  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
major   assets   acquired  in  the  transaction  included   three
construction  barges, four liftboats and one dive support  vessel
based  in  the United States, four support vessels based  in  the
Middle  East, and support vessels and ROVs based in the Far  East
and  Asia  Pacific.   The transaction was accounted  for  by  the
purchase  method and, accordingly, the acquisition cost  of  $104
million  (consisting of the purchase price of $102  million,  and
directly  related acquisition costs of $2 million) was  allocated
to  the  net assets acquired based on their estimated fair market
value.   The  results  of  operations of  the  acquired  business
operations  and  assets  are included in  the  accompanying  1997
financial statements since the date of acquisition.

The following unaudited pro forma income statement data for the
nine  months ended December 31, 1997 and 1996 reflects the effect
of  the  acquisition  assuming it occurred effective  as  of  the
beginning of each period presented:

                          Nine Months Ended
                             December 31,
                           1997       1996
                (in thousands, except per share data)
                                               
Revenues                $327,739    $258,180
Net income                44,551      26,097
Net income per share:                                                         
  Basic                     0.49        0.34
  Diluted                   0.48        0.33




3. Financing Arrangements - During November 1997, the Lake Charles
Harbor  and  Terminal  District issued Port  Improvement  Revenue
Bonds  aggregating $28 million (the "Bonds") for the  benefit  of
the  Company  to  finance the acquisition and construction  of  a
deepwater  support facility and pipebase near Carlyss,  Louisiana
(the   "Facilities").   The  Bonds  are  collateralized   by   an
irrevocable  letter of credit in the amount of $28.4 million  and
mature  on  November 1, 2027.  The bonds are subject to  optional
redemption, generally without premium, in whole or in part on any
business  day prior to maturity at the direction of the  Company.
Interest accrues at varying rates as determined from time to time
by  the  remarketing agent based on (i) specified  interest  rate
options  available to the Company over the life of the Bonds  and
(ii)   prevailing  market  conditions  at  the   date   of   such
determination.   The interest rate on borrowings  outstanding  at
December 31, 1997 was 3.75%.

Under the terms of the financing, proceeds from the issuance of
the Bonds were placed into a Construction Fund for the payment of
related issuance costs and the costs of acquisition, construction
and  improvement  of  the  Facilities and  are  included  in  the
accompanying  1997  balance  sheet under  the  caption  "Escrowed
Funds, Bond Proceeds."

During November 1997, the Company amended the terms of  its
existing  credit  agreement with a syndicate of commercial  banks
to, among other things, (i) increase the available line of credit
to  $160 million, and (ii) provide for a reduction in the  amount
available under the credit agreement by the principal balance  of
borrowings  outstanding as of any date under  a  separate  credit
agreement  between the banks and CCC.  At December 31, 1997,  the
amount  available  under  the credit agreement  approximated  $29
million.

4. Basic and Diluted Earnings Per Share - In February 1997, the
Financial Accounting Standards Board ("FASB") issued Statement of
Financial  Accounting  Standards No. 128,  "Earnings  per  Share"
("SFAS  128"),  which changed 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 net income available to common
shareholders  by  the  weighted average shares  of  common  stock
outstanding.  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 Company adopted SFAS 128 effective for the quarterly period
ended December 31, 1997 and restated prior years' EPS amounts  as
required.   Weighted average common shares used for  purposes  of
computing  basic and diluted earnings per share for the  quarters
and  nine  months  ended December 31, 1997 and  1996  follow  (in
thousands):

                          Quarter Ended       Nine Months Ended
                           December 31,          December 31,
                        1997        1996       1997       1996

Weighted average   
  common shares 
  outstanding          91,237      76,294     90,981      76,155
                       
                                                                       
Effect  of dilutive                                                    
  stock options
  and shares issuable                                                         
  under employee 
  stock purchase plan   2,805       2,974      2,701       2,877
                       ------      ------     ------      ------
                                                                             
Weighted average                                                             
  common shares and                                              
  potential dilutive
  shares outstanding   94,042      79,268    93,682      79,032
                       ======      ======    ======      ======               

Options to purchase 1,348,000 shares of common stock (prices
ranging from $18.28 to $21.94 per share) were outstanding  during
the  quarter  ended  December 31, 1997 (none during  the  quarter
ended   December  31,  1996),  but  were  not  included  in   the
computations of diluted EPS because the options' exercise  prices
exceeded  the average market prices for the common shares  during
such  period.   Corresponding amounts for the nine  months  ended
December  31, 1997 and 1996 amounted to 1,521,000 shares  (prices
ranging  from  $15.00  to $21.94 per share)  and  254,000  shares
(prices ranging from $7.88 to $8.88 per share), respectively.

