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

**FORM 10-Q**

[X ] QUARTERLY REPORTPURSUANT TO SECTION 13 OR 15 (d) OF THE

SECURITIES EXCHANGE ACT OF 1934

**For the quarterly period ended September30, 2005**

[  ] TRANSITION REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

**For the transition period from_____________ to __________________**

**Commission File Number: 0-21086**

**Global Industries, Ltd.**

(Exact name of registrant as specified inits charter)

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

**(337) 583-5000**(Registrant's telephonenumber, including area code)

(Former name, former address and formerfiscal year, if changed since last report)

Indicate by check mark whetherthe registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (orfor 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    

Indicate by check mark whetherthe registrant is an accelerated filer (as defined in Rule 12b-2 of the ExchangeAct)      [X]  YES   [  ]  NO

Indicate by check mark whether theregistrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         [   ]  YES   [X]  NO

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of sharesof the Registrant's Common Stock outstanding, as of November 18, 2005 was114,584,032.

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

**Part I - FinancialInformation**

| Item 1. | Financial  Statements - Unaudited                                           |
|---------|-----------------------------------------------------------------------------|
|         |     Report of  Independent Registered Public Accounting Firm | 3 |
|         |     Condensed  Consolidated Statements of Operations         | 4 |
|         |     Condensed  Consolidated Balance Sheets                   | 5 |
|         |     Condensed  Consolidated Statements of Cash Flows         | 6 |
|         |     Notes to Condensed  Consolidated Financial Statements    | 7 |
|         |                                                                             |  |
| Item 2. | Management's  Discussion and Analysis of Financial Condition                |  |
|         |     and Results  of Operations                               | 16 |
|         |                                                                             |  |
| Item 3. | Quantitative and  Qualitative Disclosures About Market Risk                 | 30 |
|         |                                                                             |  |
| Item 4. | Controls and  Procedures                                                    | 30 |
|         |                                                                             |  |

Part  II - Other Information

| Item 1. | Legal  Proceedings  | 31 |
|---------|---------------------|----|
|         |                     |    |
| Item 5. | Other  Information. | 32 |
|         |                     |    |
| Item 6. | Exhibits            | 32 |
|         |                     |    |
|         | Signature.          | 33 |
|         |                     |    |
|         |                     |    |
|         |                     |    |

**PART I - FINANCIALINFORMATION**

**Item 1.           Financial Statements.**

REPORTOF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

We have reviewed the accompanying CondensedConsolidated Balance Sheet of Global Industries, Ltd. and subsidiaries as of September30, 2005, and the related Condensed Consolidated Statements of Operations forthe three-month and nine-month periods ended September 30, 2005 and 2004 and ofCash Flows for the nine-month periods ended September 30, 2005 and 2004. Theseinterim financial statements are the responsibility of the Company'smanagement.

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

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

We have previously audited, in accordance withstandards of the Public Company Accounting Oversight Board (United States), theCondensed Consolidated Balance Sheet of Global Industries, Ltd. and subsidiaries as ofDecember 31, 2004, and the related Condensed Consolidated Statements of Operations,Shareholders'Equity, and Cash Flows for the year then ended (not presented herein); and inour report dated March 14, 2005, we expressed an unqualified opinion on thoseconsolidated financial statements. In our opinion, the information set forth inthe accompanying Condensed Consolidated Balance Sheet as of December 31, 2004is fairly stated, in all material respects, in relation to the CondensedConsolidated balance Sheet from which it has been derived.

DELOITTE& TOUCHE LLP

November21, 2005  Houston, Texas

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

|  |  |  |  |  |  | **Quarter Ended  September 30,** |  |  | **Nine Months Ended    September 30,** |  
 
**2005**

** **

**2004**

** **

** **

**2005**

**2004**

 
 
**Results of Operations**

 
 
Revenues

$
  168,043
$
  130,389
$
  514,658
$
  292,116
 
Cost of Operations
  142,489  113,169  427,273  270,914
 
Gross Profit
  25,554  17,220  87,385  21,202
 
Net (gains) losses on asset disposal

(2,685)
  (18,188)
(5,300)
  (18,135)
 
Selling, general and administrative expenses

12,237
  8,804  36,912  28,498
 
Operating income 
  16,002  26,604  55,773  10,839
 
Other Expense:(Income):

 
Interest Expense
  3,278  3,531  8,142  10,139
 
Other

(1,194)
  (155)
(2,740)
  815
 
Income (loss) from continuing operations, before income taxes
  13,918  23,228  50,371
(115)

 
Income taxes (benefit) 
  9,085  5,202  25,689
(1,222)

 
Income from continuing operations, net of taxes
  4,833  18,026  24,682  1,107
 
Income  (loss) from discontinued  operations, net of taxes

--
  854
--

(197)

 
Net income 

$
  4,833
$
  18,880
$
  24,682
$
  910
 
 
**Basic Earnings Per Common Share:**

 
Earnings (loss) from continuing operations 

$

0.04

$

0.16

$

0.22

$

0.01

 
Earnings (loss) from discontinued operations 

   --

0.01

  --

  --

 
Basic earnings per share 

$

0.04

$

0.17

$

0.22

$

0.01

 
 
**Diluted Earnings Per Common Share:**

 
Earnings (loss) from continuing operations 

$

0.04

$

0.16

$

0.21

$

0.01

 
Earnings (loss) from discontinued operations

   --

0.01

  --

  --

 
Diluted earnings (loss) per share

$

0.04

$

0.17

$

0.21

$

0.01

 
 
**Weighted Average Common Share Outstanding:**

 
Basic 
  113,052  111,031  112,828  107,892
 
Diluted 
  116,006  111,897  115,381  108,180
** **See Notes to CondensedConsolidated Financial Statements.

**GlobalIndustries, Ltd.********CONDENSEDCONSOLIDATED BALANCE SHEETS****(Inthousands)**

**September 30,**

** **

**December 31,**

**2005**

** **

**2004**
**ASSETS**
**(Unaudited)**

**Current****Assets:**

     Cash

    $     136,291

    $  143,161

     Receivables  - net of allowance of $3,852 for 2005 

         and $9,456  for 2004, respectively

159,936
123,096

     Unbilled work on uncompleted  contracts

70,767
7,980

     Prepaid expenses and other

34,387
23,068

             Total current assets

401,381
297,305
**Property and Equipment, net**
329,687
343,919

**Other Assets:**

     Deferred charges, net

19,043
21,860

     Goodwill, net

37,388

37,388

     Other

692
4,315

            Total  other assets

57,123
63,563

                **Total**

    $     788,191

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

     Current maturities of long-term debt

    $       3,960

    $      3,960

     Accounts payable

110,320
80,635

     Employee-related liabilities

10,979
7,890

     Income taxes payable

22,284
8,506

     Accrued interest

761
2,347

    Advance billings on uncompleted contracts

--

4,008

    Vinci  (Groupe GTM) litigation liability

34,452
34,068

     Other accrued liabilities

7,372
3,689

            Total  current liabilities

190,128
145,103
   **Long-Term Debt**
73,260
77,220
**Deferred Income Taxes**
39,883
30,846
**Other Liabilities**
813

890
   **Commitments and Contingencies**
--

--
**Shareholders' Equity:**
    Common stock  issued, 114,414 and 112,523 shares,

         respectively

1,144

1,125

    Additional paid-in capital

347,928

339,250

    Accumulated other comprehensive loss

(8,978)

(8,978)

    Retained earnings

144,013

119,331

            Total  shareholders' equity
  484,107
450,728

                **Total**

    $    788,191

    $   704,787

See Notes to CondensedConsolidated Financial Statements.

