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

          For the quarterly period ended June 30, 1998
                                
                                
                  Commission File Number:  2-56600
                                  
                       Global Industries, Ltd.
       (Exact name of registrant as specified in its charter)
Louisiana                                                 72-1212563
(State or other jurisdiction of incorporation or organization)(I.R.S.
Employer Identification No.)

107 Global Circle
P.O. Box 61936, Lafayette, LA                             70596-1936
(Address of principal executive offices)                  (Zip Code)
                           (318) 989-0000
        (Registrant's telephone number, including area code)

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

  Indicate by check mark whether the registrant (1) has filed all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.                   x Yes   o No
                                
              APPLICABLE ONLY TO CORPORATE ISSUERS:
                                
    The  number  of  shares  of  the  Registrant's  Common  Stock
outstanding as of July 31, 1998 was 91,987,530.
                                
                                
                                
                     Global Industries, Ltd.
                        Index - Form 10-Q
                                
                                
                                Part I
                                
Item 1.   Financial Statements - Unaudited
            Independent Accountants' Report                           3
            Consolidated Statements of Operations                     4
            Consolidated Balance Sheets                               5
            Consolidated Statements of Cash Flows                     6
            Notes to Consolidated Financial Statements                7

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


                                 Part II
                                
Item 1.   Legal Proceedings                                          17

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

          Signature                                                  18



                                
                                
                PART I  -  FINANCIAL INFORMATION


Item 1. Financial Statements.


INDEPENDENT ACCOUNTANTS' REPORT


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

We  have reviewed the condensed consolidated financial statements
of  Global  Industries, Ltd. and subsidiaries, as listed  in  the
accompanying  index, as of June 30, 1998 and for the  three-month
periods ended June 30, 1998 and 1997.  These financial statements
are the responsibility of the Company's management.

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

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

We have previously audited, in accordance with generally accepted
auditing  standards,  the consolidated balance  sheet  of  Global
Industries, Ltd. and subsidiaries as of March 31, 1998,  and  the
related  consolidated  statements  of  operations,  shareholders'
equity,  and  cash flows for the year then ended  (not  presented
herein);  and in our report dated June 12, 1998, we expressed  an
unqualified  opinion on those consolidated financial  statements.
In  our  opinion,  the information set forth in the  accompanying
condensed  consolidated balance sheet as of  March  31,  1998  is
fairly  stated,  in  all material respects, in  relation  to  the
consolidated balance sheet from which it has been derived.

DELOITTE & TOUCHE LLP

August 6, 1998
New Orleans, Louisiana
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF OPERATIONS
          (Dollars in thousands, except per share data)
                           (Unaudited)
                                
                                          Quarter Ended June 30,
                                             1998         1997
                                          --------      -------              
Revenues                                   $92,158      $63,176
                                                            
Cost of Revenues                            61,571       42,337
                                          --------      -------                 
Gross Profit                                30,587       20,839
                                                            
Equity in Net Earnings (Loss) of                          
Unconsolidated Affiliate                    (1,562)      (1,656)
Selling, General and Administrative         
Expenses                                     5,475        4,247
                                          --------      -------                
Operating Income                            23,550       14,936
                                          --------      -------           
                                                            
Other Income (Expense):                                     
 Interest Expense                           (1,151)        (130)
 Other                                         415        1,515
                                          --------      -------
                                              (736)       1,385
                                          --------      -------                 
Income Before Income Taxes                  22,814       16,321
                                                            
Provision for Income Taxes                   7,985        6,202
                                          --------      -------                 
Net Income                                 $14,829      $10,119
                                          ========      =======
                 
Weighted Average Common Shares                              
Outstanding
 Basic                                  91,769,000   90,722,000
 Diluted                                94,345,000   93,134,000
                                                            
Net Income Per Share                                        
 Basic                                      $ 0.16      $  0.11
 Diluted                                    $ 0.16      $  0.11
                                
                                
                                
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
                   CONSOLIDATED BALANCE SHEETS
                     (Dollars in thousands)
                           (Unaudited)


                                              June 30,    March 31,
                                               1998          1998
                                              --------    ---------
ASSETS                                                    
Current Assets:                                           
 Cash                                         $ 11,773     $ 18,693
 Escrowed funds                                  5,597        6,907
 Receivables                                    99,601       97,156
 Advances to and receivables from               
   unconsolidated affiliate                     15,587       22,852
 Prepaid expenses and other                      4,744        7,002
                                              --------     --------
  Total current assets                         137,302      152,610
                                              --------     -------- 
                                                          
Escrowed Funds                                  19,901       22,478
                                              --------     --------
Property and Equipment, net                    507,119      432,224
                                              --------     --------
                                                          
Other Assets:                                             
 Deferred charges, net                          15,716       12,139
 Investment in unconsolidated               
   affiliate                                       315        1,878
 Other                                           4,530        4,038
                                              --------     --------
  Total other assets                            20,561       18,055
                                              --------     --------
    Total                                     $684,883     $625,367
                                              ========     ========
                                                          
