**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D. C. 20549FORM 10-QQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THESECURITIES EXCHANGE ACT OF 1934**

**For the quarterly periodended March 31, 2005**

**Commission File Number:2-56600**

**Global Industries, Ltd.**

** **(Exact name ofregistrant as specified in its 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'stelephone number, including area code)

**None**

(Former name, formeraddress and former fiscal year, if changed since last report)

Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 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   

APPLICABLE ONLY TOCORPORATE ISSUERS:

The number of shares of the Registrant's CommonStock outstanding, as of May 6, 2005 was 113,735,604.

**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                              | 14 |
|         |                                                                            |  |
| Item 3. | Quantitative and  Qualitative Disclosures About Market Risk                | 22 |
|         |                                                                            |  |
| Item 4. | Controls and  Procedures                                                   | 22 |
| Item 5. | Other Matters                                                              | 23 |
|         |                                                                            |  |

**Part  II - Other Information**

| Item 1. | Legal  Proceedings | 24 |
|---------|--------------------|----|
|         |                    |    |
| Item 6. | Exhibits.          | 25 |
|         |                    |    |
|         | Signature          | 26 |
|         |                    |    |
|         |                    |    |
|         |                    |    |

|   |
|--------|

**PART I - FINANCIALINFORMATION**

**Item1.            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 March31, 2005, and the related condensed consolidated statements of operations   andcash flows for the three-month periods ended March 31, 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, wedo not express such an opinion.

Based on our review, we are not aware of anymaterial modifications that should be made to such condensed consolidatedinterim financial statements for them to be in conformity with accountingprinciples generally accepted in the United States of America.

We have previously audited, in accordance withstandards of the Public Company Accounting Oversight Board (United States), theconsolidated balance sheet of Global Industries, Ltd. and subsidiaries as ofDecember 31, 2004, and the related 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 forthin the accompanying condensed consolidated balance sheet as of December 31,2004 is fairly stated, in all material respects, in relation to theconsolidated balance sheet from which it has been derived.

     

DELOITTE& TOUCHE LLP

May9, 2005  Houston, Texas

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

** **

|                                                                       |        | **Quarter Ended March 31,**                            |
|-----------------------------------------------------------------------|--------|--------------------------------------------------------|
| **Results of  Operations**                                            |        | **2005**                                               | ** ** | **2004** |
| Revenues                                                              | $      | 137,256                                                | $ | 79,392 |
| Cost of operations                                                    |        | 112,959                                                |  | 76,302 |
| Gross profit                                                          |        | 24,297                                                 |  |              3,090 |
| Net gains on asset  disposal                                          |        |          (112) |  |               (7) |
| Selling, general and administrative expenses                          |        | 10,282                                                 |  | 9,563 |
| Operating income (loss)                                               |        | 14,127                                                 |  | (6,466) |
| Other expenses  (income):                                             |        |                                                        |  |  |
|      Interest expense                             |        | 2,384                                                  |  | 3,513 |
|      Other                                        |        | (729)                                                  |  | 144 |
| Income (loss) from continuing operations, before income taxes         |        | 12,472                                                 |  | (10,123) |
| Income taxes (benefit)                                           |        | 4,976                                                  |  | (2,736) |
| Income (loss) from continuing operations, net of taxes                |        | 7,496                                                  |  | (7,387) |
| Income (loss) from discontinued operations, net of taxes              |        | --                                                     |  | (951) |
| Net Income (loss)                                                | $      | 7,496                                                  | $ | (8,338) |
|                                                                       |        |                                                        |  |  |
|                                                                  |   |                                                   |   |   |
| **Basic  Earnings Per Common Share:**                                 |        |                                                        |  |  |
|      Earnings (loss) from continuing operations   | $      | 0.07                                                   | $ | (0.07) |
|      Earnings (loss) from discontinued operations |        | 0.00                                                   |  | (0.01) |
|      Basic earnings (loss) per share              | $      | 0.07                                                   | $ | (0.08) |
|                                                                       |        |                                                        |  |  |
|                                                                  |   |                                                   |   |   |
| **Diluted  Earnings Per Common Share:**                               |        |                                                        |  |  |
|      Earnings (loss) from continuing operations   | $      | 0.07                                                   | $ | (0.07) |
|      Earnings (loss) from discontinued operations |        | 0.00                                                   |  | (0.01) |
|      Diluted earnings (loss) per share            | $      | 0.07                                                   | $ | (0.08) |
|                                                                       |        |                                                        |  |  |
|                                                                       |        |                                                        |  |  |
|                                                                  |   |                                                   |   |   |
| **Weighted  Average Common Shares Outstanding:**                      |        |                                                        |  |  |
|      Basic                                        |        | 112,603                                                |  | 101,573 |
|      Diluted                                      |        | 114,476                                                |  | 101,573 |
|                                                                  |        |                                                        |  |  |

See Notes to CondensedConsolidated Financial Statements.