** **

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

**Nine Months Ended Sept. 30,**

**2005**

** **

**2004**

**Cash Flows  From Operating Activities:**

Income (loss) from continuing operations

 $     24,682

 $    1,107

Adjustments to reconcile net income to net cash provided

    by operating  activities:

       Depreciation and amortization 

40,655
30,515
       Loss (gain) on sale, disposal of  property and equipment

(5,300)

(18,135)
       Provision for doubtful accounts

423
319
       Provision for contingencies

3,750
--
       Deferred income taxes

9,037
80
       Other

189
475
       Changes  in operating assets and liabilities 

           Receivables

(34,778)

(26,153)

          Unbilled work on uncompleted contracts

(62,789)

(49,317)

          Prepaid expenses and  other

(10,459)

(1,127)
            Accounts payable     
29,684
36,315

          Employee-related  liabilities and  other accrued liabilities

12,729
(4,975)

       Net cash provided by (used in) continuing operations

7,823
(30,896)

       Net cash provided by discontinued  operations 

--

6,198

                 Net cash provided by (used in) operating activities 

7,823
(24,698)
**Cash Flows From Investing Activities:**
Proceeds from sale of assets

9,176
23,474
Additions to property and equipment

(17,651)

(3,284)

Additions to deferred charges

(8,470)

(18,365)

Net cash provided by (used in) continuing operations

(16,945)

1,825
Net cash (used in) from discontinued operations

--

(4,695)

                 Net cash (used in) investing activities

(16,945)

(2,870)
               
**Cash Flows  From Financing Activities:**

Proceeds from long-term debt

--

149,000

Proceeds from sale of common stock, net

6,212
49,013

Repayment of long-term debt

(3,960)

(171,142)

                 Net cash provided by financing activities

2,252
26,871

**Cash:**  (Decrease) increase
(6,870)

(697)  Beginning of period
143,161

15,628
  End of period
 $    136,291

 $     14,931

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

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

        In the opinion of managementof the Company, all adjustments (such adjustments consisting only of a normalrecurring nature) necessary for a fair presentation of the operating resultsfor the interim periods presented have been included in the unaudited CondensedConsolidated financial statements. Operating results for the period ended September30, 2005 are not necessarily indicative of the results that may be expected forthe year ending December 31, 2005. These financial statements should be read inconjunction with our audited consolidated financial statements and relatednotes thereto included in our Annual Report on Form 10-K for the year endedDecember 31, 2004.

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

2.      ***Stock-BasedCompensation*** - In December 2004, the Financial Accounting StandardsBoard (FASB) revised Statement of Financial Accounting Standards (SFAS) No.123, "*Accounting for Stock-Based Compensation*" ("SFAS No. 123R").  SFASNo. 123R is a revision of SFAS No. 123 and supersedes Accounting PrinciplesBoard (APB) No. 25, *"Accounting for Stock Issued to Employees"*. SFAS No.123R requires a public entity to measure the cost of employee services receivedin exchange for an award of equity instruments based on the grant-date fairvalue of the award. That cost will be recognized over the period in which anemployee is required to provide service in exchange for the award. SFAS No.123R also requires a public entity to initially measure the cost of employeeservices rendered in exchange for an award of liability instruments at itscurrent fair value. The fair value of that award is to be remeasuredsubsequently at each reporting date through the settlement date. Changes in thefair value during the required service period are to be recognized ascompensation cost over that period. We will adopt SFAS No. 123R on January 1,2006 and anticipate that the annual impact on our diluted earnings per sharewill be between $0.02 and $0.04.

        The Company continues to apply APB Opinion No.25, and related interpretations in accounting for its restricted stock awardsand shares subject to options as allowed under SFAS No. 123R, "*Share-BasedPayment."* Additionally, under APB 25, our employee stock purchase plan isconsidered noncompensatory, and accordingly, no compensation cost has beenrecognized in the financial statements. Therefore, the Company has elected tomake pro forma disclosures versus recognizing the related compensation expensein the accompanying consolidated financial statements. Had the Company electedto apply the accounting standards of SFAS No. 123, the Company's net income andearnings per share would have approximated the pro forma amounts indicatedbelow: 

**Quarter Ended  September 30,**

**Nine Months Ended September 30,**

 
**2005**

**2004**

**2005**

**2004**

 
(In thousands, except per share data)

 
 

   Net income (loss), as reported
   $  4,833

   $ 18,880

   $ 24,682

   $910

   Add: Recognized stock compensation expense     752     230     1,630     461 
Deduct: FAS 123 pro forma stock compensation expense

(1,412)

(387)

(3,773)

(2,794)

 
**Pro forma net income (loss)**

   $  4,173

  $18,723

  $  22,539

  $ (1,423)

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

 
As  reported:

 
Basic

   $     0.04

  $    0.17

   $     0.22

  $      0.01

 
Diluted

0.04

0.17

0.21

0.01

 
Pro  forma:

 
Basic

0.04

0.17

0.20

(0.01)

 
Diluted

0.04

0.17

0.20

(0.01)

  
3.    ***Contracts in Progress and Revenue Recognition*** - Revenues from construction contracts, which aregenerally recognized on the percentage-of-completion method, are measured byrelating the actual cost of work performed to date to the current estimatedtotal cost (the cost-to-cost method) of the respective contract. Contract costsinclude all direct material and labor costs and those indirect costs related tocontract performance, such as indirect vessel costs (including depreciation andamortization), labor, supplies, and repairs. Certain costs may be excluded fromthe cost-to-cost method of measuring progress, such as significant costs formaterials and major third-party subcontractors, if it appears that suchexclusion would result in a more meaningful measurement of actual contractprogress and resulting periodic allocation of income. Provisions for estimatedlosses, if any, on uncompleted contracts are made in the period in which suchlosses are determined. Selling, general and administrative costs are charged toexpense as incurred. We also provide services on a day-rate basis to many ofour customers in both our Offshore Construction Division and our Global Diversand Marine Contractors Division. Revenue for these services is recognized asthe services are rendered and when collectability is reasonably assured.

4.    ***Receivables*** - Trade and other receivables arestated at net realizable value, and the allowances for uncollectible accountswere $3.9 million and $9.5 million at September 30, 2005 and December 31, 2004,respectively. Certain receivables represent amounts that have not yet beenbilled to the customer pursuant to contractually specified milestone billingrequirements. At September 30, 2005 and December 31, 2004, our receivablesincluded unbilled receivables of $24.1 million and $27.1 million, respectively.We include claims and unapproved change orders in contract revenues to theextent of costs incurred when (1) the contract or other evidence provides alegal basis for the claim, (2) additional costs are not the result of deficienciesin our performance, (3) costs are identifiable, and (4) evidence supporting theclaim is objective and verifiable. The basis for our recorded unapproved changeorders and claims is formed after we engage in an extensive contract review, areview of the supporting evidence and generally, obtained a legal opinion fromeither internal or external legal counsel. Additionally, we believe that wehave objective, verifiable evidence to support these claims. That evidenceconsists of explicit contractual terms and/or written legal opinions. The claims and unapproved change orders, includedin receivables and unbilled receivables, amounted to $31.2 million at September 30, 2005 and $21.1 millionat December 31, 2004. Retainage at September 30, 2005 was $0.1 million and isexpected to be billed in 2005. Retainage at December 31, 2004 was $4.4 million.

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

**September 30,**

**December 31,**

 
**2005**

**2004**

 
***(In thousands*)**

 
Costs incurred on uncompleted contracts

   $   434,334

   $   172,333

      Estimated earnings     41,190     19,200 
475,524

191,533

 
Less: Billings to date
  404,757
187,561

 
   $     70,767

   $       3,972

 
Included in  accompanying balance sheets under the 

 
    following  captions:

 
    Unbilled work on uncompleted contracts

   $     70,767

   $      7,980

 
    Advance billings on uncompleted contracts

--

(4,008)

 
Unbilled revenues

   $     70,767

   $      3,972

 
5.    ***Goodwill***- Goodwillrepresents the excess cost over the fair value of net assets acquired. Thecarrying amount of goodwill as of September 30, 2005 and December 31, 2004 wasapproximately $37.4 million and is primarily attributable to our Latin America segment. We completed the required annual impairment test, in accordance withSFAS No. 142, "*Goodwill and Other Intangible Assets*," during the firstquarter of 2005 and determined that our goodwill was not impaired.

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

7.     ***Income Taxes***- Our effective tax rate forthe nine months ended September 30, 2005 was 51%. This rate varies from our 35%U.S. Federal statutory rate due primarily to certain foreign jurisdictions thatare taxed on a deemed profits (percentage of revenue) basis, net operatinglosses in certain foreign jurisdictions where we did not record a tax benefitand certain permanent book to tax differences.

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

On June 7, 2005, the credit facility wasincreased to $85.0 million to provide additional credit capacity due toincreased bonding requirements and increased the number of participants in thesyndication from three to four. A fee of $0.1 million was paid for this change.

Under the terms of our creditfacility, within 45 days after the end of each quarter, we are required tofurnish the Administrative Agent of our syndication with copies of our quarterlyForm 10-Q.  For the quarter ended September 30, 2005, we have obtained awaiver from our syndication for this covenant. As of November 18, 2005, wehad no borrowings outstanding under the credit facility, $70.1 million of letters of credit outstanding and $14.9 million of credit availability underour revolving credit facility. 