LIABILITIES AND SHAREHOLDERS' EQUITY                      
Current Liabilities:                                      
 Current maturities of long-term debt         $  2,164        2,168
 Accounts payable                               48,531       55,016
 Accrued liabilities                            14,821       11,418
 Accrued profit-sharing                          3,882        4,126
 Insurance payable                               1,781        2,410
                                              --------     --------
  Total current liabilities                     71,179       75,138
                                              --------     --------            
Long-Term Debt                                 189,683      144,825
                                              --------     --------
Deferred Income Taxes                           40,367       36,471
                                              --------     --------
Commitments and Contingencies                             
                                                          
Shareholders' Equity:                                     
 Preferred stock                                    --           --
 Common stock, issued and outstanding,                     
 91,944,935, and
 91,597,114 shares, respectively                   919          915
 Additional paid-in capital                    211,237      208,911
 Translation adjustments                       (10,616)      (8,178)
 Retained earnings                             182,114      167,285
                                              --------     --------
  Total shareholders' equity                   383,654      368,933
                                              --------     --------
    Total                                     $684,883     $625,367
                                              ========     ========
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                     Global Industries, Ltd.
              CONSOLIDATED STATEMENTS OF CASH FLOWS
                         (In thousands)
                           (Unaudited)
                 

                                            Quarter Ended June 30,
                                              1998          1997
                                            --------      -------              
Cash Flows From Operating Activities:                         
Net income                                   $14,829      $10,119
Adjustments to reconcile net income to                        
  net cash provided
  by (used in) operating activities:                          
    Depreciation and amortization              9,802        4,855
    Deferred income taxes                      3,911        2,000
    Equity in net (earnings) loss of                       
     unconsolidated affiliate                  1,562        1,656
    Other                                        694          (32)
    Changes in operating assets and                        
      liabilities:
     Receivables                              (3,017)      (6,038)
     Receivables from unconsolidated         
      affiliate                                  431           --
     Prepaid expenses and other                2,159       (1,888)
     Accounts payable and accrued            
      liabilities                             (3,641)       5,254
                                             -------      ------- 
     Net cash provided by (used in)          
      operating activities                    26,730       15,926
                                             -------      -------               

Cash Flows From Investing Activities:                         
Additions to property and equipment          (85,435)     (47,629)
Escrowed funds                                 3,887           12
Additions to deferred charges                 (5,355)      (1,646)
Net repayment of advances to                 
  unconsolidated affiliate                     6,835       22,011
Other                                           (274)      (1,481)
                                             -------      -------               
     Net cash (used in) investing           
      activities                             (80,342)     (28,733)
                                             -------      -------            
Cash Flows From Financing Activities:                         
Proceeds from sale of common stock             2,302          311
Net proceeds (repayment) of long-term debt    44,854         (329)
                                             -------      -------
                                                          
     Net cash provided by (used in)           
      financing activities                    47,156          (18)
                                             -------      -------             
Effect of Exchange Rate Changes on Cash         (464)          --
                                                          
Cash:                                                     
Increase (Decrease)                           (6,920)     (12,825)
Beginning of period                           18,693       63,981
End of period                                $11,773      $51,156
                                                          
                                
         See Notes to Consolidated Financial Statements.
                                
                                
                                
                                
                                
                     Global Industries, Ltd.
     Notes To Consolidated Financial Statements (Unaudited)


1. Basis of Presentation - The accompanying unaudited consolidated
financial  statements include the accounts of Global  Industries,
Ltd.  and  its  wholly owned subsidiaries (the  "Company").   The
Company also has a 49% ownership interest in CCC Fabricaciones  y
Construcciones, S.A. de C.V. ("CCC"), which is accounted  for  by
the equity method.

In  the  opinion  of management of the Company,  all  adjustments
(such  adjustments consisting only of a normal recurring  nature)
necessary  for a fair presentation of the operating  results  for
the interim periods presented have been included in the unaudited
consolidated  financial statements.  Operating  results  for  the
period ended June 30, 1998, are not necessarily indicative of the
results that may be expected for the year ending March 31,  1999.
These financial statements should be read in conjunction with the
Company's  audited consolidated financial statements and  related
notes thereto included in the Company's Annual Report on Form 10-
K for the fiscal year ended March 31, 1998.

The  accompanying consolidated financial statements for June  30,
1997,  have  been adjusted to reflect a two-for-one common  stock
split effected in October of 1997.

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


2.    Recent  Accounting  Pronouncements -  The  Company  adopted
Statement  of Financial Accounting Standards No. 130,  "Reporting
Comprehensive  Income"  ("SFAS 130"), effective  April  1,  1998.
SFAS  130  establishes  standards for reporting  and  display  of
comprehensive  income  and  its major components.   Comprehensive
income  includes net income and other comprehensive income which,
in  the  case  of  the Company, currently includes  only  foreign
currency translation adjustments.