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

The  Company  has guaranteed certain indebtedness and commitments
of  CCC approximating $30.1 million at December 31, 1997.  In the
normal course of its business activities, the Company is required
to  provide letters of credit for various corporate purposes.  At
December 31, 1997, outstanding letters of credit approximated $44
million,  including $28.4 million related to the Carlyss Facility
bonds and $10.6 million related to the Hercules  arbitration.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure   projects   in  progress  at   December   31,   1997
approximates $70 million.

The Company has instituted an arbitration proceeding against a
shipyard  under  the  terms  of  the construction  contract  for  the
conversion  and  upgrade of the Hercules.  The  Company  and  the
shipyard  disagree over the stage of completion  of  the  project
when the vessel was removed from the shipyard.  In addition,  the
Company  is seeking damages for late delivery and the shipbuilder 
seeks damages for   change   orders,   extras,
construction delays and disruption.  Under an interim  agreement,
pending  resolution  of the arbitration proceeding,  the  Company
took  possession  of the vessel in exchange for posting  a  $10.6
million  letter of credit in favor of the shipyard.  The  Company
is  vigorously  pursuing  its claims and  defending  against  the
shipyard's claims through the arbitration proceeding and does not
believe that the ultimate resolution of this matter will  have  a
material adverse effect on its consolidated financial statements.

6. Subsequent Event - During February 1998, the Company signed an
agreement  with  TL  Marine Sdn. Bhd., to acquire  for  cash  the
pipelay/derrick  barges  DLB 332 (Teknik  Perdana)  and  DLB  264
(Teknik  Padu)  along  with  auxiliary  pipelay/construction  and
diving equipment.  Closing of the purchase is subject to approval
of  the  shareholders of the seller and certain of its  partners.
Total  costs  related  to  the acquisition  of  the  vessels  and
equipment  are approximately $50 million and are expected  to  be
funded through available cash and bank borrowings.

7. Recent Accounting Pronouncements - 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 does not believe  that  the
adoption  of  this new accounting standard will have  a  material
effect  on  its consolidated financial statements.   The  Company
will  adopt this accounting standard effective April 1, 1998,  as
required.

In  June  1997, the FASB issued Statement of Financial Accounting
Standards  No. 131, "Disclosures about Segments of an  Enterprise
and  Related  Information" ("SFAS 131"), which will be  effective
for  the Company beginning April 1, 1998.  SFAS 131 redefines how
operating  segments  are  determined and requires  disclosure  of
certain  financial and descriptive information about a  Company's
operating  segments.  The  Company  has  not  yet  completed  its
analysis of which operating segments it will report.

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

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,
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 December 31, 1997 and 1996, included elsewhere  in
this  report  and  the  Company's audited consolidated  financial
statements and Management's Discussion and Analysis of  Financial
Condition  and  Results of Operations included in  the  Company's
Annual  Report on Form 10-K for the fiscal year ended  March  31,
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  ("ROVs") 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 first quarter of fiscal 1998, the Company acquired the
Seminole  (formerly the GAL 900), a 440 foot long  self-propelled
combination pipelay derrick barge, currently located in  Sharjah,
United Arab Emirates.  The purchase price of the Seminole, plus a
launch barge, was $21 million.

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
$104  million  acquisition  costs  (including  $2.0  million   at
directly  related  acquisition costs) 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  81%
of  its  revenues  in the first nine months 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  years'
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,
statement  of  operations  data  expressed  as  a  percentage  of
contract revenues.
                            Quarter Ended       Nine Months Ended
                             December 31,         December 31,
                            1997      1996       1997       1996

Revenues                   100.0%     100.0%    100.0%      100.0%
Cost of revenues           (73.2)     (73.1)    (68.9)      (72.5)
Gross profit                26.8       26.9      31.1        27.5
Equity in net earnings                                  
 (loss) of unconsolidated     
 affiliate                   1.1         --      (0.3)         --
Selling, general and                                    
 administrative expenses    (5.2)      (7.1)     (5.8)       (5.9)
Interest expense            (0.8)      (0.3)     (0.5)       (0.2)
Other income              
 (expense), net              0.7        0.8       1.0         0.3
Income before income taxes  22.6       20.3      25.5        21.7
Provision for income taxes  (8.6)      (6.1)     (9.7)       (6.5)
Net income                  14.0%      14.2%     15.8%       15.2%

The Company's results of operations reflect the level of offshore
construction activity in the Gulf of Mexico and West  Africa  for
the  first  nine  months of fiscal 1997 and  1998,  and  in  Asia
Pacific  and the Middle East for the first nine months 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 storms and
hurricanes.