Our Title XI bonds mature in 2025. Thebonds carry an interest rate of 7.71% per annum and require semi-annualpayments of $2.0 million, plus interest. The agreement pursuant to which theTitle XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements. If not met,additional covenants become applicable that would restrict our operations and ourability to pay cash dividends. At September 30, 2005, we were in compliancewith these covenants.

We also have a $16.0 million short-term creditfacility at one of our foreign locations that is secured by a letter of credit.

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

In November1999, we notified Groupe GTM (now Vinci) that as a result of material adversechanges and other breaches by Vinci, we were no longer bound by and wereterminating the Share Purchase Agreement to purchase the shares of ETPM S.A.Vinci responded stating that they believed we were in breach. The SharePurchase Agreement provided for liquidated damages of $25.0 million to be paidby a party that failed to consummate the transaction under certaincircumstances. We notified Vinci that we do not believe that the liquidateddamages provision is applicable to our termination of the Share PurchaseAgreement. On December 23, 1999, we filed suit against Vinci in the Tribunal deCommerce de Paris to recover damages. On June 21, 2000, Vinci filed an answerand counterclaim against us seeking the liquidated damages of $25.0 million andother damages, costs and expenses of approximately $3.2 million based on thencurrent exchange rates. In November 2003, the Tribunal de Commerce de Paris ruled in favor of Vinci in the matter and awarded Vinci $25.0 million plusapproximately $8.5 million in interest, exchange rate differential and legalfees. As a result, although we have not yet paid the judgment, we recorded a$33.5 million (pre-tax) provision in the fourth quarter of 2003. We appealedthis verdict in the Cour d'appel de Paris. On April 12, 2004 the Cour d'appelde Paris heard the case before three appellate judges. A decision was rendered inMay 2005 by the Cour d'appel de Paris upholding the lower court decision. Vincihas filed an enforcement action in the United States District Court for theEastern District of Louisiana (civil action number 05-3251). The Companyintends to defend this action by Vinci, however, the Company may be required topay the judgment in the near future. We have also filed an appeal in the French SupremeCourt on the additional costs associated with the exchange rate differential. Althoughthe provision for the judgment had a significant impact on our reported resultsfor 2003, we do not believe that the ultimate outcome of this matter will havea material adverse effect on our future results of operations or business. 

On March 19,2004, Marathon E.G. Production Limited filed an arbitration with the AmericanArbitration Association against our subsidiary, Global Offshore International,Ltd. seeking liquidated damages of approximately $12.0 million and adeclaration that the pricing and schedule adjustments claimed by our subsidiaryare disallowed. Our subsidiary had claimed standby and extra work and scheduleextensions, which would eliminate the liquidated damages claimed. Marathon E.G.Production Limited and Global Offshore International, Ltd. entered into asettlement agreement on September 30, 2005 resulting in a payment to Global of$2.8 million and elimination of the liquidated damages claimed. As a result ofthis settlement, we recorded a charge to earnings of $1.2 million from thewrite-off of a net trade receivable.  Total revenues for the underlyingproject, after accounting for the effects of this settlement, were $51.3million.

On June 30, 2005, we were notified by theMexican appeals court of an unfavorable decision in a litigation related to anaudit assessment of 1999 corporate income and value added taxes totaling $15.4million. The assessment is related to the timing of contract revenue recognitionfor Mexican tax purposes. The assessed amount includes taxes adjusted forinflationary costs of approximately $5.4 million and penalties and interest ofapproximately $10.0 million. As a result of this decision, Global may fileamended corporate returns for subsequent years that will result in decreasedtaxes for those years and offset the amount of tax assessed. Global has filedan appeal before the Mexico Supreme Court for the penalties and is currentlynegotiating the amount of the taxes and interest with the Mexican taxauthorities. For the nine months ended September 30, 2005, a reserve of $2.5 milliondollars has been established and recorded in our Latin America segment and representsmanagement's assessment of the most likely outcome of the dispute settlement.

During the third quarter 2005, theThailand Tax Authorities requested data from Global relative to a contractperformed in Thailand in 1998 and 1999. Global's records reported a loss on thecontract; however, the Thailand Tax Authorities assessed tax on the contract at5% of revenues. The total assessment amounted to $1.1 million of tax, of which$0.9 million had previously been reserved, plus $1.0 million of interest.  Thetax settlement represents the final settlement with the Thailand TaxAuthorities with respect to this contract.

The terms ofour contracts typically include liquidated damages provisions in the event thatcertain deadlines or conditions are not met. We currently have potentialexposures for such provisions in our Latin America segment. We believe that wehave substantial defenses related to these exposures and expect to mitigate ourexposures via specific contract extensions. While we have recorded contractreserves for the liquidated damages that we believe will ultimately result, theaggregate exposures are approximately $1.2 million in excess of the reserveamounts.

In the normalcourse of our business, we provide guarantees and performance, bid, and paymentbonds pursuant to agreements to perform construction services, or in connectionwith bidding to obtain such agreements. All of these guarantees are secured byparent company guarantees. The aggregate of these guarantees and bonds atSeptember 30, 2005 was $48.9 million in surety bonds and $70.1 million in bankguarantees/letters of credit. The surety bonds and bank guarantees/letters ofcredit expire between October, 2005 and October, 2007 and between January, 2006and August, 2008, respectively.

Weestimate that the cost to complete capital expenditure projects in progress at September30, 2005 approximates $11.5 million.

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

Weclassified our Liftboat Division, which was sold in October 2004 and historicallyincluded in our GDMC Gulf of Mexico segment, as discontinued operations. Thepresentation of segment disclosure information provided below has beenreclassified for this change. (See Note 11 of the Notes to CondensedConsolidated Financial Statements for additional information.) The followingtables present information about the profit or loss of each of the Company'snine reportable segments for the quarters and nine months ended September 30,2005 and 2004. The information contains certain allocations of corporateexpenses that we deem reasonable and appropriate for the evaluation of resultsof operations. 

** **

** **

** **

** **

** **

** **

**Quarter  Ended**

** **

**Nine  Months Ended**

**September  30,**

**September  30,**

**2005**

**2004**

**2005**

**2004**

***(In  thousands)***

**Total segment revenues:**

Offshore Construction Division:

Gulf of Mexico

$

45,342

$

10,947

$

91,331

$

37,102

West Africa

35

(10,211)

9,355

6,872

Latin America

69,223

93,589

231,684

153,654

Asia Pacific

42,320

17,889

101,239

56,026

Middle East

934

8,319

28,041

8,500

Subtotal

$

157,854

$

120,533

$

461,650

$

262,154

Global Divers and Marine Contractors:

Gulf of Mexico

$

14,452

$

9,173

$

38,151

$

24,223

West Africa

(76)

--

169

525

Latin America

8,459

4,529

22,013

8,291

Middle East

2,846

4,540

35,147

16,214

Subtotal

$

25,681

$

18,242

$

95,480

$

49,253

Total

$

183,535

$

138,775

$

557,130

$

311,407

**Intersegment eliminations:**

Offshore Construction Division:

Gulf of Mexico

$

--

$

1,317

$

--

$

4,777

Asia Pacific

69

--

296

--

Subtotal

$

69

$

1,317

$

296

$

4,777

Global Divers and Marine Contractors:

Gulf of Mexico

$

7,038

$

1,774

$

13,938

$

4,932

West Africa

(76)

--

169

525

Latin America

8,459

4,529

22,013

8,291

Middle East

2

766

6,056

766

Subtotal

$

15,423

$

7,069

$

42,176

$

14,514

Total

$

15,492

$

8,386

$

42,472

$

19,291

Total segment revenues from external customers

$

168,043

$

130,389

$

514,658

$

292,116
**Income (loss) from continuing operations**
**before income taxes:**

Offshore Construction Division:

Gulf of Mexico

$

10,950

$

19,011

$

27,626

$

1,533

West Africa

(5,810)

(16,307)

(13,469)

(14,757)

Latin America

1,098

16,548

(708)

21,050

Asia Pacific

588

1,559

(500)

(5,128)

Middle East

(1,740)

(1,463)

6,022

(7,204)

Subtotal

$

5,086

$

19,348

$

18,971

$

(4,506)