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

|                                                                                                        |  | **March 31,**                                                  | ** ** | **December 31,**                                                             |
|--------------------------------------------------------------------------------------------------------|--|----------------------------------------------------------------|------------|------------------------------------------------------------------------------|
|                                                                                                        |  | **2005**                                                       | ** ** | **2004**                                                                     |
| **ASSETS**                                                                                             |  |                                                                |            |                                                                              |
| **Current****Assets:**                                                                                 |  |                                                                |            |                                                                              |
|      Cash                                                                          |  |     $     96,572            |            |     $         143,161 |
|      Receivables  - net of allowance of $10,135 for 2005                           |  |                                                                |            |                                                                              |
|          and $9,456  for 2004, respectively     |  | 159,008                                                        |            | 123,096                                                                      |
|      Unbilled work on uncompleted contracts                                        |  | 29,168                                                         |            | 7,980                                                                        |
|      Prepaid expenses and other                                                    |  | 25,374                                                         |            | 23,068                                                                       |
|             Total  current assets               |  | 310,122                                                        |            | 297,305                                                                      |
| **Property and Equipment, net**                                                                        |  | 338,659                                                        |            | 343,919                                                                      |
| **Other Assets:**                                                                                      |  |                                                                |            |                                                                              |
|      Deferred charges, net                                                         |  | 23,972                                                         |            | 21,860                                                                       |
|      Goodwill, net                                                                 |  | 37,388                                                         |            | 37,388                                                                       |
|      Other                                                                         |  | 2,184                                                          |            | 4,315                                                                        |
|             Total  other assets                 |  | 63,544                                                         |            | 63,563                                                                       |
|                 **Total**   |  |     $    712,325                 |            |     $   704,787                                     |
|                                                                                                   |  |                                                                |            |                                                                              |
| **LIABILITIES AND SHAREHOLDERS' EQUITY**                                                               |  |                                                                |            |                                                                              |
| **Current  Liabilities:**                                                                              |  |                                                                |            |                                                                              |
|      Current maturities of long-term debt                                          |  |     $       3,960 |            |     $      3,960                     |
|      Accounts payable                                                              |  | 73,364                                                         |            | 80,635                                                                       |
|      Employee-related liabilities                                                  |  | 11,186                                                         |            | 7,890                                                                        |
|      Income taxes payable                                                          |  | 8,293                                                          |            | 8,506                                                                        |
|      Accrued interest                                                              |  | 1,425                                                          |            | 2,915                                                                        |
|     Advance billings on uncompleted contracts                                           |  | 5,548                                                          |            | 4,008                                                                        |
|     Vinci (Groupe GTM) litigation liability                                             |  | 33,500                                                         |            | 33,500                                                                       |
|      Other accrued liabilities                                                     |  | 3,487                                                          |            | 3,689                                                                        |
|             Total  current liabilities          |  | 140,763                                                        |            | 145,103                                                                      |
|                                                                                                   |  |                                                                |            |                                                                              |
| **Long-Term Debt**                                                                                     |  | 75,240                                                         |            | 77,220                                                                       |
| **Deferred Income Taxes**                                                                              |  | 35,119                                                         |            | 30,846                                                                       |
| **Other Liabilities**                                                                                  |  | 865                                                            |            | 890                                                                          |
|                                                                                                   |  |                                                                |            |                                                                              |
| **Commitments and Contingencies**                                                                      |  | --                                                             |            | --                                                                           |
|                                                                                                   |  |                                                                |            |                                                                              |
| **Shareholders' Equity:**                                                                              |  |                                                                |            |                                                                              |
|     Common stock  issued, 112,603 and 112,523 shares,                                   |  |                                                                |            |                                                                              |
|          respectively                                          |  | 1,126                                                          |            | 1,125                                                                        |
|     Additional paid-in capital.                                                         |  | 341,363                                                        |            | 339,250                                                                      |
|     Accumulated other comprehensive loss                                                |  | (8,978)                                                        |            | (8,978)                                                                      |
|     Retained earnings                                                                   |  | 126,827                                                        |            | 119,331                                                                      |
|             Total  shareholders' equity         |  | 460,338                                                        |            | 450,728                                                                      |
|                 **Total**   |  |     $    712,325                 |            |     $   704,787                                     |

See Notes to CondensedConsolidated Financial Statements.

** **

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

|                                                                                                                                                 |  | **Quarter Ended March 31,**                 |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--|---------------------------------------------|
|                                                                                                                                                 |  | **2005**                                    | ** ** | **2004** |
| **Cash Flows  From Operating Activities:**                                                                                                      |  |                                             |  |  |
| Income (loss) from continuing operations                                                                                                        |  | $       7,496 |  | $      (7,387) |
| Adjustments to  reconcile net income (loss) to net cash provided                                                                                |  |                                             |  |  |
|     by operating  activities:                                                                                                    |  |                                             |  |  |
|        Depreciation and amortization                                                                              |  | 12,030                                      |  | 8,965 |
|        Provision  for doubtful accounts                                                                           |  | 678                                         |  | 1,126 |
|        Deferred  income taxes                                                                                     |  | 4,273                                       |  | (6,370) |
|        Other                                                                                                      |  | (112)                                       |  | 535 |
|        Changes  in operating assets and liabilities                                                               |  |                                             |  |  |
|             Receivables                                                                  |  | (55,588)                                    |  | (14,256) |
|             Prepaid  expenses and other                                                  |  | (2,264)                                     |  | (10,786) |
|             Accounts  payable, employee-related liabilities and                          |  |                                             |  |  |
|                 other  accrued liabilities                           |  | (4,365)                                     |  | (7,285) |
|        Net cash used in continuing operations                                                                     |  | (37,852)                                    |  | (35,458) |
|        Net cash provided by discontinued  operations                                                              |  | --                                          |  | 1,041 |
|                 Net  cash used in operating activities               |  | (37,852)                                    |  | (34,417) |
|                                                                                                                                                 |  |                                             |  |  |
| **Cash Flows From Investing Activities:**                                                                                                       |  |                                             |  |  |
| Additions to property and equipment                                                                                                             |  | (2,295)                                     |  | (743) |
| Additions to deferred charges                                                                                                                   |  | (5,873)                                     |  | (9,850) |
| Net cash used in continuing operations                                                                                                          |  | (8,168)                                     |  | (10,593) |
| Net cash used in from discontinued operations                                                                                                   |  | --                                          |  | (1,694) |
|                  Net cash used in investing activities               |  | (8,168)                                     |  | (12,287) |
|                                                                                                                                                 |  |                                             |  |  |
| **Cash Flows  From Financing Activities:**                                                                                                      |  |                                             |  |  |
| Proceeds from long-term debt                                                                                                                    |  | --                                          |  | 48,097 |
| Proceeds from sale of common stock, net                                                                                                         |  | 1,411                                       |  | 97,000 |
| Repayment of long-term debt                                                                                                                     |  | (1,980)                                     |  | (102,814) |
|                  Net cash (used in) provided by financing activities |  | (569)                                       |  | 42,283 |
|                                                                                                                                                 |  |                                             |  |  |
| **Cash:**                                                                                                                                       |  |                                             |  |  |
| Decrease                                                                                                                                        |  | (46,589)                                    |  | (4,421) |
| Beginning of period                                                                                                                             |  | 143,161                                     |  | 15,628 |
| End of period                                                                                                                                   |  | $     96,572            |  | $     11,207 |