Following is a summary of the Company's comprehensive income  for
the three months ended June 30, 1998 and 1997 (in thousands):

                                     Three Months Ended June 30,
                                         1998         1997
                                     -----------  ------------         
Net Income                            $14,829       $10,119
Other Comprehensive Income (Loss),                
 net of income tax:                             
   Foreign  currency translation                
    adjustments                        (2,438)           --
                                     ----------   -----------
Comprehensive Income                  $12,391       $10,119
                                     ==========   ===========

In June 1997, the Financial Accounting Standards Board ("FASB")
issued  Statement  of  Financial Accounting  Standards  No.  131,
"Disclosures  about  Segments  of  an  Enterprise   and   Related
Information"  ("SFAS 131"), which is effective  for  the  Company
beginning  April  1,  1998.   SFAS 131  redefines  how  operating
segments  are  determined  and  requires  disclosure  of  certain
financial and descriptive information about a Company's operating
segments.   Management believes that implementation of  SFAS  131
will  not  have  a  material impact on the  presentation  of  the
Company's   financial  statements  but  may  require   additional
disclosure.

In  February  1998, the Financial Accounting  Standard  Board
("FASB")  issued Statement of Financial Accounting Standards  No.
132,   "Employers'   Disclosures   about   Pensions   and   Other
Postretirement  Benefits" ("SFAS 132").   SFAS  132  revises  the
standards  for  disclosure  of pension and  other  postretirement
benefit  plans  by  standardizing  the  disclosure  requirements,
requiring  additional  information  on  changes  in  the  benefit
obligations  and  fair  values of plan  assets,  and  eliminating
certain  disclosure  requirements  no  longer  considered  to  be
useful.   These  new  disclosure  requirements  are  designed  to
improve   the   understandability  of  benefit  disclosures   for
financial  analysis.   The  Company is  required  to  adopt  this
standard   for  fiscal  1999.   Management  believes   that   the
implementation of SFAS 132 will not have a material impact on the
Company's financial statements and disclosures.

3.  Change in Accounting Estimate - Effective April 1, 1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  which  are depreciated on the units-of-production
method.  The Company increased total estimated operating days for
such  barges to better reflect the estimated periods during which
the assets will remain in service.  The change had the effect  of
reducing depreciation expense by $1.0 million and increasing  net
income  by $0.6 million ($0.01 per both diluted and basic  share)
for the three months ended June 30, 1998.

4. Financing Arrangements - During April 1998, the Company amended
the  terms  of its existing credit agreement with a syndicate  of
commercial  banks to increase the available line of  credit  from
$160  million  to  $200 million.  At June 30,  1998,  the  amount
available under the credit agreement approximated $20.2 million.

5. Basic and Diluted Earnings Net Income Per Share - The number of
weighted  average shares outstanding for calculation  of  "basic"
and "diluted" net income per share was 91,769,000 and 94,345,000,
respectively,  for  the  three months ended  June  30,  1998  and
90,722,000  and  93,134,000, respectively, for the  three  months
ended  June  30, 1997.  The difference in the number of  weighted
average  shares outstanding for basic and diluted net income  per
share  is  attributable  to  the incremental  shares  related  to
outstanding options to purchase common stock.

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

In  July  1998  the  Company  settled  the  previously  disclosed
arbitration with a shipyard relating to the construction contract
terms  for  the  conversion and upgrade  of  the  Hercules.   The
Company  included  the  settlement costs in  the  conversion  and
upgrade  cost with no current charge to earnings.  The additional
cost will not have a significant impact on future results.

During  August  1998,  the  Board  of  Directors  authorized  the
expenditure  of  up to $30.0 million to purchase  shares  of  the
Company's   outstanding   common  stock.    Subject   to   market
conditions,  the  purchases may be effected  from  time  to  time
through solicited or unsolicited transactions in the market or in
privately  negotiated transactions.  No limit was placed  on  the
duration   of  the  purchase  program.   Subject  to   applicable
securities  laws, purchase decisions will be made  by  management
based upon market conditions and other factors.

The  Company  has guaranteed certain indebtedness and commitments
of CCC approximating $26.0 million at June 30, 1998.  The Company
has  also given performance and currency guarantees totaling $18.2
million at June 30, 1998, ($24.1 million at July 31, 1998) to banks
for CCC  debt  related  to project  financings.   Under the terms
of  the  performance  and currency guarantees, the banks may enforce
the guarantees (i)  if the  customer  does  not  pay CCC because  
neither  CCC  nor  the guarantors  performed the contracts that define 
the  projects  or (ii) if, after converting contract payments from 
Mexican Pesos to United States Dollars, funds from the project are
insufficient to pay  the  sums due. In April 1998, the Company gave a
contingent guarantee  to  a  financial institution whereby the guarantee
becomes  effective  if  certain contracts  are  canceled  or  not
renewed.  The contingent guaranty amount is $16.9 million.

In  the  normal  course of its business activities,  the  Company
provides  letters  of  credit to secure  the  performance  and/or
payment   of  obligations,  including  the  payment  of  worker's
compensation obligations.  Additionally, the Company has issued a
letter  of  credit  as  collateral  for  $28.0  million  of  Port
Improvement Revenue Bonds.  At June 30, 1998, outstanding letters
of  credit  approximated $41.4 million, including  $10.6  million
which   was  subsequently  extinguished  as  a  result   of   the
aforementioned settlement related to the Hercules.