Global Divers and Marine Contractors:

Gulf of Mexico

$

6,057

$

1,542

$

14,448

$

(1,145)

West Africa

(142)

(16)

(58)

(69)

Latin America

2,738

1,074

6,194

1,969

Middle East

76

772

9,968

3,846

Subtotal

$

8,729

$

3,372

$

30,552

$

4,601

Total

$

13,815

$

22,720

$

49,523

$

95

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

**Quarter  Ended**

** **

**Nine  Months Ended**

**September  30,**

** **

**September  30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

***(In  thousands)***

**Revenues:**

Total for reportable segments

$

183,535

$

138,775

$

557,130

$

311,407

Elimination of intersegment  revenues

(15,492)

(8,386)

(42,472)

(19,291)

Total

$

168,043

$

130,389

$

514,658

$

292,116

**Income (loss) from continuing operations**

**before income taxes:**

Total for reportable segments

$

13,815

$

22,720

$

49,523

$

95

Over (under) allocated corporate expense

103

508

848

(210)

Total  consolidated income (loss) from

continuing operations before tax

$

13,918

$

23,228

$

50,371

$

(115)
******
11. ***Discontinued Operations*** - The Liftboat Division, which wassold in October 2004, was historically included in our GDMC Gulf of Mexicosegment. In accordance with SFAS No. 144, *"Accounting for the Impairment orDisposal of Long-Lived Assets,"*the Liftboat Division's results ofoperations, financial position and cash flows have been reflected in the 2004 consolidatedfinancial statements and notes as a discontinued operation. We completed thesales transaction with Mercury Offshore Assets, LLC in October 2004.

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

**Quarter Ended September 30,**

**Nine Months Ended September 30,**

**2004**

**2004**

***(In thousands)***

  Revenues

$

7,990

$

20,040

Income (Loss) before income  taxes

1,314

(303)

Income taxes (benefit)

460

(106)

Net income (loss)  from discontinued operations

$

854

$

(197)

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

**General**

Thefollowing discussion presents management's discussion and analysis of ourfinancial condition and results of operations. The following discussion shouldbe read in conjunction with our unaudited Condensed Consolidated financialstatements for the periods ended September 30, 2005 and 2004, included in Item1 of this report, and our audited consolidated financial statements andManagement's Discussion and Analysis of Financial Condition and Results ofOperations included in our Annual Report on Form 10-K for the year endedDecember 31, 2004. 

Certain of the statementsincluded below, including those regarding future financial performance orresults that are not historical facts, are or contain "forward-looking"information as that term is defined in the Securities Act of 1933, as amended.The words "expect," "believe," "anticipate," "project," "estimate" and similarexpressions are intended to identify forward-looking statements. We cautionreaders that any such statements are not guarantees of future performance orevents and such statements involve risks, uncertainties and assumptions. Factorsthat could cause actual results to differ from those expected include, but arenot limited to, dependence on the oil and gas industry and industry conditions,general economic conditions including interest rates and inflation,competition, our ability to successfully manage our growth and obtain funds tofinance our growth, operating risks, contract bidding risks, the use ofestimates for revenue recognition, risks of international operations, risks ofvessel construction such as cost overruns, changes in government regulations,and disputes with construction contractors, dependence on key personnel and theavailability of skilled workers and project materials during periods of strongdemand, the impact of regulatory and environmental laws, the ability to obtaininsurance, and other factors discussed below. Operating risks include hazardssuch as vessel capsizing, sinking, grounding, colliding, and sustaining damagein severe weather conditions, fire and explosion. These hazards can causepersonal injury, loss of life, severe damage to and destruction of property andequipment, pollution and environmental damage, and suspension of operations.The risks inherent with international operations include political, social, andeconomic instability, exchange rate fluctuations, currency restrictions,nullification, modification, or renegotiations of contracts, potential vesselseizure, nationalization of assets, import-export quotas, and other forms ofpublic and governmental regulation. Should one or more of these risks oruncertainties materialize or should our underlying assumptions prove incorrect,actual results and outcomes may differ materially from those indicated in theforward-looking statements.

**Resultsof Operations**

***General***

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

We conduct our operationsthrough two divisions, Offshore Construction Division (OCD) and Global Diversand Marine Contractors (GDMC). OCD includes all pipelay and derrick liftsworldwide as well as diving and marine support services in our Asia Pacificregion. GDMC includes all remaining diving and marine support servicesworldwide. 

Our construction activity level(activity) is one of the three primary drivers of our business results in termsof revenues, gross profit, and gross profit as a percentage of revenues(margins). The other two are pricing (which is affected by contract mix) andoperating efficiency or productivity on any particular construction project.Activity levels have a significant impact on our gross profit and gross profitas percentage of revenues because our business is capital and personnelintensive. Our vessels, operations personnel, and marine facilities used toperform our construction work "sit idle" when not working; in most cases,however, much of their costs remain (including depreciation) and areessentially fixed. In general, the more activity, the more these fixed costsare recovered; therefore, more gross profit is recognized. This has the effectof improving gross margins. As activity levels decrease, revenues decline butour costs do not proportionately decline, thereby constricting our gross profitand margins. Activity levels can be affected by changes in demand due toeconomic or other conditions in the oil and gas exploration business, seasonalconditions in certain geographic areas, and/or our ability to win the biddingfor available jobs.

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

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

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

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

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

***Overview***

Incomefrom continuing operations before taxes decreased $9.3 million or 40% betweencomparable quarters to $13.9 million in the quarter ended September 30, 2005primarily due to non-recurring gains on asset sales that occurred during thethird quarter of 2004. However, income from continuing operations before taxes increasedby $50.5 million between the comparable nine month periods to $50.4 million inthe nine months ended September 30, 2005 primarily due to increased overallactivity in OCD, partially offset by lower productivity in our OCD LatinAmerica segment, and increased activity and improved pricing in our GDMCdivision.

Duringthe third quarter of 2005, we booked approximately $340.9 million of new workresulting in a backlog of approximately $607.3 million at September 30, 2005 ascompared to $179.1 million on the same date last year. Our backlog isprincipally comprised as follows: Middle East $245.0 million, Latin America $154.5million, West Africa $90.8 million, Asia Pacific $78.3 million, and other $38.7million. This backlog is scheduled to be worked off as follows: $125.8 millionin 2005, $398.3 million in 2006, and $83.2 million in 2007 or thereafter. Duringthe quarter, we received 100 new bid requests with a total estimated value of $1.2billion, and we currently have bids outstanding and in-house totalingapproximately $2.0 billion.

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

**Quarter  Ended**

**Nine  Months Ended**

** **

**September  30,**

**September  30,**

** **

** **

**2005**

** **

** **

**2004**

** **

** **

**2005**

** **

** **

**2004**

** **
  Revenues
100.0%

100.0%

100.0%

100.0%
  Cost of operations  
84.8

86.8

83.0

92.7
  Gross profit  
15.2

13.2

17.0

7.3

Net (gains) on  asset disposal 

(1.6)

(14.0)

(1.0)

(6.2)
  Selling, general and administrative  expenses  
7.3

6.8

7.1

9.8
  Operating income  
9.5

20.4

10.9

3.7

Other expenses  (income)

     Interest  expense

1.9

2.7

1.6

3.4

     Other

(0.7)

(0.1)

(0.5)

0.3

Income (loss) from continuing  operations, before income taxes 

8.3

17.8

9.8

(0.0)

Income taxes 

5.4

4.0

5.0

(0.4)

Income from continuing  operations, 

     net of  taxes

2.9

13.8

4.8

0.4

Income (loss)  from discontinued operations,   net of taxes 

--

0.7

--

(0.1)
  Net income.  
2.9%

14.5%

4.8%

0.3%
 
***QuarterEnded September 30, 2005 Compared to Quarter Ended September 30, 2004***

** **

**Quarter Ended**

**September 30,**

** **

** **

**2005**

** **

**2004**

**Percentage Change**

**(In Millions)**

**(Unfavorable)**
  Revenues
$

168.0

$

130.4

29%
  Cost of operations
142.5

113.2

(26)
  Gross profit
25.5

17.2

48

Net (gains) on asset disposal

(2.7)

(18.2)

(85)
  Selling, general and administrative expenses
12.2

8.8

(39)
  Operating income
16.0

26.6

(40)

Other expenses  (income)

     Interest expense

3.3

3.5

6

     Other

(1.2)

(0.1)

1,100

Income from continuing operations, before income taxes

13.9

23.2

(40)

Income taxes

9.1

5.2

75

Income from continuing operations, net of taxes

4.8

18.0

(73)

Income from discontinued operations, net of taxes

--

0.9

(100)

Net income 

$

4.8

$

18.9

(75)%

***Revenues.*** Revenues increased by $37.6 million or 29% between comparable quarters to$168.0 million in the third quarter of 2005 primarily due to an increase inactivity in OCD and an increase in activity and improved pricing in GDMC. Additionally,$10.8 million of this favorable variance is related to an adverse arbitrationruling which occurred and was charged against revenue in our OCD West Africasegment during the third quarter of  2004. For a detailed discussion of revenuesand income before taxes for each division and geographic area, see "SegmentInformation" below.