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 ofmanagement of the Company, all adjustments (such adjustments consisting only ofa normal recurring nature) necessary for a fair presentation of the operatingresults for the interim periods presented have been included in the unauditedcondensed consolidated financial statements.  Operating results for the periodended March 31, 2005 are not necessarily indicative of the results that may beexpected for the year ending December 31, 2005.  These financial statementsshould be read in conjunction with our audited consolidated financialstatements and related notes thereto included in our Annual Report on Form 10-Kfor the year ended December 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 FASB revised SFAS No. 123, "*Accounting forStock-Based Compensation*"**("SFAS No. 123R").  SFAS No. 123R is a revision of SFAS No. 123 andsupersedes APB No. 25. SFAS No. 123R requires a public entity to measure thecost of employee services received in exchange for an award of equityinstruments based on the grant-date fair value of the award.  That cost will berecognized over the period in which an employee is required to provide servicein exchange for the award.  SFAS No. 123R also requires a public entity toinitially measure the cost of employee services rendered in exchange for anaward of liability instruments at its current fair value.  The fair value ofthat award is to be remeasured subsequently at each reporting date through thesettlement date.  Changes in the fair value during the required service periodare to be recognized as compensation cost over that period.  We are currentlyin the process of evaluating the impact of SFAS No. 123R on our consolidatedfinancial statements.  We will adopt SFAS No. 123R on January 1, 2006. 

The Company continues to apply Accounting PrinciplesBoard Opinion No. 25, *"Accounting for Stock Issued to Employees,"* andrelated interpretations in accounting for its restricted stock awards andshares subject to options as allowed under SFAS No. 123R, "*Share-BasedPayment."*  Additionally, under APB 25, our employee stockpurchase plan is considered noncompensatory, and accordingly, no compensationcost has been recognized in the financial statements.  Therefore, the Companyhas elected to make pro forma disclosures versus recognizing the relatedcompensation expense in the accompanying consolidated financial statements. Had the Company elected to apply the accounting standards of SFAS No. 123R, theCompany's net income and earnings per share would have approximated the pro formaamounts indicated below:  

|  |  | **Quarter Ended March 31** |  
**2005**

**2004**

 
***(In thousands except  per share amounts*****)**

 
Income (loss) from continuing operations, net of taxes 

   $      7,496

   $     (7,387)

 
    Add: Recognized stock  compensation expense 

              457

              126

 Deduct: FAS 123 pro forma stock compensation expense

          (1,733)

          (2,629)

 
**Pro forma net income (loss)**

   $       6,220

   $     (9,890)

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

 
As  reported:

 
Basic 

   $       0.07

   $      (0.08)

 
Diluted 

            0.07

           (0.08)

     Pro forma:             
Basic

            0.06

           (0.10)

 
Diluted

            0.05

           (0.10)

 
3.       ***Contracts in Progress and Revenue Recognition*** - Revenues from construction contracts, aregenerally recognized on the percentage-of-completion method, 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.  During the early stages of acontract, certain costs may be excluded from the cost-to-cost method ofmeasuring progress, such as significant costs for materials and major thirdparty subcontractors, if it appears that such an exclusion would result in amore meaningful measurement of actual contract progress and resulting periodicallocation of income.  Provisions for estimated losses, if any, on uncompletedcontracts are made in the period in which such losses are determined.  Selling,general and administrative costs are charged to expense as incurred.  We alsoprovide services on a day rate basis to many of our customers in both ourOffshore Construction Division and our Global Divers and Marine ContractorsDivision.  Revenue for these services is recognized as the services are rendered andwhen collectability is reasonably assured.

4.       ***Accounts Receivable*** - Trade and other receivablesare stated at net realizable value and the allowances for uncollectible accountswere $10.1 million and $9.5 million at March 31, 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 March 31, 2005 and December 31, 2004, our accounts receivableincluded unbilled receivables of $65.3 million and $27.1 million,respectively.  We include claims and unapproved change orders in contractrevenues to the extent of costs incurred when (1) the contract or otherevidence provides a legal basis for the claim, (2) additional costs are not theresult of deficiencies in our performance, (3) costs are identifiable, and (4)evidence supporting the claim is objective and verifiable.  The basis for our recordedunapproved change orders and claims is formed after we engage in an extensivecontract review, a review of the supporting evidence and generally, obtained alegal opinion from either internal or external legal counsel.  Additionally, webelieve that we have objective, verifiable evidence to support these claims. That evidence consists of explicit contractual terms and/or written legalopinions.  The claims and unapproved changeorders, included in accounts receivable and unbilled receivables, amounted to $22.0million at March 31, 2005 and $21.1 million at December 31, 2004.  Unbilledretainage at March 31, 2005 was $5.0 million and is expected to be billed in2005.  Unbilled retainage at December 31, 2004 was $4.4 million.