The   Company  estimates  that  the  cost  to  complete   capital
expenditure  projects in progress at June 30, 1998,  approximates
$54 million.




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

General

The  following  commentary presents management's  discussion  and
analysis  of  the Company's financial condition  and  results  of
operations.  Certain of the statements included below,  including
those  regarding future financial performance or results or  that
are  not  historical  facts,  are  or  contain  "forward-looking"
information  as  that term is defined in the  Securities  Act  of
1933,  as  amended.  The words "expect," "believe," "anticipate,"
"project,"  "estimate," and similar expressions are  intended  to
identify   forward-looking  statements.   The  Company   cautions
readers  that  any such statements are not guarantees  of  future
performance   or  events  and  such  statements  involve   risks,
uncertainties  and  assumptions, including  but  not  limited  to
industry  conditions,  general economic conditions,  competition,
ability  of  the  Company  to  successfully  manage  its  growth,
operating  risks,  risks of international  operations,  risks  of
vessel construction and other factors discussed below and in  the
Company's Annual Report on Form 10-K for the year ended March 31,
1998.   Should  one  or  more  of these  risks  or  uncertainties
materialize or should the underlying assumptions prove incorrect,
actual  results  and  outcomes may differ materially  from  those
indicated in the forward-looking statements.

The  following discussion should be read in conjunction with  the
Company's  unaudited consolidated financial  statements  for  the
periods ended June 30, 1998 and 1997, included elsewhere in  this
report   and   the   Company's  audited  consolidated   financial
statements and Management's Discussion and Analysis of  Financial
Condition  and  Results of Operations included in  the  Company's
Annual  Report on Form 10-K for the fiscal year ended  March  31,
1998.

During  the second quarter of fiscal 1998, the Company  completed
the  acquisition of certain business operations and assets of Sub
Sea International, Inc. and certain of its subsidiaries (the "Sub
Sea   Acquisition").   The  $103.8  million   acquisition   costs
(including  $1.8  million of directly related acquisition  costs)
came  from  available  cash and borrowings  under  the  Company's
existing   credit  line.  The  major  assets  acquired   in   the
transaction include three construction barges, four liftboats and
one  dive support vessel based in the United States, four support
vessels  based in the Middle East, and support vessels  and  ROVs
based in the Far East and Asia Pacific.
     
In  the first quarter of fiscal 1999, the Company again added  to
its  fleet with the acquisition of the pipelay/derrick barges DLB
332  (Teknik  Perdana) and DLB 264 (Teknik Padu) from  TL  Marine
Sdn. Bhd.  These two vessels are currently in Asia Pacific.   The
purchase price was $47.3 million (of which $4.8 million was  paid
in  the  fourth quarter of fiscal 1998) and was funded  from  the
Company's  bank line of credit.  The DLB 332 is 352 feet  by  100
feet,  has an 800 ton lift capacity, and can be outfitted to  lay
up  to  60  inch diameter pipe.  The DLB 264 is 400 feet  by  100
feet, has an 1,100 ton lift capacity, and is capable of laying up
to  60 inch diameter pipe. Each of these vessels is working under
a  short-term  bare  boat  charter agreement  with  Hydro  Marine
Services, Inc., an affiliate of J. Ray McDermott S.A.,  to  allow
for  completion of certain contractual commitments.   The  barges
should  be  available  for  use  in  the  Company's  construction
services work in the fall of 1998.

During  the  first  quarter of fiscal 1999, the  Company's  barge
Hercules  continued  its  conversion to a  dynamically-positioned
pipelay/heavy-lift barge, and thus, was unavailable for  service.
In  July  1998, the barge returned to service to begin its  first
conventional pipelay project.  The Company plans to have  a  reel
installed  on the barge in the fourth quarter of fiscal  1999  to
enable it to install offshore pipelines using the reel method.

Although   the  Company  has  been  expanding  its  international
operations,  the  Company derived 80% of its revenues  in  fiscal
1998  and 58% of its revenues in the first quarter of fiscal 1999
from  work  performed in the United States Gulf of Mexico  ("U.S.
Gulf")  and  offshore  Mexico.  The offshore marine  construction
industry in the Gulf of Mexico is highly seasonal as a result  of
weather conditions and the timing of capital expenditures by  oil
and  gas  companies.   Historically,  the  Company  performed   a
substantial portion of its services during June through November.
As  a result, the Company may earn a disproportionate portion  of
the  Company's revenues, gross profit, and net income during  the
second  (July  through  September)  and  third  (October  through
December)  quarters of its fiscal year.  Because of  seasonality,
full  year results are not likely to be a direct multiple of  any
particular  quarter  or combination of quarters.   The  following
table  documents the seasonal nature of the Company's  operations
by  presenting the percentage of revenues, gross profit, and  net
income  contributed  by each fiscal quarter for  the  past  three
fiscal years.

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

Revenues, three year weighted average      19%      30%       28 %     23%
Gross profit, three year weighted average  19       35        25       21
Net  income,  three year weighted average  19       37        24       20


In  fiscal  1996  the Company expanded its operations  into  West
Africa.   In fiscal 1997 and fiscal 1998 the Company acquired 
operations in  Asia Pacific  and  the  Middle  East.  In fiscal 
1997 the Company also acquired certain  operations in the Mexican 
waters of the Gulf of  Mexico. Certain of these geographic areas 
have seasonal effects different from  the  Gulf of Mexico and may 
affect the three year  averages shown above.