***GrossProfit*.**  Gross profit increased by $8.3 million primarily due toincreases in activity in both divisions, higher profit margins in GDMC, and thenon-recurrence of an adverse arbitration ruling in our OCD West Africa segmentin 2004. As a percentage of revenue, gross profit increased to 15.2% from 13.2%primarily due to higher profit margins in GDMC. Within OCD, the beneficialeffects of higher activity on gross profit margin were substantially offset bylower margins earned between comparable quarters in our OCD Latin America and OCDAsia Pacific segments.

***Net Gains on Asset Disposal***.  Net gains on asset disposal declined $15.5million or 85% between comparable quarters. During the third quarter of 2004,the Company sold the derrick barge *Arapaho* and an office facility in Lafayette, Louisiana for gains of $16.8 million and $1.2 million, respectively. During thethird quarter of 2005, the Company had a net gain on asset disposals of $2.7million, primarily from the sale of two dive support vessels.

***Selling,General and Administrative Expenses.*** For the quarter ended September30, 2005, selling, general and administrative expenses were $12.2 million comparedto $8.8 million reported during the quarter ended September 30, 2004. Thechange was primarily due to increased administrative labor costs.

***Depreciationand Amortization.***  Depreciation and amortization from continuingoperations, including amortization of dry-docking costs, for the quarter endedSeptember 30, 2005 was $15.4 million compared to the $12.6 million recorded inthe quarter ended September 30, 2004. The increase is due primarily to higherutilization of our major construction barges, which are depreciated on a unitsof production basis.

***InterestExpense*.**  Interest expense decreased $0.2 million to $3.3 million forthe quarter ended September 30, 2005. A decrease in interest expense due tolower average debt balances in the 2005 quarter was substantially offset by a$1.0 million increase in interest expense associated with a tax settlement in Thailand.

***OtherExpense/Income.***  Other income increased $1.0 million between comparablequarters primarily due to increased interest income and foreign exchange gains.

*** NetIncome (Loss).***  Our net income declined 74% to $4.8 million in thethird quarter of 2005, primarily due to lower gains on asset sales and anincrease in our effective tax rate.  Our effective tax rate for the quarterended September 30, 2005 was 65% as compared to 22% for the same period lastyear. Income tax expense in the prior year's comparable quarter included a $4.5million tax benefit related to the reversal of a capital loss carry-overvaluation allowance. The effective tax rate for the current year quarter was inexcess of 35% primarily due to low earnings in certain foreign jurisdictionswhich are taxed on a deemed profits, percentage of revenue, basis and netoperating losses in certain foreign jurisdictions where we did not record a taxbenefit. Included in the 65% quarterly rate is the cumulative effect ofincreasing our expected annual effective rate from 45% in the first and secondquarters to our currently expected annual effective rate of 51%.

***Segment Information.***  Our reportable segments include two divisions, theOffshore Construction Division (OCD) and the Global Divers and MarineContractors Division (GDMC), with five and four reportable segments,respectively. OCD includes all pipelay and derrick lifts worldwide as well asdiving and marine services in our Asia Pacific region. GDMC includes allremaining diving and marine support services worldwide. The GDMC Gulf of Mexicosegment has been restated for the quarter ended September 30, 2004 to reflectthe reclassification of the Liftboat Division, which was sold in October 2004,as discontinued operations. We have identified nine reportable segments asrequired by SFAS 131. 

Thefollowing discusses the results of operations for each of our reportablesegments during the quarters ended September 30, 2005 and 2004.

**OffshoreConstruction Division:**

Due to anincrease in worldwide activity, total revenues in OCD increased 31% to $157.9million (including $0.1 million of intersegment revenues) in the third quarterof 2005 from $120.5 million (including $1.3 million of intersegment revenues)in the same period in 2004. Major construction barge utilization increased to55% compared to 31% in the same quarter last year. However, income fromcontinuing operations before taxes decreased $14.3 million between comparablequarters to $5.1 million for the third quarter of 2005 primarily due to a $14.3million decrease in net gains on asset disposal. Excluding the impact of gains on assetdisposal, operating results improved in our OCD Gulf of Mexico segment due toincreased activity. Loss from continuing operations before taxes decreased inour OCD West Africa segment primarily due to an adverse arbitration rulingrecorded in the third quarter of 2004. These improvements were substantiallyoffset by a decline in the profitability of our Latin America and Asia PacificOCD segments.

*Gulf of Mexico* - Revenues increased 314% to $45.3 million in the quarter endedSeptember 30, 2005 primarily due to increased activity in the segment. In the2005 period, work continued on numerous pipeline repair jobs related tohurricane damage and one large pipeline construction project in Trinidad as compared to only a few small contracts that were in progress in the 2004comparable period. Income from continuing operations before taxes decreased by$8.1 million to $11.0 million for the third quarter of 2005 primarily due to a$16.8 million decrease in net gains on asset disposal related to the sale ofthe derrick barge *Arapaho* during the third quarter of 2004. Thirdquarter 2005 cost of operations for the OCD Gulf of Mexico segment included$3.3 million of costs related to uninsured equipment failure. Utilization ofour four major construction barges in the OCD Gulf of Mexico segment during thethird quarter of 2005 was 76% compared to eight barges achieving 10% utilizationin the same period last year. A comparison of bidding activity betweencomparable quarters was not meaningful for this segment due to increasinglevels of hurricane repair work and day rate contracts being planned by theCompany during the current year's quarter.

*West Africa* - Revenues for our OCD West Africa segment were negligible for thequarter ended September 30, 2005 and negative $10.2 million in the quarterended September 30, 2004. Revenues for the quarters ended September 30, 2005and 2004 as reported included reductions in revenue related to settlements and/oradverse arbitration rulings of $1.2 million and $10.8 million, respectively. Asa result, loss from continuing operations before income taxes decreased to $5.8million for the quarter ended September 30, 2005 compared to loss before taxesof $16.3 million for the same period in 2004. There was no activity utilizingthe Company's three barges in West Africa during either of the comparableperiods. Bidding activity and the dollar volume of bidding activity declinedduring the quarter compared to the same period last year.

*Latin America* - Revenues decreased $24.4 million or 26% to $69.2 million for thequarter ended September 30, 2005.  The decrease in revenues between comparablequarters was primarily the result of a decline in the dollar volume of activeprojects and reduced productivity.  Activity, in terms of vessel utilization,increased between comparable periods due to low productivity in the quarterended September 30, 2005. Due to productivity issues and uncompensatedweather-related downtime, one large project recorded losses during the currentyear quarter, and other smaller projects recorded losses or lower profitmargins than were achieved by the segment in the prior year's third quarter.Income from continuing operations before income taxes decreased $15.5 millionor 93% to $1.1 million for the quarter ended September 30, 2005. Six bargesachieved 94% utilization in the third quarter of 2005 compared to four barges achieving90% utilization in the same quarter last year. Bidding activity and the dollarvolume of bidding activity during the quarter were down compared to the sameperiod last year.

*Asia**Pacific*****- Revenues increased $24.4 million to $42.3 million(including $0.1 million of intersegment revenues) for the quarter endedSeptember 30, 2005 compared to $17.9 million for the quarter ended September30, 2004 due to increased activity. The construction barge *Hercules* wasrelocated to the Asia Pacific region and accounts for much of the increasedactivity in the segment. Income from continuing operations before income taxes,which included $2.7 million in gains from the sale of two dive support vessels,decreased $1.0 million to $0.6 million for the quarter ended September 30, 2005primarily due to productivity issues and uncompensated weather-related downtimeon one large project. During the third quarter of 2005, four major constructionvessels were 47% utilized as compared to three major construction vessels whichwere 53% utilized in the third quarter of 2004. Both bidding activity and thedollar value of bidding activity rose during the quarter compared to the prior year'scomparable quarter.