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

**March 31,**

**December 31,**

 
**2005**

**2004**

 
***(In thousands*****)**

 
Costs incurred on uncompleted contracts

   $   234,648

   $   172,333

 
 
Estimated earnings 

          16,875

        19,200

        251,523
   
        191,533

 
Less: Billings to date. 

        227,903

        187,561

 
   $     23,620

   $       3,972

 
Included in  accompanying balance sheets under the 

 
    following  captions:

 
    Unbilled work on uncompleted contracts 

   $     29,168

   $      7,980

 
    Advance billings on uncompleted contracts 

           (5,548)

          (4,008)

 
Unbilled revenues 

   $     23,620

   $      3,972

 
5.       ***Goodwill***- Goodwillrepresents the excess cost over the fair value of net assets acquired.  Thecarrying amount of goodwill as of March 31, 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 accordancewith Statement of Financial Accounting Standards ("SFAS") No. 142, "*Goodwilland Other Intangible Assets*," during the first quarter of 2005 anddetermined that our goodwill was not impaired.

6.       ***Property andEquipment***-****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 method overthe estimated useful lives of the assets.  The UOP method is based on vesselutilization days and more closely correlates depreciation expense to vesselrevenue.  In addition, the UOP method provides for a minimum depreciation floorin 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 for the quarter ended March 31, 2005 was 40%. This rate varies from our 35% U.S. Federal statutory rate due primarily tocertain foreign jurisdictions that are taxed on a deemed profits (percentage ofrevenue) basis, net operating losses in certain foreign jurisdictions where wedid not record a tax benefit and certain permanent book to tax differences.

8.        ***FinancingArrangements*** - On March 14, 2005, we amended and restated our revolvingcredit facility.  This amendment was entered into to improve operatingflexibility and to take advantage of favorable market conditions.  Theamendment (i) decreased the credit facility to $75.0 million from $100.0million, (ii) provided for an additional $50.0 million credit capacity option,if needed, upon receipt of additional loan commitments by our existing and/oradditional lenders, (iii) reduced the requirements of the minimum net worthcovenant for all future periods, (iv) changed the maximum leverage ratio toinclude Title XI bonds, (v) added a minimum fixed charge coverable ratio, (vi)eliminated all the remaining financial covenants, (vii) reduced the interestrate spread applicable to the Company'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.  At March 31, 2005, we were incompliance with the terms of our credit facility.  As of May 5, 2005, we had noborrowings outstanding under the credit facility, $29.7 million of letters ofcredit outstanding and $45.3 million of credit availability under our revolvingcredit facility.  

Our Title XI bonds mature in 2025.  Thebonds carry an interest rate of 7.71% per annum and require aggregatesemi-annual payments of $2.0 million, plus interest.  The agreement pursuant towhich the Title XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements.  If not met,additional covenants result that would restrict our operations and our abilityto pay cash dividends.  At March 31, 2005, we were in compliance with thesecovenants.

We also have a $16.0 million short-termcredit facility at one of our foreign locations which is secured by a letter ofcredit.

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 Share PurchaseAgreement provided for liquidated damages of $25.0 million to be paid by aparty that failed to consummate the transaction under certain circumstances. We notified Vinci that we do not believe that the liquidated damages provisionis applicable to our termination of the Share Purchase Agreement.  On December23, 1999, we filed suit against Vinci in the Tribunal de Commerce de Paris torecover damages.  On June 21, 2000, Vinci filed an answer and counterclaimagainst us seeking the liquidated damages of $25.0 million and other damages,costs and expenses of approximately $3.2 million based on then current exchangerates.  In November 2003, the Tribunal de Commerce de Paris ruled in favor ofVinci in the matter and awarded Vinci $25.0 million plus approximately $8.5million in interest, exchange rate differential, and legal fees.  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 are currently appealingthis verdict in the Cour d'appel de Paris.  On April 12, 2004 the Courd'appel de Paris heard the case before three appellate judges.  A decisionis expected in the second quarter of 2005.  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 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 has claimed standby and extra work and scheduleextensions, which would eliminate the liquidated damages claimed.  Arbitrationhearings currently are scheduled for the third and fourth quarters of 2005.  Wedo not believe that the ultimate outcome of this matter will have a materialadverse effect on our future results of operations or financial position.

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 atMarch 31, 2005 was $55.7 million in surety bonds and $30.5 million in bankguarantees/letters of credit.  The surety bonds and bank guarantees/letters ofcredit expire between April 2005 and December 2005 and between April 2005 andAugust 2005, respectively.

Weestimate that the cost to complete capital expenditure projects in progress at March31, 2005 approximates $5.8 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 liftsworldwide as well as diving and marine support services in our Asia Pacificregion.  GDMC includes all remaining diving and marine support servicesworldwide.  

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 ended March 31, 2005 and 2004.  Theinformation contains certain allocations of corporate expenses that we deemreasonable and appropriate for the evaluation of results of operations. 

**Quarter Ended March 31,**

** **

** **

**2005**

** **

**2004**

***(In thousands)***

**Total  segment revenues:**Offshore  Construction Division:

                Gulf of Mexico. 