Third  Quarter of Fiscal 1998 Compared to Third Quarter of Fiscal
1997

Revenues. Revenues for the third quarter of fiscal 1998 of $120.4
million were 112% higher than the $56.8 million reported for  the
same  period  a year earlier.  The increase in revenues  for  the
quarter  largely  resulted from revenues  generated  by  domestic
pipelay  operations, improved utilization and  dayrates  on  dive
support  vessels and liftboats, and the addition of international
operations  and assets acquired from Sub Sea in Asia Pacific  and
the  Middle  East,  offset by lower revenues  from  West  Africa.
Barge  days  employed improved to 953, compared to the  467  days
employed in the same period last year.  This increase was largely
due  to an increased number of domestic pipelay barge days,  plus
barge days added from charters to CCC in Mexico and barge days in
the  Middle East.  Liftboat and dive support vessel days employed
of  2,801 were higher than the 1,351 days worked during the  same
period  last  year.  Diver days employed totaled 12,291  for  the
quarter, up from 4,410 a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including amortization of drydocking costs, for the third quarter
of  fiscal  1998 was $8.7 million compared with $4.3 million  for
the  same  period  in fiscal 1997.  The increase was  principally
attributable  to  increased utilization of the  Company's  larger
construction  barges  (which  are  depreciated  on  a   units-of-
production  basis) and increases in the Company's  fleet  through
upgrades and acquisitions, offset partially by lower depreciation
on  the  Cheyenne  which  is  also  depreciated  on  a  units-of-
production basis.

Gross  Profit. For the third quarter of fiscal 1998, the  Company
had  gross  profit  (the  excess of revenues  over  the  cost  of
revenues,  which includes depreciation and amortization  charges)
of $32.2 million compared with $15.3 million for the same quarter
of fiscal 1997.  The increase was largely the result of increased
domestic  pipelay, dive support vessels and liftboats activities,
partially  offset by lower gross profit from West  Africa.  Gross
profit as a percent of revenues for the current quarter was  27%,
the  same  as the gross profit percentage earned during the  same
quarter of fiscal 1997. Cost of revenues for the quarter includes
a  $1.2 million accrual for retirement and incentive compensation
expense,  as  compared to an $0.8 million provision in  the  same
period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the third quarter of fiscal 1998
totaled  $6.2  million compared with $4.0 million  for  the  same
period  a  year earlier. The increase was primarily  due  to  the
expansion  of  business  to  the Asia  Pacific  and  Middle  East
regions.  A  provision for retirement and incentive  compensation
plan expense of $1.8 million was recorded in the third quarter of
fiscal  1998,  of  which $0.6 million was  included  in  selling,
general,  and  administrative  expenses  and  $1.2  million   was
included  in  cost  of revenues.  In the year earlier  comparable
period  a  $1.1 million provision for such expense  was  recorded
with   $0.3   million   included   in   selling,   general,   and
administrative  expenses and $0.8 million  included  in  cost  of
revenues.

Other Income (Expense).  Interest expense, net of $1.1 million of
capitalized interest cost, was $1.0 million in the third  quarter
of fiscal 1998 compared to $0.1 million in the same period a year
earlier.  Other  income in the current quarter was  $0.9  million
compared  to  $0.4  million reported in the same  period  a  year
earlier.

Net  Income.  Net income for the third quarter of fiscal 1998 was
$16.9  million, up 109%  from $8.1 million in the same  period  a
year  earlier. The Company's effective income tax  rate  for  the
current  period was 38%, compared to 30% for the  same  period  a
year  earlier,  reflecting the loss of the  benefit  of  a  lower
effective  tax  rate  for certain of the Company's  international
operations.