As  discussed in the Company's Annual Report on Form 10-K for the
fiscal  year  ended  March  31, 1998, demand  for  the  Company's
construction services depends on the condition of the oil and gas
industry,  and particularly the capital expenditures of  oil  and
gas  companies with operations in the Gulf of Mexico and in other
regions  served  by  the  Company.  As a result  the  Company  is
concerned  about the recent weakness in oil prices as a prolonged
decline  in  offshore  drilling and  exploration  activity  could
adversely affect the Company's future revenues and profitability.

Results of Operations

The  following  table sets forth, for the periods indicated,  the
Company's  statements of operations expressed as a percentage  of
revenues.
                                             Quarter Ended
                                                June 30,
                                           1998        1997
                                          -------     -------                 
Revenues                                  100.0%       100.0%
Cost of revenues                          (66.8)       (67.0)
                                          -------     -------
Gross profit                               33.2         33.0
Equity in net earnings (loss) of          
 unconsolidated affiliate                  (1.7)        (2.7)
Selling, general and administrative       
 expenses                                  (5.9)        (6.7) 
                                          -------     -------
Operating income                           25.6         23.6
Interest expense                           (1.3)        (0.2)
Other income (expense), net                 0.5          2.4
                                          -------     -------
Income before income taxes                 24.8         25.8
Provision for income taxes                 (8.7)        (9.8)
                                          -------     -------
Net income                                 16.1         16.0
                                          =======     =======


The  Company's  results of operations for the  first  quarter  of
fiscal  1998  and 1999 reflect the level of offshore construction
activity in the U. S. Gulf, West Africa, and Asia Pacific and the
amount  of resources supplied to CCC in Mexico.  The results  for
the  first  quarter of fiscal 1999 also include  the  results  of
additional   business  acquired  in  July  1997  from   Sub   Sea
International,  Inc.  in the U. S. Gulf, Asia  Pacific,  and  the
Middle East.

First Quarter Fiscal 1999 Compared to First Quarter Fiscal 1998

Revenues.  Revenues for the first quarter of fiscal 1999 of $92.2
million  were 46% higher than the $63.2 million recorded  in  the
first  quarter of fiscal 1998.  The increase in revenues for  the
quarter  resulted  from  greater revenue contributions  from  the
Company's  international operations in West Africa, Mexico,  Asia
Pacific, and the Middle East.  Lower revenues in the U.  S.  Gulf
partially offset the increase.

United  States  Gulf of Mexico -- Revenues  in  the  U.  S.  Gulf
declined 27% to $42.0 million in the first quarter of fiscal 1999
from $57.7 million in the same period of fiscal 1998.  Barge days
worked  in the U. S. Gulf were 247 in the first quarter of fiscal
1999  compared  to 381 in the same quarter last year.   The  dry-
docking  of two of the Coastal Division's primary barges,  making
them unavailable for over half of the quarter, contributed to the
decline.   Liftboat, DSV, and OSV days worked in the U.  S.  Gulf
declined to 1,480 in the first quarter of fiscal 1999 from  1,563
in  last  year's  first quarter.  Diver days in the  U.  S.  Gulf
declined  to 3,569 during the first quarter of fiscal  1999  from
4,605 during the same period last year.  The reduced number of U.
S.  Gulf  barge days during the quarter is partially  responsible
for the decline in diver days.

West Africa -- Revenues in West Africa increased substantially to
$20.3  million during the first quarter of fiscal 1999 from  $0.8
million  in last fiscal year's first quarter.  Barge days  worked
in  West  Africa  were 87 for the first quarter  of  fiscal  1999
compared to eight in last year's first quarter.  The Company also
recorded  972 diver days in West Africa during the first  quarter
of fiscal 1999 compared to 193 during the same period last year.

Mexico  --  Revenues  in Mexico also increased  significantly  to
$11.4  million during the first quarter of fiscal 1999 from  $1.1
million in last fiscal year's first quarter.  The Company derived
substantially  all of its revenue in Mexico from barge  charters,
diving   services,   and   other   services   provided   to   its
unconsolidated affiliate, CCC.  Reported revenues do not  include
the  Company's share (49%) of CCC revenues.  The Company accounts
for  the  earnings  and losses of CCC using  the  equity  method.
During  the first quarter of fiscal 1999, the Company  had  three
barges  working  offshore  Mexico.  Barge  days  worked  offshore
Mexico were 233 for the first quarter of fiscal 1999 compared  to
55  in  last  year's first quarter.  Diver days  worked  offshore
Mexico  during  the  first  quarter of  fiscal  1999  were  1,493
compared to 72 in last year's first quarter.