    $    23,318

    $    12,884

                 West Africa 

            3,518

          15,575

                 Latin America

          65,756

          28,362

                 Asia Pacific 

          10,370

          14,224

                 Middle East

          12,801

                   5

Subtotal

    $  115,763

    $    71,050

Global Divers and Marine Contractors:

                 Gulf of Mexico

    $    13,520

    $      4,618

                 West Africa 

                60

              525

                 Latin America 

            5,415

            1,932

                 Middle East 

          15,550

            6,031

Subtotal

    $    34,545

    $    13,106

Total 

    $  150,308

    $    84,156

**Intersegment  eliminations:**

    Offshore  Construction Division:

                 Gulf of Mexico

    $           --

    $        303

Subtotal 

    $           --

    $        303

Global  Divers and Marine Contractors:

                 Gulf of Mexico 

    $      4,108

    $      2,004

                 West Africa

                60

              525

                 Latin America

            5,415

            1,932

                 Middle East

            3,469

                 --

Subtotal

    $    13,052

    $      4,461

Total

    $    13,052

    $      4,764

Total  segment revenues from external customers

    $  137,256

    $    79,392

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

Offshore  Construction Division:

                 Gulf of Mexico

    $      9,921

    $   (10,875)

                 West Africa

           (4,134)

            5,898

                 Latin America

               652

            3,528

                 Asia Pacific

           (7,585)

           (6,114)

                 Middle East

            1,982

           (2,734)

Subtotal

    $         836

    $   (10,297)

Global  Divers and Marine Contractors:

                 Gulf of Mexico

    $      4,830

    $    (1,845)

                 West Africa

                18

                21

                 Latin America

            1,824

              311

                 Middle East 

            4,527

           1,553

Subtotal

    $    11,199

    $          40

Total 

    $    12,035

    $   (10,257)

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

**Quarter Ended March 31,**

**2005**

** **

**2004**

***(In thousands)***

Revenues:

Total for reportable segments

$

150,308

$

84,156

Elimination of intersegment  revenues 

(13,052)

(4,764)

Total consolidated revenues

$

137,256

$

79,392

Income  (loss) from continuing operations before income taxes:

Total for reportable segments

$

12,035

$

(10,257)

Over (under) allocated corporate  expense

     437

      134

Total  consolidated income (loss) from continuing 

operations before taxes

$

12,472

$

(10,123)

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 the sales transaction with MercuryOffshore Assets, LLC. inOctober 2004.

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

**Quarter Ended March 31,**

**2004**

***(In thousands)***

Revenues

$

            5,378
Loss before income taxes

(1,462)

Income tax benefit 

(511)

  Net loss from discontinued operations 

$

(951)

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

**General**

Thefollowing discussion presents management's discussion and analysis of our financialcondition and results of operations.  The following discussion should be readin conjunction with our unaudited condensed consolidated financial statementsfor the periods ended March 31, 2005 and 2004, included in Item 1 of thisreport, and our audited consolidated financial statements and Management'sDiscussion and Analysis of Financial Condition and Results of Operationsincluded in our Annual Report on Form 10-K for the year ended December 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. Factors that could cause actual results to differ from those expected include,but are not limited to, dependence on the oil and gas industry and industryconditions, 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 cause personalinjury, 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**

***Overview***

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 operations through two divisions, OffshoreConstruction Division (OCD) and Global Divers and Marine Contractors (GDMC). OCD includes all pipelay and derrick lifts worldwide as well as diving andmarine support services in our Asia Pacific region.  GDMC includes allremaining diving and marine support services worldwide.  Our GDMC Gulf ofMexico segment has been restated for the quarter ended March 31, 2004 toreflect the reclassification of the Liftboat Division, which was sold inOctober 2004, as discontinued operations.

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 forour OCD and GDMC divisions depend heavily on obtaining sufficient quantity ofoffshore construction contracts with sufficient gross profit margins.  Contractbidding is very competitive and in the recent past has resulted in contractorswilling to assume greater amounts of risk, for no additional or reducedpricing, in order to be awarded the contract.  However, recent trends indicate decreasedcontractor tolerance for acceptance of uncompensated risk.

Most of our 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 ona lump-sum basis and are secured by a letter of credit or performance bond. These contracts are inherently risky and are subject to many unforeseencircumstances and events that may affect productivity.  As productivitydecreases, with no offsetting decrease in costs or increases in revenue,contract margins erode as compared to our bid margins.  As a result, ourOCD revenues and margins are subject to a high degree of variability.  

Our competition and inherentoperating risks vary in every 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 inthe scope of the base contract sometimes occur as contract work progresses.  Achange order usually increases the scope of work but may also decrease thescope and, consequently, the contract revenue and costs.  Either the customeror we may initiate change orders.  At the time of initiation, change orders maybe approved or unapproved by either party, priced or unpriced, or defined orundefined regarding detailed scope.  Even when the scope of work is defined,the associated increase or decrease in contract revenue often will be governedby contract terms or negotiated later, sometimes after the work is performed. We recognize these change orders as revenue in accordance with accountingprinciples generally accepted in the United States.  

Most 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 sumnature.  Revenues and margins in our GDMC division tend to be more consistentthan in our OCD division.

Our firstquarter results for 2005 reflect marked improvement compared to the same periodin 2004 as our gross profit increased by $21.2 million due primarily toincreased activity in our Gulf of Mexico segments and Middle East segments, partiallyoffset by decreased activity in our West Africa segment.  

