UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                                
                            FORM 10-Q
                                
[X]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15  (d)  OF
THE  SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended September 30, 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    No
                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of October 31, 1997 was 91,178,124.
                                
                     Global Industries, Ltd.
                        Index - Form 10-Q
                                
                                
                             Part I
                                
Item 1.  Financial Statements - Unaudited
          Independent Accountants' Report                           3
          Consolidated Statements of Operations                     4
          Consolidated Balance Sheets                               5
          Consolidated Statements of Cash Flows                     6
          Notes to Consolidated Financial Statements                7

Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operations                      10


                             Part II
                                
Item 1.  Legal Proceedings                                         16

Item 4.  Submission of Matters to a Vote of Security Holders       16

Item 6.  Exhibits and Reports on Form 8-K                          17

         Signature                                                 18



                PART I  -  FINANCIAL INFORMATION


Item 1. Financial Statements.


INDEPENDENT ACCOUNTANTS' REPORT


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

We  have reviewed the condensed consolidated financial statements
of  Global  Industries, Ltd. and subsidiaries, as listed  in  the
accompanying index, as of September 30, 1997 and for  the  three-
month  and  six-month periods ended September 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

October 31, 1997
New Orleans, Louisiana

                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                
                                 Quarter Ended      Six Months Ended
                                 September 30,        September 30,
                                1997      1996       1997      1996
                                                                  
Revenues                      $108,772   $72,431    $171,948   $122,763
                                                              
Cost of Revenues                70,915    50,647     113,252     88,626
                              --------    ------     -------    -------        
Gross Profit                    37,857    21,784      58,696     34,137
                                                                   
Equity in Net Earnings                                             
(Loss) of
Unconsolidated Affiliate          (471)       --      (2,127)        --
                                                               
Selling, General and                                           
 Administrative
 Expenses                        6,448     3,594      10,695      6,564
                              --------    ------      ------     ------         
Operating Income                30,938    18,190      45,874     27,573
                              --------    ------      ------     ------         
Other Income (Expense):                                            
 Interest Expense                 (350)     (382)       (480)      (453)
 Other                             597        69       2,112        206
                              --------    ------      ------     ------
                                   247      (313)      1,632       (247)
                              --------    ------    --------     ------        
Income Before Income Taxes      31,185    17,877      47,506     27,326
                                                                   
Provision for Income Taxes      11,850     5,360      18,052      8,166
                              --------   -------    --------    -------         
Net Income                    $ 19,335   $12,517    $ 29,454    $19,160
                              ========   =======    ========    =======         
Weighted Average Common                                            
Shares Outstanding          93,907,000  79,134,000  93,392,000 78,952,000
                            ==========  ==========  ========== ==========       
Net Income Per Share          $    .21   $    .16    $    .32   $    .24
                            ==========  ==========  ========== ==========      
                                
         See Notes to Consolidated Financial Statements.



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


                                          September 30,   March 31,
                                              1997          1997
 ASSETS                                                
 Current Assets:                                       
 Cash                                     $  10,614    $   63,981
 Escrowed funds                               1,332        19,112
 Receivables                                106,373        51,762
 Advances to unconsolidated affiliate         9,502        13,913
 Prepaid expenses and other                   7,331         2,874
                                          ---------    ----------
 Total current assets                       135,152       151,642
                                          ---------    ----------             
 Escrowed Funds                                 108         1,447
                                          ---------    ----------
 Property and Equipment, net                389,298       243,915
                                          ---------    ----------             
 Other Assets:                                         
 Deferred charges, net                        8,588         6,469
 Investment in and advances to             
   unconsolidated affiliate                   1,405        15,071
 Other                                        3,924         4,143
                                          ---------    ---------- 
 Total other assets                          13,917        25,683
                                          ---------    ----------
 Total                                    $ 538,475     $ 422,687
                                          =========    ==========             
 LIABILITIES AND SHAREHOLDERS' EQUITY                  
 Current Liabilities:                                  

 Current maturities of long-term debt     $   1,795      $  2,266
 Accounts payable                            49,312        29,828
 Accrued liabilities                         17,795         9,453
 Accrued profit-sharing                       4,425         3,566
 Insurance payable                            2,843         2,802
                                          ---------    ----------
 Total current liabilities                   76,170        47,915
                                          ---------    ----------             
 Long-Term Debt                              97,451        40,947
                                          ---------    ----------
 Deferred Income Taxes                       25,598        21,598
                                          ---------    ---------- 
 Commitments and Contingencies              
                                                       