First Nine Months of Fiscal 1998 Compared to First Nine Months of
Fiscal 1997

Revenues.  Revenues for the first nine months of fiscal  1998  of
$292.4  million were 63% higher than the $179.5 million  reported
for the same period a year earlier.  The increase in revenues for
the  nine  months  largely resulted from  revenues  generated  by
strong  domestic activity, improved utilization and  dayrates  on
dive support vessels and liftboats, and in part, the addition  of
international operations and assets acquired from Sub Sea in Asia
Pacific  and the Middle East, partially offset by lower  revenues
contributed  by  the Company's operations in West  Africa.  Barge
days  employed  improved to 2,321, compared  to  the  1,374  days
employed in the same period last year.  This increase was largely
due  to  increased  number  of barge days  for  domestic  pipelay
operations,  and barge days relating to charters to  CCC  and  to
operations  in the Middle East. Liftboat and dive support  vessel
days  employed of  6,972 were significantly higher than the 4,023
days worked during the same period last year. Diver days employed
totaled   32,903  for  the  nine  months  of  fiscal   1998,   up
significantly from 12,900 a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including  amortization of drydocking costs, for the  first  nine
months  of  fiscal  1998 was $21.9 million  compared  with  $12.6
million  for  the same period in fiscal 1997.  The  increase  was
principally   attributable  to  increased  utilization   of   the
Company's larger construction barges (which are depreciated on  a
units-of-production basis) and increases in the  Company's  fleet
through  upgrades  and acquisitions, offset  partially  by  lower
depreciation  on the Cheyenne and the Hercules   which  are  also
depreciated on a units-of-production basis.

Gross  Profit.  For  the first nine months of  fiscal  1998,  the
Company  had gross profit (the excess of  revenues over the  cost
of   revenues,   which  includes  depreciation  and  amortization
charges)  of  $90.9 million compared with $49.4 million  for  the
first  nine months of fiscal 1997.  The increase was largely  the
result of increased domestic activity, improved dayrates on  dive
support  vessels and liftboats, partially offset by  lower  gross
profit  from West Africa.  Gross profit as a percent of  revenues
for  the current nine-month period was 31%, compared to the gross
profit  percentage earned during the first nine months of  fiscal
1997  of  28%.   The increased gross profit margin was  primarily
attributable to higher gross profit margins in the Gulf of Mexico
pipelay, derrick, liftboat, and diving services, partially offset
by  lower  gross  profit  margins from diving,  ROV,  and  vessel
services  in the Middle East and South East Asia and  also  lower
contributions  from West Africa operations in the current  fiscal
year.  Cost of revenues for the first nine months of fiscal  year
1998 includes a $3.5 million accrual for retirement and incentive
compensation expense, as compared to a $2.1 million provision  in
the same period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the first nine months of  fiscal
1998  totaled $16.9 million compared with $10.6 million  for  the
same  period a year earlier.  The increase was primarily  due  to
the  expansion of the Company's business including  expansion  to
the  Asia  Pacific  and  Middle East regions.   A  provision  for
retirement  and  incentive  compensation  plan  expense  of  $5.0
million was recorded for the first nine months of fiscal 1998, of
which  $1.5  million  was  included  in  selling,  general,   and
administrative expenses and $3.5 million was included in cost  of
revenues.  In the year earlier comparable period, a $3.0  million
provision  for  such  expense  was  recorded  with  $0.9  million
included  in  selling, general, and administrative  expenses  and
$2.1 million included in cost of revenues.

Other Income (Expense).  Interest expense, net of $2.7 million of
capitalized interest cost, was $1.5 million in the current  nine-
month  period compared to $0.6 million in the same period a  year
earlier.  Other income in the current nine-month period was  $3.0
million compared to $0.6 million reported a year earlier.

Net  Income.  Net income for the first nine months of fiscal 1998
was $46.3 million, up 70% from $27.2 million in the same period a
year  earlier. The Company's effective income tax  rate  for  the
current  period was 38%, compared to 30% for the  same  period  a
year  earlier,  reflecting the loss  of  a  benefit  of  a  lower
effective  tax  rate  for certain of the Company's  international
operations.


Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $76.3  million
during   the  first  nine  months  of  fiscal  1998.  Cash   from
operations,  together with available cash and funds  provided  by
financing  activities, funded net investing activities of  $208.8
million.  Investing activities consisted principally of  the  Sub
Sea  acquisition,  capital expenditures, and  dry-docking  costs.
Working  capital decreased $36.4 million during  the  first  nine
months  of fiscal 1998 from $103.7 million at March 31,  1997  to
$66.8 million at December 31, 1997.

Capital  expenditures  during the first  nine  months  aggregated
$198.2  million  and  included the acquisition  of  the  Seminole
(previously the DLB 900) and the Sea Tiger (previously the  Bulan
Malai),  and  continued  construction  of  the  upgrade  of   the
Hercules.  In July 1997 the Company completed the acquisition  of
certain  assets  and operations from Sub Sea International,  Inc.
for  a  purchase  price  of $102.0 million.  The  cost  of  these
acquisitions   was  primarily  funded  by  cash  generated   from
operations  and borrowings of $63.0 million under  the  Company's
Credit Facility.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure   projects   in  progress  at   December   31,   1997
approximates $70 million.