Asia Pacific -- Revenues in Asia Pacific improved to $7.6 million
during the first quarter of fiscal 1999 from $3.6 million in last
fiscal year's first quarter.  The Company benefited in the  first
quarter  of  fiscal 1999 from the July 1997 Sub Sea  Acquisition.
The  Company  also received revenue on the DLB 332 and  DLB  264,
which  the  Company  acquired  in April  1998.   The  barges  are
currently  working under a short-term bare boat charter agreement
with  Hydro  Marine  Services,  Inc.,  an  affiliate  of  J.  Ray
McDermott  S.A.,  to allow for completion of certain  contractual
commitments.   The  acquisition of these two barges  allowed  the
Company to record 168 barge days in Asia Pacific during the first
quarter  of  fiscal 1999 compared to none in last  fiscal  year's
first quarter.  Primarily as a result of the Sub Sea Acquisition,
the Company recorded 549 DSV and OSV days in the first quarter of
fiscal 1999 compared to none in last fiscal year's first quarter.
Diver  days  worked  during  the first  quarter  of  fiscal  1999
declined  to 1,888 from 3,911 during the first quarter of  fiscal
1998.

Middle  East  -- Revenues in the Middle East were  $10.8  million
during the first quarter of fiscal 1999. The Company entered  the
Middle East market through the Sub Sea Acquisition in July  1997,
and  thus,  had  no operations or revenues in last fiscal  year's
first quarter.  Middle East barge days, OSV days, and diver  days
during  the first quarter of fiscal 1999 were 61, 291, and 5,195,
respectively.

Depreciation  and  Amortization.  Effective April  1,  1998,  the
Company  changed  its  estimate of the useful  lives  of  certain
marine  barges  that  are depreciated using a units-of-production
method.  The Company increased total estimated operating days  to
better reflect the estimated period during which the assets  will
remain  in  service.   The  change had  the  effect  of  reducing
depreciation  expense  by $1.0 million in the  first  quarter  of
fiscal  1999.  Depreciation and amortization expenses,  including
amortization of dry-docking costs, were $9.8 million in the first
quarter  of  fiscal  1999 compared to $4.9 million  in  the  same
period  of  the prior fiscal year.  The increase was  principally
attributable  to  the  depreciation expense  resulting  from  the
increase  in  property  and  equipment,  through  purchases   and
acquisitions, compared to the first quarter of fiscal 1998. Lower
depreciation  on  barges depreciated using a  units-of-production
method, and which had lower days employed in the first quarter of
fiscal  1999  than in the same quarter of fiscal 1998,  partially
offset the depreciation increase.

Gross Profit.  Gross profit for the first quarter of fiscal  1999
of  $30.6  million  was 47% higher than the $20.8  million  gross
profit  for  the same quarter a year earlier.  The  gross  profit
increase  was  primarily attributable to  the  increased  revenue
contributions of the international operations, and was  partially
offset  by  lower gross profit from the operations in the  U.  S.
Gulf.  Gross profit as a percentage of revenues was 33.2% for the
first  quarter of fiscal 1999 as compared to 33.0% for  the  same
quarter a year earlier.  Margins for operations in the U. S. Gulf
for  the first quarter of fiscal 1999 were nearly unchanged  when
compared  to  the first quarter of fiscal 1998.  Margins  in  the
Company's international operations improved significantly in  the
first quarter of fiscal 1999.

Selling, General, and Administrative Expenses.  Selling, general,
and  administrative expenses for the first quarter of fiscal 1999
were  $5.5 million, 31% higher than the $4.2 million expense  for
the  same  quarter  a  year earlier. The  increase  is  primarily
attributable  to the expansion of the Company's business.   As  a
percentage  of  revenue,  selling,  general,  and  administrative
expenses  declined to 5.9% in the first quarter  of  fiscal  1999
from  6.7%  in  the  first quarter of fiscal 1998.   The  Company
recorded an $0.8 million expense for the Company's retirement and
incentive compensation plan in the first quarter of fiscal  1999.
However,  an  $0.8  million adjustment of the  fiscal  year  1998
provision  offset the first quarter of fiscal 1999 expense.   The
Company  had a $1.2 million provision in the same period  a  year
earlier  of which $0.4 million was included in selling,  general,
and administrative expenses.

Interest  Expense and Other Income (Expense).  Interest  expense,
net  of  $1.6  million  of capitalized interest  cost,  was  $1.2
million  in  the  first quarter of fiscal 1999 compared  to  $0.1
million  in  the  same quarter a year earlier.  The  increase  is
attributable to higher debt levels in the first quarter of fiscal
1999  than in the first quarter of fiscal 1998.  Other income  in
the  first quarter fiscal 1999 of $0.4 million was lower than the
$1.5  million reported a year earlier largely because the Company
had lower cash balances available for investment.

Net  Income.   Net income for the first quarter  of  fiscal  1999
totaled  $14.8 million, an increase of 47% from $10.1 million  in
the  same quarter a year earlier.  The change in estimated useful
lives of certain marine barges discussed above resulted in a $0.6
million  increase in net income.  Included in net income for  the
first  quarter  of fiscal 1999 is a $1.6 million loss  associated
with  the  Company's 49% ownership interest in  CCC.   The  first
quarter of fiscal 1998 loss associated with the CCC ownership was
$1.7  million.  The Company's effective income tax rate  declined
from  38.0% in the first quarter of fiscal 1998 to 35.0%  in  the
first quarter of fiscal 1999, reflecting the benefit of increased
net  income  in certain international operations that have  lower
tax rates.