 Shareholders' Equity:                                 
 Preferred stock                                 --            --
 Common stock, issued and outstanding,                 
 91,156,074 and 90,556,750 shares, 
 respectively                                   912           906
 Additional paid-in capital                 202,440       201,331
 Translation adjustment                      (3,531)           -- 
 Retained earnings                          139,435       109,990
                                          ---------     ---------
 Total shareholders' equity                 339,256       312,227
                                          ---------     --------- 
 Total                                    $ 538,475     $ 422,687
                                          =========     =========


         See Notes to Consolidated Financial Statements.
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (Dollars in thousands)
                           (Unaudited)
                                               Six Months Ended
                                                September 30,
                                               1997       1996
 Cash Flows From Operating Activities:                      
 Net income                                  $29,454    $ 19,160
 Adjustments to reconcile net income to                     
 net cash provided
  by (used in) operating activities:                        
   Depreciation and amortization              13,219       8,233
   Deferred income taxes                       4,000       3,000
   Equity in net (earnings) loss of                
    unconsolidated affiliate                   2,134          --
   Other                                          (3)         12
   Changes in operating assets and                      
    liabilities (net of acquisitions):                                      
      Receivables                            (37,776)    (10,820)
      Prepaid expenses and other              (3,534)      1,382
      Accounts payable and accrued            18,222       8,867
       liabilities                          ---------   ---------
                                                            
     Net cash provided by (used in)          
      operating activities                    25,716      29,834
                                            ---------   ---------               
 
 Cash Flows From Investing Activities:                      
 Additions to property and equipment (net    (63,148)    (31,309)
  of acquisitions)
 Escrowed funds, bond proceeds                19,119     (20,535)
 Acquisition of business, net of cash       (103,805)     (5,981)
  acquired
 Additions to deferred charges                (3,918)     (4,170)
 Net repayment of advances to                 15,943          --
  unconsolidated affiliate
 Other                                           142          91
                                            ---------    --------               
     Net cash (used in) investing           (135,667)    (61,904)
      activities                            ---------    --------
                                                            
 Cash Flows From Financing Activities:                      
 Proceeds from sale of common stock            1,001         833
 Net proceeds (repayment) of long-term        56,033      32,144
  debt                                      ---------    --------
                                                            
     Net cash provided by (used in)           57,034      32,977
      financing activities
                                                            
 Effect of Exchange Rate Changes on Cash        (450)        --
                                            ---------    --------
 Cash:                                                      
 Increase (Decrease)                         (53,367)        907
 Beginning of period                          63,981       5,430
                                            ---------   ---------
 End of period                               $10,614    $  6,337
                                            =========   =========               

 Supplemental Cash Flow Information:                        
 Interest paid, net of amount capitalized    $   599    $    393
 Income taxes paid                             6,184       2,572

         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
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 September 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  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.   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 $31.5 million at September 30, 1997.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure   projects  in  progress  at   September   30,   1997
approximates $83 million.

3.   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   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.   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
six  months ended September 30, 1997 and 1996 reflects the effect
of  the  acquisition  assuming it occurred effective  as  of  the
beginning of each period presented:

                                    Six Months Ended
                                      September 30,
                                    1997        1996
                          (in thousands, except per share data)
                                                                          
 Revenues                         $207,304    $177,255
 Net income                         27,684      16,751
 Net income per share                 0.30        0.21


4.   Subsequent Event - In November, 1997 the Company settled the
previously disclosed lawsuit of Aker Gulf Marine relating to  the
construction  of  the  Pioneer.  The  settlement  costs  will  be
included  in  the  cost of the vessel with no current  charge  to
earnings.   The additional cost of the vessel is not expected  to
have a significant impact on future results.

5.    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  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
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
September 30, 1997, the Company would have reported basic EPS  of
$0.21  and  diluted  EPS  of $0.21 for  the  three  months  ended
September 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.

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 on.


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,
actual  results  and  outcomes may differ materially  from  those
indicated in the forward-looking statements.