Duringthe first quarter of 2005, we booked approximately $234.6 million of new workresulting in a backlog of approximately $359.3 million at March 31, 2005 ascompared to $187.5 million on the same date last year.  Our backlog isprincipally comprised as follows - Latin America $158.6 million and Southeast Asia $156.8 million. Backlog scheduled to be worked off in fiscal 2005 is $302.6million, or 84%.  Subsequent to March 31, 2005, we were awarded a $212.0million project in our Middle East OCD segment.  For the quarter ended March31, 2005, as compared to the same period last year, company-wide biddingactivity and the dollar volume of bidding activity was up, except for our AsiaPacific segment.  During thequarter, we received 112 new bid requests with a total estimated value of $1.2billion and we currently have bids outstanding and in-house totaling approximately $1.5billion.

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

**Quarter Ended March 31,**

**Results of  Operations**

**2005**

** **

**2004**
  Revenues
        100%

       100%   
  Cost of operations  
       82.3

      96.1
  Gross profit
       17.7

        3.9

Net gains on asset disposal

       (0.1)

          --
  Selling, general and administrative expenses  
        7.5

      12.1
  Operating income (loss)  
      10.3

       (8.2)

Other expenses  (income)

     Interest expense

        1.7

        4.4

     Other 

       (0.5)

        0.2

Income (loss) from continuing operations, before income taxes 

        9.1

     (12.8)

Income taxes  (benefit) 

        3.6

       (3.5)

Income (loss) from continuing operations, net of taxes

        5.5

       (9.3)

Income (loss)  from discontinued operations, net of taxes. 

          --

       (1.2)
  Net income (loss)  
$

        5.5

$

     (10.5)

*** ***

***QuarterEnded March 31, 2005 Compared to Quarter Ended March 31, 2004***

** **

**Quarter Ended**

**March 31,**

** **

** **

**2005**

** **

**2004**

**Percentage**

**Change**
**(In Millions)**
  Revenues  
$

137.3

$

79.4

       73%
  Cost of operations  
113.0

76.3

       48
  Gross profit
24.3

3.1

     684

Net gains on asset disposal

(0.1)

--

        --
  Selling, general and administrative expenses
10.3

9.6

         7
  Operating income (loss)
14.1

(6.5)

     317

Other expenses  (income)

     Interest  expense 

2.3

3.5

      (34)

     Other 

(0.7)

0.1

    (800)

Income (loss) from continuing operations, before income taxes

12.5

(10.1)

     224

Income taxes 

5.0

(2.7)

     285

Income (loss) from continuing operations, net of taxes

7.5

(7.4)

     201

Income (loss) from discontinued operations, net of taxes 

--

(0.9)

        --

Net income (loss)

$

7.5

$

(8.3)

     190%

***Revenues.*** The 73% increase in revenues was primarily attributable to increased activityin our Latin America segments, Gulf of Mexico segments and Middle East segmentspartially offset by decreased activity in our West Africa segments.  Our Gulf of Mexico segments experienced increased activity and improved pricing due primarilyto Hurricane Ivan repair work.  Major construction barge utilization in our OffshoreConstruction Division increased to 42% compared with 25% in the same quarterlast year.  For a detailed discussion of revenues in each division andgeographic area, see "Segment Information" below.

***GrossProfit***.  Gross profit increased by $21.2 million due primarily toincreased activity in our Latin America segments, Gulf of Mexico segments and Middle East segments.  As a percentage of revenue, gross profits increased to 18% from 4%. Our gross profit in our Latin America OCD segment, as a percentage of revenues,declined to 9% from 22% in the comparable quarter due to certain contracts thatwere bid at low margins to achieve higher utilization, due to reducedproductivity on one project and cost associated with transfer of one barge tothe region from the Middle East.

***Selling,General and Administrative Expenses.*** For the quarter ended March 31,2005, selling, general and administrative expenses were $10.3 million ascompared to $9.6 million reported during the quarter ended March 31, 2004.  Theincrease is due to increased labor costs, increased legal costs and increased externalaccounting costs as a result of compliance with Sarbanes-Oxley requirements.

***Depreciationand Amortization.***  Depreciation and amortization, includingamortization of dry-docking costs, for the quarter ended March 31, 2005 was $12.0million compared to the $9.0 million recorded in the quarter ended March 31,2004.  The increase is due primarily to higher utilization of our majorconstruction barges, which are depreciated on a unit of production basis.

***InterestExpense*.**  Interest expense decreased $1.2 million to $2.3 million forthe quarter ended March 31, 2005, compared to $3.5 million for the quarterended March 31, 2004.  This was primarily due to decreased average debtoutstanding.

***OtherExpense/Income. ***Other expense decreased $0.8 million to income of $0.7million for the quarter ended March 31, 2005 from an expense of $0.1 million inthe prior comparable period due primarily to increased interest income and decreasedexchange losses compared to the same period last year.

***NetIncome (Loss).***  The $15.8 million increase in net income was primarilythe result of increased activity in our Gulf of Mexico segments and Middle East segments.  Our effective tax rate for the quarter ended March 31, 2005 was 40%as compared to 27% for the same period last year.  The change in the effectivetax rate for the quarter ended 2005 as compared to the same period last year isdue primarily to a reduction in earnings in certain foreign jurisdictions thatare taxed on a deemed profits, percentage of revenue, basis and net operatinglosses in certain foreign jurisdictions where we did not record a tax benefit.

Lossfrom discontinued operations, net of taxes of 35%, for the quarter ended March31, 2004 was $0.9 million.

***Segment Information.***  Our reportable segments include two divisions, theOffshore Construction Division and the Global Divers and Marine Contractors Division,with five and four reportable segments, respectively.  The OffshoreConstruction Division includes all pipelay and derrick lifts worldwide as wellas diving and marine services in our Asia Pacific region.  Our Global Diversand Marine Contractors Division includes all remaining diving and marinesupport services worldwide.  Our Global Divers and Marine Contractors Gulf ofMexico segment has been restated for the quarter ended March 31, 2004 toreflect the reclassification of the Liftboat Division, which was sold inOctober 2004, as discontinued operations.  We have identified nine reportablesegments as required by SFAS 131. 