Long-term  debt  outstanding  at  December  31,  1997  (including
current maturities), consists primarily of $40.8 million of Title
XI  bonds,  a  $28.0 million obligation to service  Lake  Charles
Harbor  and Terminal District bonds, and $68.0 drawn against  the
Company's revolving line of credit.

The  Company's outstanding Title XI bonds mature in  2003,  2005,
2020  and 2022, carry interest rates of  9.15%, 8.75%,  8.30%,
and  7.25%  per annum, respectively, and require aggregate  semi-
annual  payments  of  $0.5  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  Company maintains a $160.0 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.  The amount of available  credit  is
reduced by (i) outstanding letters of credit secured by the  Loan
Agreement  ($33  million at December 31, 1997) and  (ii)  amounts
outstanding under a separate credit agreement between the banks and
CCC, limited to a maximum of $35 million ($30 million outstanding
at December 31, 1997). 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 December  31,  1997,
$68.0  million was outstanding under the Loan Agreement  and  the
Company  was in compliance with the covenants contained  therein.
The  Company  is  currently in negotiations  with  the  banks  to
increase its revolving line of credit to $200 million.

The  Company  is  constructing a deepwater support  facility  and
pipebase  near  Carlyss, Louisiana.  The  deepwater  facility  is
expected  to replace the Company's existing facilities  in  Houma
and Amelia, Louisiana. The facility is expected to take two years
to   complete  and  cost  approximately  $36  million,  of  which
approximately  $28  million is financed with 30-year,  tax-exempt
revenue  bonds  issued by the Lake Charles  Harbor  and  Terminal
District.  The bonds bear interest at a variable rate, which  was
3.75% at December 31, 1997.

During  February  1998, the Company signed an agreement  with  TL
Marine  Sdn. Bhd., to acquire for cash the pipelay/derrick barges
DLB  332  (Teknik Perdana) and DLB 264 (Teknik Padu)  along  with
auxiliary pipelay/construction and diving equipment.  Closing  of
the  purchase is subject to approval of the shareholders  of  the
seller  and certain of its partners.  Total costs related to  the
acquisition  of  the vessels and equipment are approximately  $50
million and are expected to be funded through available cash  and
bank borrowings.

Funds  available  under the Company's Credit Facility  (including
the  proposed  increase  in  the line of  credit)  combined  with
available cash, and cash generated from operations, are  expected
to be sufficient to fund the Company's operations, scheduled debt
retirement, planned capital expenditures and acquisitions for  at
least the next twelve months.


                   PART II - OTHER INFORMATION
                                
                                
Item 1.  Legal Proceedings

The  Company  is  involved in various routine  legal  proceedings
primarily involving claims for personal injury under the  General
Maritime  Laws of the United States and Jones Act as a result  of
alleged negligence.  The Company believes that the outcome of all
such proceedings, even if determined adversely, would not have  a
material adverse effect on its consolidated financial statements.



Item 6.  Exhibits and Reports on Form 8-K
 (a) Exhibits:

         10.1 Second Amendment to Restated Credit Agreement
         10.2 Facilities Agreement
         10.3 Ground Lease and Lease-Back Agreement
         10.4 Trust Indenture
         10.5 Pledge  and Security Agreement
         15.1 Letter re: unaudited interim financial information.
         27.1 Financial Data Schedule.

 (b) Reports on Form 8-K - None.





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


GLOBAL INDUSTRIES, LTD.


                                      By:MICHAEL J. MCCANN
                                
                                         Michael J. McCann
                                         Vice President, Chief
                                         Financial Officer
                                
                          (Principal Financial and Accounting Officer)
                                


February  17, 1998



                                                    EXHIBIT 15.1





February 12, 1998

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

We  have  made a review, in accordance with standards established
by the American Institute of Certified Public Accountants, of the
unaudited  interim  financial information of  Global  Industries,
Ltd. and subsidiaries for the periods ended December 31, 1997 and
1996,  as indicated in our report dated February 6, 1998; because
we  did  not  perform an audit, we expressed no opinion  on  that
information.

We are aware that our report referred to above, which is included
in  your  Quarterly  Report on Form 10-Q for  the  quarter  ended
December  31,  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