*Middle East* - For the quarter ended September 30, 2005, revenues decreased by $7.4million or 89% to $0.9 million due to a lack of activity in our OCD Middle Eastsegment. One construction barge was relocated out of the region between the comparablequarters. There was no utilization of the remaining vessel during the thirdquarter of 2005 as compared to 18% utilization of two vessels during the thirdquarter of 2004. Loss from continuing operations before income taxes increased$0.3 million to $1.7 million for the quarter ended September 30, 2005. Biddingactivity was up but the dollar volume of bidding activity was down between comparablequarters.

**GlobalDivers and Marine Contractors:**

Totalrevenues in our GDMC division increased $7.4 million or 41% to $25.7 million(including $15.4 million of intersegment revenues) in the third quarter of 2005as compared to $18.2 million (including $7.1 million of intersegment revenues)in the same period in 2004. Income from continuing operations before taxesincreased by $5.4 million or 159% to $8.7 million in the third quarter of 2005.This improvement was due to increased activity and improved pricing in our Gulf of Mexico and Latin America GDMC segments. These improvements were partially offset byreduced income in our GDMC Middle East segment due to reduced activity.

*Gulf of Mexico* - Revenues increased by 58% to $14.5 million (including $7.0 millionof intersegment revenues) for the quarter ended September 30, 2005 from $9.2million (including $1.7 million of intersegment revenues) for the quarter endedSeptember 30, 2004. Income from continuing operations before income taxesincreased by $4.5 million to $6.1 million for the quarter ended September 30,2005. This improvement in income was due to increased activity and improvedpricing for comparable diving jobs. The number of diver days increased 90%between comparable quarters.

*WestAfrica* - Revenues in both of the comparable quarters were negligible due toa lack of significant activity in West Africa. Losses from continuingoperations before income taxes were nominal in both of the comparable quarters.

*LatinAmerica* - Revenues, all of which were intersegment revenues, increased by87% to $8.5 million for the quarter ended September 30, 2005 due to increasedactivity, improved pricing, and a higher mix of saturation diving services inthe current year quarter. Income from continuing operations before income taxesincreased $1.7 million between comparable quarters due to increased activityand the beneficial effects of higher utilization and improved pricing on profitmargins.

*Middle East* - For the quarter ended September 30, 2005, revenues decreased 37% to$2.8 million (including a negligible amount of intersegment revenues) comparedto $4.5 million for the quarter ended September 30, 2004 due to decreasedactivity, especially with regard to intersegment services to OCD Middle Eastsegment. Income from continuing operations before income taxes decreased to$0.1 million for the quarter ended September 30, 2005 compared to $0.8 millionfor the quarter ended September 30, 2004 due to the decreased activity.

***NineMonths Ended September 30, 2005 Compared to Nine Months Ended September 30,2004***

** **

**Nine Months Ended**

**September 30,**

** **

** Percentage**

**2005**

** **

**2004**

** Change**

**(In Millions)**
**(Unfavorable)**  Revenues
$

514.7

$

292.1

76%
  Cost of operations
427.3

270.9

(58)
  Gross profit
87.4

21.2

312

Net (gains) on asset disposal

(5.3)

(18.1)

(71)
  Selling, general and administrative expenses
36.9

28.5

(29)
  Operating income
55.8

10.8

417

Other expenses  (income)

     Interest expense

8.1

10.1

20

     Other

(2.7)

0.8

438

Income (loss)  from continuing operations, before income taxes. 

50.4

(0.1)

*

Income taxes (benefit)

25.7

(1.2)

*

Income from continuing operations, net of taxes

24.7

1.1

*

Income (loss) from discontinued operations, net of taxes

--

(0.2)

*

Net income

$

24.7

$

0.9

*

____________________

*     not meaningful

***Revenues.*** Consolidated revenues increased by $222.6 million or 76% between the comparablenine month periods primarily due to an increase in worldwide activity in bothof the Company's divisions.  Improved pricing for certain segments within thesedivisions also contributed to this increase in revenues. Additionally, $10.8million of this favorable variance is related to an adverse arbitration rulingthat occurred in our OCD West Africa segment during the third quarter of 2004. Fora detailed discussion of revenues and income before taxes in each division andgeographic area, see "Segment Information" below.

***GrossProfit***.  Gross profit increased by $66.2 million or 312% primarily dueto the increases in activity and pricing described above and the non-recurrenceof an adverse arbitration ruling that occurred in our OCD West Africa segmentduring the third quarter of 2004. As a percentage of revenue, gross profitincreased to 17% from 7%. The beneficial effects of increased activity andpricing on our gross profit percentage were partially offset by a deteriorationof the profit margin in our OCD Latin America segment. Gross profit in our OCD LatinAmerica segment, as a percentage of revenues, declined to 6% in the first ninemonths of 2005 from 18% in the comparable period last year due to lowproductivity on certain contracts.

***Net Gains on Asset Disposal***.  Net gains on asset disposal decreased $12.8million or 71% between the comparable nine month periods. During the ninemonths ended September 30, 2004, the Company sold the derrick barge *Arapaho*and an office facility in Lafayette, Louisiana for gains of $16.8 million and$1.2 million, respectively. During the nine months ended September 30, 2005,the Company had net gains on asset disposals of $5.3 million, primarily fromthe disposition of two dive support vessels and a cargo barge.

***Selling,General and Administrative Expenses.***  For the nine months endedSeptember 30, 2005, selling, general and administrative expenses were $36.9million as compared to $28.5 million reported during the nine months endedSeptember 30, 2004. The increase was due primarily to the recording of a $2.5million tax penalty contingency in our OCD Latin America segment related to a 1999corporate tax and increased administrative labor and legal costs.

***Depreciationand Amortization.***  Depreciation and amortization from continuingoperations, including amortization of dry-docking costs, for the nine months endedSeptember 30, 2005 was $40.7 million compared to $30.5 million recorded in thenine months ended September 30, 2004. This increase is due primarily to higherutilization of our major construction barges, which are depreciated on a unitsof production basis.

***InterestExpense*.**  Interest expense decreased $2.0 million to $8.1 million forthe nine months ended September 30, 2005, compared to $10.1 million for thenine months ended September 30, 2004. This decrease was primarily due to lower averagedebt outstanding partially offset by an increase in interest expense due to atax settlement in Thailand.

***OtherExpense/Income.***  Net other expense or income for the nine months endedSeptember 30, 2005 was $2.7 million income. Net other expense or income for thenine months ended September 30, 2004 was $0.8 million expense. This change wasprimarily due to increased interest income and decreased foreign exchangelosses between comparable periods.

*** Net Income (Loss).***  Our net income increased $23.8 million to $24.7 million inthe nine months ended September 30, 2005 principally due to an increase ingross profit partially offset by reduced gains on asset sales and increasedselling, general and administrative expenses as discussed above. Our effectivetax rate for the nine months ended September 30, 2005 was 51%. The effectiveincome tax rate for the nine months ended September 30, 2004 was not meaningfulbecause tax expense for that period included a $4.5 million tax benefit relatedto the reversal of a capital loss carry-over valuation allowance. The effectivetax rate for the nine months ended 2005 exceeds 35% primarily due to lowearnings and/or losses in certain foreign jurisdictions that are taxed on adeemed profits, percentage of revenue, basis and net operating losses incertain foreign jurisdictions where we did not record a tax benefit.

***Segment Information.***  Our reportable segments include two divisions, OCD and GDMC,with five and four reportable segments, respectively. OCD includes all pipelayand derrick lifts worldwide as well as diving and marine services in our AsiaPacific region. GDMC includes all remaining diving and marine support servicesworldwide. We have identified nine reportable segments as required by SFAS 131.

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

** OffshoreConstruction Division:**

Totalrevenues in OCD increased by $199.5 million or 76% between the comparablenine-month periods to $461.7 million (including $0.3 million of intersegmentrevenues) in the nine months ended September 30, 2005 from $262.2 million(including $4.8 million of intersegment revenues) in the nine months endedSeptember 30, 2004. Activity levels in all OCD segments except West Africa increased between the comparable periods. Worldwide utilization of our majorconstruction barge fleet increased to 56% in the nine months ended September30, 2005 from 25% in the prior year period. Improved pricing in our OCD Gulf ofMexico segment as a result of Hurricanes Ivan and Katrina also contributed tothis increase in revenues.