Thefollowing discusses the results of operations for each of our reportablesegments during the first quarter ended March 31, 2005 and 2004.

**OffshoreConstruction Division:**

Due toincreased activity, total revenues in our Offshore Construction Divisionincreased 63% to $115.8 million in the first quarter of 2005 from $71.1 million(including $0.3 million of intersegment revenues) in the same period in 2004,which had a positive impact on this division's results.  Our 2005 first quarterincome before income taxes increased to $0.8 million as compared to a loss of$10.3 million in the first quarter of 2004.  Earnings increased due toincreased work from continued Hurricane Ivan repair work in our Gulf of Mexicosegment and increased activity in our Middle East segment partially offset bymargin erosion in our Latin America segment.  Our worldwide major constructionbarge fleet utilization for the 2005 quarter increased to 42% compared with 25%utilization in the same quarter last year.

* Gulf of Mexico* - Revenues increased 81% to $23.3 million for the quarter ended March31, 2005 from $12.9 million (including $0.3 million of intersegment revenues)for the quarter ended March 31, 2004 due primarily to increased activity in theregion.  In the 2005 period, work continued on numerous pipeline repair jobsrelated to Hurricane Ivan damage as compared to one large contract that was inprogress in the 2004 comparable period.  Income before taxes increased by $20.8million to $9.9 million primarily due to increased activity and lower allocatedcosts due to vessels being transferred to other locations.  The ***Hercules***was transferred to our Asia Pacific segment and two vessels were assigned toour Latin America OCD segment.  Utilization of our three major constructionbarges in the U.S. Gulf of Mexico during the first quarter of 2005 was 61% comparedto seven barges achieving 24% in the same period last year.  Bidding activityand the dollar volume of bidding activity during the quarter were up comparedto the same period last year.

*WestAfrica* - Revenues decreased to $3.5 million for the quarter ended March 31,2005 compared to $15.6 million for the quarter ended March 31, 2004.  Thisdecrease in first quarter revenues is attributable to two day rate contracts beingin progress in the 2004 period as compared to one day-rate contract in progressin the 2005 period.  Loss before income taxes increased to $4.1 million for thequarter ended March 31, 2005 compared to income before taxes of $5.9 millionfor the same period in 2004.  This was primarily the result of the reducedactivity.  In the three months ended March 31, 2005, our three barges in thissegment had 4% utilization as compared to 31% in the same period last year. Bidding activity and the dollar volume of bidding activity during the quarterwere up compared to the same period last year.

*LatinAmerica* - Revenues increased significantly to $65.8 million for the quarterended March 31, 2005 from $28.4 million for the quarter ended March 31, 2004,due primarily to work performed on five large contracts in the 2005 period ascompared to two in the comparable 2004 period.  Income before income taxes decreased$2.8 million to $0.7 million for the quarter ended March 31, 2005 compared to incomebefore taxes of $3.5 million for the quarter ended March 31, 2004, due to lowerbid margins, reduced productivity on one project and cost associated with thetransfer of the one barge to the region from the Middle East.  Five bargesachieved 75% utilization in the first quarter of 2005 compared to two bargesachieving 86% utilization in the same quarter last year.  Bidding activity andthe dollar volume of bidding activity during the quarter were up over the sameperiod last year.

*Asia**Pacific*****- Revenues decreased $3.8 million to $10.4 million forthe quarter ended March 31, 2005 compared to $14.2 million for the quarterended March 31, 2004 due to decreased activity.  Loss before income taxesincreased to $7.6 million for the quarter ended March 31, 2005 compared to a lossbefore income taxes of $6.1 million for the quarter ended March 31, 2004.  The increasein loss before income taxes is due primarily to the transfer of the ***Hercules***to this region partially offset by improved margins.  Utilization for our threemajor construction vessels, excluding the ***Hercules***, in this segment was 29%compared to 16% in the same period last year.  Both bidding activity and thedollar value of bidding activity during the quarter were down.

*Middle East* - For thequarter ended March 31, 2005, revenues increased significantly to $12.8 millioncompared to nominal revenues for the quarter ended March 31, 2004, due primarilyto one project in progress in 2005 as compared to no projects in progress in the2004 period.  Due to the increased activity, income before taxes increased$4.7 million to income before taxes of $2.0 million for the quarter ended March31, 2005 compared to a loss before income taxes of $2.7 million for the quarterended March 31, 2004.  Bidding activity and the dollar volume of biddingactivity during the quarter were up compared to the sameperiod last year.

**GlobalDivers and Marine Contractors:**

Totalrevenues from our Global Divers and Marine Contractors Division increased to$34.5 million (including $13.1 million of intersegment revenues) in the firstquarter of 2005 as compared to $13.1 million (including $4.5 million ofintersegment revenues) in the same period in 2004 and results increased toincome from continuing operations before taxes of $11.2 million in the firstquarter of 2005 from income from continuing operations before income taxes of anominal amount in the first quarter of 2004.  Income before taxes increased dueto increased activity and pricing in our Gulf of Mexico segment due tocontinued Hurricane Ivan repair work and increased activity in our LatinAmerica and Middle East segment.