The  following discussion should be read in conjunction with  the
Company's  unaudited consolidated financial  statements  for  the
periods ended September 30, 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
$102  million 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  80%
of  revenues in the first six 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  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      Six Months Ended
                            September 30,        September 30,
                           1997       1996      1997       1996

 Revenues                 100.0%     100.0%    100.0%     100.0%
 Cost of  revenues        (65.2)     (69.9)    (65.9)     (72.2)
 Gross profit              34.8       30.1      34.1       27.8
 Equity in net                                              
 earnings (loss) of
  unconsolidated affilite  (0.5)        --      (1.2)       --
 Selling, general and                                       
  administrative expenses  (5.9)      (5.0)     (6.2)      (5.3)
 Interest expense          (0.3)      (0.5)     (0.3)      (0.4)
 Other income               0.5        0.1       1.2        0.2
  (expense), net
 Income before income      28.7       24.7      27.6       22.3
  taxes
 Provision for income      10.9       (7.4)     10.5       (6.7)
  taxes
 Net income                17.8%      17.3%     17.1%      15.6%

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



Second Quarter Fiscal 1998 Compared to Second Quarter Fiscal 1997

Revenues.   Revenues for the second quarter  of  fiscal  1998  of
$108.8 million were 50% higher than the $72.4 million recorded in
the second quarter of fiscal 1997, with strong contributions from
Gulf of Mexico pipelay, derrick, liftboat and diving services  in
the second quarter as compared to the same period a year earlier,
and  the  addition  of assets and operations  from  the  Sub  Sea
acquisition  during  the current quarter.  These  increases  were
partially  offset  by  the  absence of the  Hercules  (which  was
undergoing a major upgrade) during most of the second quarter  of
fiscal  1998.  Barge days employed were 924 in the second quarter
of  fiscal  1998 compared with 575 days in the 1997 period,  with
increases  largely from increased activity in the Gulf of  Mexico
and  the  charter  of the Shawnee and Mohawk to  CCC  in  Mexico.
Liftboat  and  DSV days of 2,608 in the most recent  period  were
higher than the 1,352 days during the year earlier period.  Diver
days  totaled  11,831  in   the second  quarter  of  fiscal  1998
compared with 4, 945 a year earlier.  Increases in Liftboats  and
DSV  and  Diver days were largely from increased Gulf  of  Mexico
activity and the addition of assets and operations from  the  Sub
Sea  acquisition  during the second quarter of  fiscal  1998,  as
compared to the same period a year earlier.

Depreciation  and  Amortization.  Depreciation  and  amortization
expenses, including amortization of dry-docking costs, were  $8.4
million  in  the second quarter of fiscal 1998 compared  to  $4.6
million   a   year   earlier.   The  increase   was   principally
attributable  to  depreciation expense resulting  from  increased
utilization  of the Company's larger construction barges   (which
are depreciated on a units-of-production basis), increases in the
fleet  through  upgrades and acquisitions,  and  higher  dry-dock
amortization amounts.

Gross Profit.  Gross profit for the second quarter of fiscal 1998
of  $37.9 million was 74% higher than the $21.8 million  for  the
same  quarter  a  year  earlier.  The gross profit  increase  was
primarily  attributable to increases in Gulf of  Mexico  pipelay,
derrick,  liftboat  and  diving  services,  partially  offset  by
reduced gross profit from diving, ROV, and vessel services in the
Middle  East  and  Asia Pacific.  Gross profit as  a  percent  of
contract  revenues increased for the current period to  34.8%  as
compared  to 30.1% for the same quarter a year earlier, primarily
due  to  higher activity in the Gulf of Mexico. Gross profit  for
the  current quarter was reduced by the effect of a $1.4  million
accrual  for  retirement and incentive compensation  expense,  as
compared  to  a $1.1 million provision in the same  quarter  last
year.

Selling,  General and Administrative Expenses.  Selling,  general
and administrative expenses for the second quarter of fiscal 1998
were  $6.4 million, 79% higher than the $3.6 million for the same
quarter  a  year  earlier.  The increase  was  primarily  due  to
selling,  general  and administrative expenses  relating  to  the
operations  in  Southeast Asia and the Middle  East  acquired  in
December  1996  and July 1997.  A provision for   retirement  and
incentive compensation plan expense of $2.0 million was  recorded
in  the second quarter of fiscal 1998, of which $0.6 million  was
included in selling, general and administrative expenses and $1.4
million  was  included in cost of revenues.  In the year  earlier
comparable  period a $1.6 million provision for such expense  was
recorded,  with  $0.5  million included in selling,  general  and
administrative  expenses and $1.1 million  included  in  cost  of
revenues.