Liquidity and Capital Resources

The  Company's  operations generated cash flow of  $26.7  million
during  the  first quarter of fiscal 1999.  Cash from operations,
together  with  available cash and funds  provided  by  financing
activities,  funded net investing activities  of  $80.3  million.
Investing    activities   consisted   principally   of    capital
expenditures,  dry-docking costs, and reimbursement  of  escrowed
funds  and  advances  to  CCC.  Working capital  decreased  $11.4
million  during the first three months of fiscal 1999 from  $77.5
million at March 31, 1998, to $66.1 million at June 30, 1998.

Capital  expenditures  during the first quarter  of  fiscal  1999
aggregated  $85.4  million.  The expenditures  included  a  $42.5
million  final payment to acquire the DLB 332 and DLB 264,  $18.8
million for continued conversion and upgrade of the Hercules, and
$5.5 million for continued construction of the Carlyss, Louisiana
deepwater  support facility and pipebase.  The Company  estimates
that  the  cost  to  complete  capital  expenditure  projects  in
progress at June 30, 1998, approximates $54 million.  The Company
plans to install reel pipelay capabilities on the Hercules during
the  fourth  quarter of fiscal 1999 with an estimated  completion
cost  of $12.0 million, which is in addition to the approximately
$101.2 million previously spent.

During the first quarter of fiscal 1999, the Company settled  the
previously disclosed arbitration with a shipyard relating to  the
construction contract terms for the conversion and upgrade of the
Hercules.   The  settlement  costs  were  not  material  to   the
Company's consolidated financial statements.

Long-term  debt outstanding at June 30, 1998, (including  current
maturities),  consists primarily of $39.9  million  of  Title  XI
bonds,  a $28.0 million obligation to service Lake Charles Harbor
and Terminal District bonds, and $123.0 million drawn against the
Company's revolving line of credit.

The  Company's outstanding Title XI bonds mature in  2003,  2005,
2020  and 2022, carry interest rates of 9.15%, 8.75%, 8.30%,  and
7.25%  per annum, respectively, and require aggregate semi-annual
payments of $0.9 million, plus interest.  The agreements pursuant
to   which  the  Title  XI  bonds  were  issued  contain  certain
covenants,  including the maintenance of minimum working  capital
and  net  worth  requirements,  which,  if  not  met,  result  in
additional covenants that restrict the operations of the  Company
and  its ability to pay cash dividends.  The Company is currently
in compliance with these covenants.

The  Company  maintains a revolving line of credit under  a  loan
agreement  ("Restated  Credit Agreement")  with  a  syndicate  of
commercial banks.  Effective April 8, 1998, an amendment  to  the
Restated  Credit  Agreement increased the available  credit  from
$160.0  million to $200.0 million. The revolving credit  facility
reduces  to $150.0 million from July 1, 2000, to June  30,  2001,
and  to  $100.0  million from July 1, 2001,  to  June  30,  2002.
Borrowings under the facility bear interest at fluctuating rates,
are  payable on July 30, 2002, and have subsidiary guarantees and
stock  pledges  as  security.   The amount  of  available  credit
decreases by (i) borrowings outstanding ($123.0 million  at  June
30,  1998), (ii) outstanding letters of credit issued  under  the
Restated  Credit Agreement ($30.8 million at June 30,  1998)  and
(iii)  amounts  outstanding  under a  separate  credit  agreement
between  the banks and CCC, limited to a maximum of $35.0 million
($26.0  million at June 30, 1998).  For continuing access to  the
revolving  line of credit, the Company must remain in  compliance
with  the  covenants of the Restated Credit Agreement,  including
covenants  relating  to  the  maintenance  of  certain  financial
ratios.   The  Company  is  currently in  compliance  with  these
covenants.   At July 31, 1998, borrowings of $133.0 million  were
outstanding under the Restated Credit Agreement.

The  Company  has guaranteed certain indebtedness and commitments
of CCC approximating $26.0 million at June 30, 1998.  The Company
has  also given performance and currency guarantees banks for CCC
debt  totaling $49.2 million at June 30, 1998, related to project
financings.   Under  the  terms of the performance  and  currency
guarantees,  the  banks  may enforce the guarantees  (i)  if  the
customer  does not pay CCC because neither CCC nor the guarantors
performed  the  contracts that define the projects  or  (ii)  if,
after  converting contract payments from Mexican Pesos to  United
States  Dollars, funds from the project are insufficient  to  pay
the  sums  due.   In  April 1998, the Company gave  a  contingent
guarantee  to  a  financial  institution  whereby  the  guarantee
becomes  effective  if  certain contracts  are  canceled  or  not
renewed.  The contingent guaranty amount is $17.5 million.