Incomefrom continuing operations before income taxes improved to income of $19.0million in the nine months ended September 30, 2005 as compared to a loss of$4.5 million in the nine months ended September 30, 2004. This improvement wasprimarily caused by the beneficial effects on profit margins of increases inactivity and pricing discussed above and was partially offset by a deteriorationof profit margins in our OCD Latin America segment due to productivity issues.

*Gulf of Mexico* - Revenues increased 146% to $91.3 million for the nine months endedSeptember 30, 2005 from $37.1 million (including $4.8 million of intersegmentrevenues) for the nine months ended September 30, 2004 due primarily toincreased activity and improved pricing in the region. In the 2005 period, workcontinued on numerous pipeline repair jobs related to damage from HurricanesIvan and Katrina and one large pipelay construction project in Trinidad as compared to one large contract and a few small projects that were in progressin the 2004 comparable period. Income from continuing operations before income taxesincreased by $26.1 million to $27.6 million primarily due to increasedactivity, improved pricing, and lower allocated costs due to vessels beingtransferred to other segments partially offset by uninsured equipment failure.The *Hercules* was transferred to our OCD Asia Pacific segment and severalvessels were temporarily assigned to our OCD Latin America segment during thecurrent year period. Utilization of our five major construction barges in the Gulf of Mexico during the first nine months of 2005 was 70% compared to nine bargesachieving 16% in the same period last year. A comparison of bidding activitybetween comparable nine month periods was not meaningful for this segment dueto increasing levels of hurricane repair work and day rate contracts beingplanned by the Company during the first nine months of 2005.

*West Africa* - Revenues were $9.4 million for the first nine months of 2005 comparedto $6.9 million for the first nine months of 2004. Revenue for the nine monthsended September 30, 2005 and 2004 included reductions in revenue related to adversearbitration rulings and settlements of $1.2 million and $10.8 million,respectively. Activity in our OCD West Africa segment declined betweencomparable nine month periods. Utilization for our three barges in this segmentwas 4% during the nine months ended September 30, 2005 as compared to 11% inthe same period last year. Loss from continuing operations before income taxesdecreased to $13.5 million for the nine months ended September 30, 2005compared to a loss before income taxes of $14.8 million for the same period in2004. Bidding activity was up but the dollar volume of bidding activity wasdown between the comparable periods.

*Latin America* - Revenues increased 51% to $231.7 million in the nine months ended September30, 2005 primarily due to an increase in activity within the segment.  Sixlarge projects were in progress during the first nine months of 2005 comparedto five large projects in progress during the same period in 2004. Income fromcontinuing operations before income taxes decreased $21.8 million to a lossbefore taxes of $0.7 million for the first nine months of 2005 due to lowproductivity on four projects, uncompensated weather-related downtime, a $2.5million tax penalty reserve, and costs associated with the transfer of one bargeto the region from the Middle East. Seven barges achieved 82% utilization inthe first nine months of 2005 compared to four barges achieving 78% utilizationin the same period last year. Bidding activity was up but the dollar volume ofbidding activity was down between the comparable periods.

*Asia**Pacific* - Revenues increased $45.2 million to $101.2 million (including$0.3 million of intersegment revenues) in the nine months ended September 30,2005 due to increased activity. Loss from continuing operations before incometaxes decreased to $0.5 million for the first nine months of 2005 compared to aloss of $5.1 million for the first nine months of 2004. The improved resultsare due primarily to increased activity and an increase in net gains on assetdisposals partially offset by increased costs associated with thetransportation of the *Hercules* to the segment and productivity issuesand uncompensated weather-related downtime in one large project. Utilization inthe first nine months of 2005 for our four major construction vessels in thissegment was 47% compared to three barges achieving 31% in the same period lastyear. Both bidding activity and the dollar value of bidding activity during thefirst nine months of 2005 were up compared to the same period in 2004.* *

*Middle East* - For the first nine months of 2005, revenues increased significantly to$28.0 million compared to $8.5 million for the first nine months of 2004. Onesignificant project which began in the prior year carried over to the currentyear and was the primary driver of activity for the 2005 period. Utilizationfor the first nine months of 2005 of one major construction barge was 66%compared to two barges achieving 6% in the same period last year.  Due to theincreased activity and a gain of $1.9 million on the disposition of one cargobarge, income from continuing operations before income taxes increased $13.2million to income from continuing operations before income taxes of $6.0million for the first nine months of 2005 compared to a loss from continuingoperations before income taxes of $7.2 million for the first nine months of2004. Bidding activity and the dollar volume of bidding activity during thefirst nine months of 2005 were up compared to the same period last year.

**GlobalDivers and Marine Contractors:**

Totalrevenues for GDMC increased by $46.2 million or 94% to $95.5 million (including$42.2 million of intersegment revenues) for the nine months ended September 30,2005. Income from continuing operations before income taxes increased by $26.0million to $30.6 million for the first nine months of 2005.  The increases inrevenues and income were due to increased activity and improved pricing in our GDMCGulf of Mexico segment, increased activity, improved pricing, and a change inmix of diving services in our GDMC Latin America segment, and increasedactivity in our GDMC Middle East segment.

*Gulf of Mexico* - Revenues increased 57% to $38.2 million (including $13.9 million ofintersegment revenues) for the first nine months of 2005 from $24.2 million(including $4.9 million of intersegment revenues) for the first nine months of2004. Income from continuing operations before income taxes increased by $15.6million to $14.4 million for the first nine months of 2005.  The increases inrevenues and income were primarily due to increased activity and improvedpricing as a result of Hurricanes Ivan and Katrina. The number of diver-daysincreased 75% compared to the same period last year.

*West Africa* - Revenues, all of which were intersegment revenues, and income fromcontinuing operations before income taxes for our GDMC West Africa segment werenegligible in both comparable periods due to a lack of significant activity inthe region.

*Latin America* - Revenues, all of which were intersegment revenues, increased by$13.7 million or 166% to $22.0 million for the first nine months of 2005primarily due to increased activity, improved pricing, and an increase in theamount of saturation diving work. Our GDMC Latin America segment performed workon six large contracts in the nine month period ended September 30, 2005.Income from continuing operations before income taxes for the first nine monthsof 2005 increased by $4.2 million to $6.2 million primarily due to the factorswhich affected revenues.

*MiddleEast* - For the first nine months of 2005, revenues increased 117% to $35.1million (including $6.1 million of intersegment revenues) due to increasedactivity from several large projects in India. Income from continuingoperations before income taxes increased by $6.1 million to $10.0 million forthe first nine months of 2005 due to the increase in activity.

**Liquidityand Capital Resources**

***Overview***

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

We expect activity levels to continueto increase over the next twelve to twenty-four months. During the first ninemonths of 2005, we have been awarded over $861.5 million in projects. Ourbacklog at September 30, 2005 was approximately $607.3 million, the highest inthe Company's history. Approximately $125.8 million, or 21%, of this backlog isexpected to be completed in 2005. The increase in activity will cause workingcapital to increase. We expect our current cash balances and our availabilityunder our credit facility to be sufficient to fund this anticipated increase inworking capital. In addition, the judgment against us in the Vinci (Groupe GTM)litigation may require a substantial cash payment in the near future that would likely bepaid out of cash on hand. Identified capital expenditure projects for theremainder of 2005 are expected to be approximately $20.0 million. Theseprojects are primarily upgrades to our existing vessels.

***CashFlow***

Our cashbalance decreased by $6.9 millionto $136.3 million at September 30, 2005 from $143.2 million at December 31, 2004.During the nine months ended September 30, 2005, our continuing operations generatedcash flow of $7.8 million compared to $24.7 million used in the comparableperiod of 2004. Cash on hand and proceeds from sale of assets funded investingactivities of $16.9 million. Investing activities consisted principally ofcapital expenditures of $17.7 million and dry-docking costs of $8.5 million.

Workingcapital increased $59.1 millionduring the nine months ended September 30, 2005 to $211.3 million from $152.2 millionat December 31, 2004. The increase in working capital is due primarily toincreases in receivables and unbilled work on uncompleted contracts partiallyoffset by a decrease in cash and an increase in accounts payable and incometaxes payable. Working capital is anticipated to continue to increase asactivity increases. At September 30, 2005, our backlog was $607.3 million ascompared to a backlog of $179.1 million at September 30, 2004. Approximately 21%of our backlog is expected to be performed during the remainder of 2005.