Other  Income (Expense).  Interest expense, net of  $1.0  million
of  capitalized  interest cost, was $0.4 million  in  the  second
quarter  compared  to  $0.4 million in the same  quarter  a  year
earlier.   Other income in the second quarter of fiscal  1998  of
$0.6  million  was higher than the $0.1 million reported  a  year
earlier largely because the Company had more funds available  for
investment.

Net Income.  Net income for the second quarter of fiscal 1998 was
$19.3 million, an increase of 54% from $12.5 million in the  same
quarter a year earlier.  The Company's effective income tax  rate
increased from 30% in the second quarter of fiscal 1997 to 38% in
the  current quarter, reflecting the absence of the benefit of  a
lower   effective  tax  rate  for  the  Company's   international
operations which provided a smaller percentage of revenues during
the second quarter of fiscal 1998.

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

Revenues.   Revenues for the first six months of fiscal  1998  of
$171.9  million were 40% higher than the $122.8 million  reported
for the same period a year earlier.  The increase in revenues for
the  six  months largely resulted from strong contributions  from
domestic pipelay, derrick, liftboat and diving services  and  the
addition  of  assets and operations from the Sub Sea  acquisition
during  the  second quarter of fiscal 1998, partially  offset  by
lower revenues from West Africa as compared to the same period  a
year  earlier  and  the  absence  of  the  Hercules  (which   was
undergoing a major upgrade) during the first six months of fiscal
1998.  Barge days employed during the first six months of  fiscal
1998 improved to 1,368, compared to the 907 days employed in  the
same  period  last year.  This increase was largely  due  to  the
increased Gulf of Mexico pipelay activity, and the charter of the
Shawnee  and  Mohawk  to CCC in Mexico.  Liftboat  and  DSV  days
employed  during the first six months of fiscal  1998  of   4,171
were  significantly higher than the 2,672 days worked during  the
same period last year. Diver days employed totaled 20,612 for the
first  six  months of fiscal 1998, up from 8,490 a year  earlier.
Increases  in  Liftboat and DSV and Diver days were largely  from
increased Gulf of Mexico activity and the addition of assets  and
operations from the Sub Sea acquisition during the second quarter
of fiscal 1998, as compared to the same period a year earlier.

Depreciation  and  Amortization.  Depreciation and  amortization,
including  amortization of dry-docking costs, for the  first  six
months  of  fiscal  1998  was $13.2 million  compared  with  $8.1
million for the year earlier comparable period. The increase  was
principally attributable to higher depreciation expense resulting
from  increased utilization of the Company's larger  construction
barges  (which  are depreciated on a units-of-production  basis),
increases  in  the  fleet through upgrades and acquisitions,  and
higher dry-dock amortization amounts.

Gross  Profit.   For  the first six months  of  fiscal  1998  the
Company  had  gross profit of $58.7 million compared  with  $34.1
million for the first six months of fiscal 1997.  Gross profit as
a  percent of revenues increased for the current six month period
to 34.1% as compared to 27.8% for the same period a year earlier,
primarily  due  to higher activity in the Gulf of  Mexico.  Gross
profit for the first six months of fiscal 1998 was reduced by the
effect  of  a  $2.3 million accrual for retirement and  incentive
compensation expense, as compared to a $1.3 million provision  in
the same period last year.

Selling,  General and Administrative Expenses.  Selling,  general
and  administrative expenses for the first six months  of  fiscal
1998  totaled $10.7 million compared with $6.6 million  for   the
same  period a year earlier.  The increase was primarily  due  to
Selling,  general  and administrative expenses  relating  to  the
operations  in  Southeast Asia and the Middle  East  acquired  in
December  1996  and  July 1997.  A provision for  retirement  and
incentive compensation plan expense of $3.2 million recorded  for
the  fiscal 1998 six-month period compared with $1.9 million  for
the  same  period in the prior comparable fiscal year.   Of   the
provisions, $0.9 million in the fiscal 1998 six-month period  and
$0.6  million for the prior period were included in the  selling,
general,  and administrative expenses  and $2.3 million and  $1.3
million, respectively, were included in cost of revenues.