Global  has  reached agreement in principal with its  partner  to
restructure its joint venture in Mexico, CCC, to sell or spin-off
to   its  partner  CCC's  onshore  construction  and  fabrication
business  and  assets.   Expected to be  completed  in  the  near
future,  this  restructuring will permit  CCC  to  focus  on  its
offshore  construction  business.  Global  has  a  49%  ownership
interest in CCC and charters vessels and other equipment to CCC.

During  August  1998,  the  Board  of  Directors  authorized  the
expenditure  of  up to $30.0 million to purchase  shares  of  the
Company's   outstanding   common  stock.    Subject   to   market
conditions, the Company may effect purchases from time  to  time.
The  Board  of Directors placed no limit on the duration  of  the
program.

The  Company expects funds available under the Company's Restated
Credit Agreement, combined with available cash and cash generated
from  operations, to provide sufficient funds for  the  Company's
operations,   scheduled   debt   retirement,   planned    capital
expenditures,  purchases  of  the  Company's  common  stock,  and
working capital needs for the foreseeable future.

Recent Accounting Pronouncements

In  June  1997, the Financial Accounting Standards Board ("FASB")
issued  Statement  of  Financial Accounting  Standards  No.  131,
"Disclosures  about  Segments  of  an  Enterprise   and   Related
Information"  ("SFAS 131"), which is effective  for  the  Company
beginning  April  1,  1998.   SFAS 131  redefines  how  operating
segments  are  determined  and  requires  disclosure  of  certain
financial and descriptive information about a Company's operating
segments.   Management believes that implementation of  SFAS  131
will  not  have  a  material impact on the  presentation  of  the
Company's   financial  statements  but  may  require   additional
disclosure.

In  February  1998,  the FASB issued Statement  of  Financial
Accounting  Standards  No.  132,  "Employers'  Disclosures  about
Pensions  and Other Postretirement Benefits" ("SFAS 132").   SFAS
132  revises  the standards for disclosure of pension  and  other
postretirement  benefit  plans  by standardizing  the  disclosure
requirements, requiring additional information on changes in  the
benefit   obligations  and  fair  values  of  plan  assets,   and
eliminating certain disclosure requirements no longer  considered
to  be useful.  These new disclosure requirements are designed to
improve   the   understandability  of  benefit  disclosures   for
financial  analysis.   The  Company is  required  to  adopt  this
standard   for  fiscal  1999.   Management  believes   that   the
implementation of SFAS 132 will not have a material impact on the
Company's financial statements and disclosures.

Year 2000

The  Company  has  begun  assessing  its  major  information  and
computing  systems and is updating or replacing,  in  the  normal
course  of  business, any applications that  are  not  Year  2000
compliant.  The Company has also begun assessing both  the  costs
of  addressing  and the costs or consequences  of  incomplete  or
untimely   resolution  of  the  Year  2000  issue.   Based   upon
assessments  to  date, the Company believes  that  its  estimated
costs related to the Year 2000 issue will not be material to  the
Company's business, operations, or financial condition.

In addition, the Company has initiated a program to determine the
extent  to  which  the Company is vulnerable to  its  significant
suppliers'  and  customers' failure to  remedy  their  Year  2000
issues.   The Company cannot guarantee that other companies  will
convert  their  systems on time or that a failure to  convert  by
another company would not have a material adverse effect  on  the
Company.   However,  the Company does not currently  foresee  any
material  affects  to  its  business,  operations,  or  financial
condition   resulting   from   any  suppliers'   and   customers'
deficiency.



                                
                                
                   PART II - OTHER INFORMATION
                                
                                
Item 1.  Legal Proceedings

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

In  July  1998  the  Company  settled  the  previously  disclosed
arbitration with a shipyard relating to the construction contract
terms  for  the  conversion and upgrade  of  the  Hercules.   The
Company  included  the  settlement costs in  the  conversion  and
upgrade  cost with no current charge to earnings.  The additional
cost will not have a significant impact on future results.


Item 6.  Exhibits and Reports on Form 8-K

     (a) Exhibits:
            15.1  -  Letter regarding unaudited interim financial
                      information.
            27.1  -  Financial Data Schedule.
            27.2  -  Restated Financial Data Schedule.
            27.3  -  Restated Financial Data Schedule.

     (b) Reports on Form 8-K - None

 .


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

                              GLOBAL INDUSTRIES, LTD.
                              
                              By:  /s/ MICHAEL J. MCCANN
                              ___________________________________
                                   Michael J. McCann
                              Vice President, Chief Financial Officer
                              (Principal Financial and Accounting Officer)
                                
August 14, 1998



                                                     EXHIBIT 15.1




August 12, 1998

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

We  have  made a review, in accordance with standards established
by the American Institute of Certified Public Accountants, of the
unaudited  interim  financial information of  Global  Industries,
Ltd.  and  subsidiaries for the periods ended June 30,  1998  and
1997, as indicated in our report dated August 6, 1998; because we
did  not  perform  an  audit, we expressed  no  opinion  on  that
information.

We are aware that our report referred to above, which is included
in  your Quarterly Report on Form 10-Q for the quarter ended June
30,  1998, is incorporated by reference in Registration Statement
Nos. 33-58048 and 33-89778 on Form S-8.

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



DELOITTE & TOUCHE LLP

New Orleans, Louisiana