Our capital expenditures during the nine months ended September30, 2005 aggregated $17.7 million.We estimate that the cost to complete capital expenditure projects inprogress at September 30, 2005 will be approximately $11.5 million, all ofwhich is expected to be incurred during the next three months. The capitalexpenditures are primarily related to vessel and equipment upgrades.

***Long-TermDebt***

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

On June 7, 2005, the creditfacility was increased to $85.0 million to provide additional credit capacitydue to increased bonding requirements and increased the number of participantsin the syndication from three to four. A fee of $0.1 million was paid for thischange. 

Under the terms of our creditfacility, within 45 days after the end of each quarter, we are required tofurnish the Administrative Agent of our syndication with copies of our quarterlyForm 10-Q.  For the quarter ended September 30, 2005, we have obtained awaiver from our syndication for this covenant.  As of November 18, 2005, wehad no borrowings, $70.1 million of letters of credit outstanding and $14.9million of credit availability under our revolving credit facility.

Our Title XI bonds mature in 2025. Thebonds carry an interest rate of 7.71% per annum and require semi-annualpayments of $2.0 million, plus interest. The agreement pursuant to which theTitle XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements. If not met,additional covenants become applicable that would restrict our operations andour ability to pay cash dividends. At September 30, 2005, we were in compliancewith the applicable covenants.

***Other Indebtedness and Obligations***

We also have a $16.0 millionshort-term credit facility at one of our foreign locations that is secured by aletter of credit. Additionally, in the normal course of business, we provideguarantees and performance, bid, and payment bonds pursuant to agreements, orin connection with bidding to obtain such agreements to perform constructionservices. All of these guarantees are secured by parent company guarantees. Theaggregate of these guarantees and bonds at September 30, 2005 was $48.9 millionin surety bonds and $70.1 million in bank guarantees/letters of credit. Thesurety bonds and bank guarantees/letters of credit expire between October, 2005and October, 2007 and between January, 2006 and August, 2008, respectively.

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

***LiquidityOutlook***

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

Over the longer term, we expectcash from operations, supplemented by equity financing and proceeds fromlong-term debt, to provide sufficient funds to operate and expand our businessand maintain our fleet. For flexibility, we maintain a shelf registrationstatement that permits the issuance of up to $365.8 million of debt and equitysecurities. In addition, as we have historically done, we will continue toevaluate the merits of any opportunities that may arise for acquisitions ofequipment or businesses, which may require additional liquidity.  

**Industryand Business Outlook**

Weexpect activity to continue to increase during the next twelve to twenty-fourmonths. We are currently experiencing growth in our Asia Pacific segment and Middle East segments and continued high activity in our  Gulf of Mexico segments. Weexpect increased levels of activity and improved margins in our Gulf of Mexico segment in our 2005 fourth quarter going forward into 2006.  Due to the workdemand in the Gulf of Mexico caused by recent hurricanes, we are mobilizing an idle asset from a foreign location and recommissioning a vessel that has beenout of service.  Coupled with this demand for vessels, there is a correspondingdemand for experienced personnel, and we are finding that there is a lack of alarge resource of personnel. Consequently, we are having to seek, find, andtrain new personnel.  These factors, transferring idle vessels, recommissioningvessels, and personnel training, all create risk for our operations.

During the third quarter, we booked $340.9 millionof new work. Our backlog at September 30, 2005 was $607.3 million and isprincipally comprised as follows - Middle East $245.0 million, Latin America$154.5 million, West Africa $90.8 million, Asia Pacific $78.3 million and Other$38.7 million. We currently have bids outstanding and in-house totalingapproximately $2.0 billion. In addition, both contract terms and pricing arebecoming more favorable in our domestic and international locations. We areexperiencing an increase in bidding activity and in the dollar volume of biddingactivity in most of our locations. In addition, activity and margins in our U.S.Gulf of Mexico, Middle East and West Africa areas areexpected to increase into 2006. Our backlog of work for the first half of 2006will utilize our fleet at greater levels than historically experienced duringthe first half of the year.

**Critical AccountingPolicies and Estimates**

For adiscussion of critical accounting policies and estimates, see Item 7. ManagementDiscussion and Analysis of Financial Condition and Results of Operations - CriticalAccounting Policies and Estimates in our Annual Report on Form 10-K for theyear ended December 31, 2004, which discussion is incorporated herein byreference.

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

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

**Item 4.            Controlsand Procedures.**

As of the end of the periodcovered by this report, our management, with the participation of our ChiefExecutive Officer and Chief Financial Officer, has evaluated the effectivenessof our disclosure controls and procedures. These disclosure controls andprocedures are designed to provide us with a reasonable assurance that all ofthe information required to be disclosed by us in our periodic reports filed underthe Securities and Exchange Act of 1934 is recorded, processed, summarized andreported, within the time periods specified in the SEC's rules and forms.Disclosure controls and procedures include, without limitation, controls andprocedures designed and maintained to ensure that all of the informationrequired to be disclosed by us in our reports is accumulated and communicatedto our management, including our principal executive officer and chief financialofficer, as appropriate to allow those persons to make timely decisionsregarding required disclosure.  

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

**PART II - OTHER INFORMATION**

**Item 1.            LegalProceedings.**

We are a party in legalproceedings and subject to potential claims arising in the ordinary course ofour business. Management does not believe these matters will materially affectour consolidated financial statements.

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

On March 19, 2004, Marathon E.G.Production Limited filed an arbitration with the American ArbitrationAssociation against our subsidiary, Global Offshore International, Ltd. seekingliquidated damages of approximately $12.0 million and a declaration that thepricing and schedule adjustments claimed by our subsidiary are disallowed. Oursubsidiary had claimed standby and extra work and schedule extensions, whichwould eliminate the liquidated damages claimed. Marathon E.G. ProductionLimited and Global Offshore International, Ltd. entered into a settlementagreement on September 30, 2005 resulting in a payment to Global of $2.8million and elimination of the liquidated damages claimed. As a result of thissettlement, we recorded a charge to earnings of $1.2 million, resulting intotal revenues of $51.3 million on the project.

OnJune 30, 2005, we were notified by the Mexican appeals court of an unfavorabledecision in a litigation related to an audit assessment of 1999 corporateincome and value added taxes totaling $15.4 million. The assessment is relatedto the timing of contract revenue recognition for Mexican tax purposes. Theassessed amount includes taxes adjusted for inflationary costs of approximately$5.4 million; penalties and interest of approximately $10.0 million. As aresult of this decision, Global may file amended corporate returns for subsequentyears that will result in decreased taxes for those years and offset the amountof tax assessed. Global has filed an appeal before the Mexico Supreme Court forthe penalties and is currently negotiating the amount of the taxes and interestwith the Mexican tax authorities. A reserve of $2.5 million dollars has beenestablished and recorded in our Latin America segment. This reserve representsmanagement's assessment of the most likely outcome of the dispute settlement.

**Item5.            Other Information.**

On November 10, 2005, Global entered intoa six-month contract with Mr. William Dore', the Company's Chairman and ChiefExecutive Officer, under which the Company will lease an office building andadjacent land in Lafayette, Louisiana at the rate of $4,600 per month.  TheCompany will use the Lafayette leased property to conduct business which was formerlydone at a leased facility in the Port of Iberia, Louisiana until the damage tothe Company's facility in the Port of Iberia from Hurricane Rita is repaired. The terms of the Lafayette lease may be found in Exhibit 10.1.** **

 **Item6.           Exhibits.**

*

10.1 -

Lease  agreement dated November 10, 2005 between the Company and Mr. William J. Dore'  to an office building, warehouse, and land located in Lafayette Louisiana

*

15.1 -

Letter  regarding unaudited interim financial information.

*

31.1 -

Section  302 Certification of CEO, William J. Dore'

*

31.2 -

Section  302 Certification of CFO, Timothy W. Miciotto

*

32.1 -

Section  906 Certification of CEO, William J. Dore'

*

32.2 -

Section  906 Certification of CFO, Timothy W. Miciotto

*

Included  with this filing

**Signature**

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

GLOBAL INDUSTRIES, LTD.

By:/S/  TIMOTHY W. MICIOTTO

Timothy W. Miciotto

Senior Vice President, Chief Financial Officer

(Principal Financial and Accounting Officer)

November21, 2005 |
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