Other  Income (Expense).   Interest expense, net of $1.6  million
of capitalized interest cost, was $0.5 million in the fiscal 1998
six-month period compared to $0.5 million  in the same  period  a
year  earlier.  Other income in the fiscal 1998 six-month  period
of  $2.1 million was higher than the $0.2 million reported a year
earlier largely because the Company had more funds available  for
investment.

Net  Income.  Net income for the first six months of fiscal  1998
was $29.5 million, up 54% from $19.2 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  the Company's international operations.


Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $25.7  million
during the first six months of fiscal 1998. Cash from operations,
together  with  available cash and funds  provided  by  financing
activities,  funded net investing activities of  $135.7  million.
Investing  activities  consisted  principally  of  the  Sub   Sea
acquisition,   capital   expenditures,  dry-docking   costs   and
reimbursement of funds advanced to CCC. Working capital decreased
$44.7  million  during the first six months of fiscal  1998  from
$103.7  million at March 31, 1997 to $59.0 million  at  September
30, 1997.

Capital  expenditures  during  the first  six  months  aggregated
$168.0  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   September   30,   1997
approximates $83.0 million.

Long-term  debt  outstanding  at September  30,  1997  (including
current maturities), consists primarily of $40.9 million of Title
XI  bonds and $57.0 drawn against the Company's revolving line of
credit.  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  was  completed and delivered and the funds were  released
from escrow.

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  September  30,
1997, $57.0 million was outstanding under the Loan Agreement  and
the  Company  was  in  compliance with  the  covenants  contained
therein.   The  Company is currently negotiating to increase  its
line  of credit by $40 million but there can be no assurance that
such additional amount will become available.

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, approximately $28
million  of  which is expected to be financed with 30-year,  tax-
exempt  revenue  bonds  issued by the  Lake  Charles  Harbor  and
Terminal District.

Funds  available  under the Company's credit  facility,  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 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.

In  November,  1997 the Company settled the previously  disclosed
lawsuit  of Aker Gulf Marine in the U.S. District Court,  Western
District  of  Louisiana,  Lafayette  Division  relating  to   the
construction  of  the  Pioneer.  The  settlement  costs  will  be
included  in  the  cost of the vessel with no current  charge  to
earnings.   The additional cost of the vessel is not expected  to
have a significant impact on future results.

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

The  1997 Annual Meeting of Shareholders of the Company was  held
on  August  6,  1997.   At such meeting, each  of  the  following
persons listed below, all of whom were incumbent directors,  were
elected  to  the  Board of Directors of the Company  for  a  term
ending at the Company's 1998 Annual Meeting of Shareholders.  The
number  of  votes cast with respect to the election of each  such
person is set forth opposite such person's name.


  Name of Director                  Number of Votes Cast
                                           Broker    
                       For       Withhold    Non-Vote    Abstain
                   ----------    --------    --------    -------
  William J. Dore' 41,471,682      58,538           0          0

  Michael J.       41,519,856      10,364           0          0
  Pollock

  James C. Day     41,519,856      10,364           0          0

  Edward P.        41,519,556      10,664           0          0
  Djerejian

  Myron J.         41,519,588      10,632           0          0
  Moreau


At  the  1997  Annual  Meeting  of  Shareholders,  the  Company's
shareholders voted for (1) an amendment to the Company's Employee
Stock  Purchase Plan which added a second enrollment period  each
year.  The number of votes cast with respect to the amendment  is
set forth below:

                                  Number of Votes Cast
                                                             Broker
                    For      Against   Abstain   Withhold   Non-Vote
                ----------   -------   -------   --------   --------           
Amendment to    40,435,037   104,402    40,047         0     950,734
Employee                                               
Stock
Purchase
Plan
                                                       
                                                            
                                                       
                                                       

Item 6.  Exhibits and Reports on Form 8-K
         (a) Exhibits:
             No.  15.1,  Letter  re: unaudited  interim  financial
             information.
             No. 27.1, Financial Data Schedules.
         (b) Reports on Form 8-K -
             Current  report  on Form 8-K filed August  8,  1997,  and
             amended by current report on
             form 8-K/A filed October 13, 1997 relating to Acquisition
             of Assets from Sub Sea International, Inc.



                            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)
                                
November  13, 1997



                                                       EXHIBIT 15






November  10, 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 September 30,  1997
and  1996,  as  indicated in our report dated October  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
September  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