** ***Gulf of Mexico* - Revenues increased 193% to $13.5 million (including $4.1 million ofintersegment revenues) for the quarter ended March 31, 2005 from $4.6 million(including $2.0 million of intersegment revenues) for the quarter ended March31, 2004.  Income from continuing operations before income taxes increased by $6.6million to $4.8 million for the quarter ended March 31, 2005 compared to a lossfrom continuing operations before income taxes of $1.8 million for the quarterended March 31, 2004.  The increase in revenues and income before taxes was dueprimarily to increased activity and pricing due to Hurricane Ivan repair work.  Averagediver day rates were up 49% and diver days were up 92% compared to the sameperiod last year.

*West Africa* - Revenues, all of which were intersegment revenues, decreased $0.5million to a negligible amount for the quarter ended March 31, 2005 from $0.5million for the quarter ended March 31, 2004.  Income from continuingoperations before income taxes remained nominal for the quarter ended March 31,2005 compared to the quarter ended March 31, 2004.  The decrease in revenue wasdue primarily to decreased activity in the region.

*LatinAmerica* - Revenues, all of which were intersegment revenues, increased to$5.4 million for the quarter ended March 31, 2005 compared to $1.9 million for the quarter ended March 31, 2004 due primarilyto work performed on five large contracts in the 2005 period.  Income fromcontinuing operations before income taxes increased for the quarter ended March31, 2005 to $1.8 million compared to $0.3 million for the quarter ended March31, 2004, also as a result of the increased activity.

*MiddleEast* - For the quarter ended March 31, 2005, revenues increased 160% to $15.6million (including $3.5 million of intersegment revenues) compared to $6.0million (including $1.6 million of intersegment revenues) for the quarter endedMarch 31, 2004 due to increased activity due to several large projects in India.  Income from continuing operations before income taxes increased to $4.5 million forthe quarter ended March 31, 2005 compared to $1.6 million for the quarter endedMarch 31, 2004 due to the increased 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 beincreasing over the next twelve to twenty-four months.  During the first threemonths of 2005, we have been awarded over $234.6 million in projects and ourbacklog at March 31, 2005 was approximately $359.3 million.  Subsequent toMarch 31, 2005, we were awarded a $212.0 million contract in our Middle EastOCD segment.  Approximately $302.6 million, or 84%, of this backlog is expectedto be completed in 2005.  The increase in activity will cause working capitalto increase.  We have a credit facility to provide for the funding of thisanticipated increase in working capital needs in advance of increases in ourcash flows from operations.  In addition, the judgment against us in the Vinci(Groupe GTM) litigation may require a substantial cash payment.  Identifiedcapitalexpenditure projects for the remainder of 2005 are expected to be approximately $38.0million.  These projects are primarily upgrades to our existing vessels.

***CashFlow***

Our cashbalance decreased by $46.6 million to $96.6 million at March 31, 2005 from $143.2million at December 31, 2004.  During the three months ended March 31, 2005,our continuing operations used cash of $37.9 million compared to $35.5 millionin the comparable period of 2004 due primarily to increased working capital asa result of increased activity in our Latin America segment.  Cash on hand fundedinvesting activities of $8.2 million and the cash used by our operations. Investing activities consisted principally of capital expenditures of $2.3million and dry-docking costs of $5.9 million.

Workingcapital increased $17.2 million during the three months ended March 31, 2005 to$169.4 million from $152.2 million at December 31, 2004.  The increase inworking capital is due primarily to an increase in accounts receivablepartially offset by a decrease in cash.  Working capital is anticipated tocontinue to increase as activity increases.  At March 31, 2005, our backlog was$359.3 million as compared to a backlog of $187.5 million at March 31, 2004. Approximately 84% of our backlog is expected to be performed during theremainder of 2005.

Our capital expenditures during the three months ended March31, 2005 aggregated $2.3 million.  Weestimate that the cost to complete capital expenditure projects in progress at March31, 2005 will be approximately $5.8 million, all of which is expected to beincurred during the next nine months.  The capital expenditures are primarilyrelated to vessel and equipment upgrades.

***Long-Term Debt***

On March 14, 2005, we amended andrestated our revolving credit facility.  This amendment was entered into toimprove operating flexibility and to take advantage of favorable marketconditions.  The amendment (i) decreased the credit facility to $75.0million from $100.0 million, (ii) provided for an additional $50.0 millioncredit capacity option, if needed, upon receipt of additional loan commitmentsby our existing and/or additional lenders, (iii) reduced the requirements of theminimum net worth covenant for all future periods, (iv) changed the maximumleverage ratio to include Title XI bonds, (v) added a minimum fixed chargecoverable ratio, (vi) eliminated all the remaining financial covenants, (vii)reduced the interest rate spread applicable to the Company's borrowings underthe credit facility (the spreads can range from 0.75% to 1.75% and 1.75% to2.75% for prime rate and LIBOR based  borrowings, respectively, based uponcertain of our financial ratios), (viii) reduced the number of participants inthe syndication from seven to three, and (ix) extended the maturity of thecredit facility to March 2008 from March 2007.  A fee of $0.4 million waspaid for this amendment.  At March 31, 2005, we were in compliance with theterms of our credit facility.  As of May 9, 2005, we had no borrowings,$30.5 million of letters of credit outstanding and $44.5 million ofcredit availability under our revolving credit facility.  

Our Title XI bonds matures in 2025.  Thebonds carry an interest rate of 7.71% per annum and require aggregatesemi-annual payments of $2.0 million, plus interest.  The agreement pursuant towhich the Title XI bonds were issued contains certain covenants, including themaintenance of minimum working capital and net worth requirements.  If not met,additional covenants result that would restrict our operations and our abilityto pay cash dividends.  At March 31, 2005, we were in compliance with thesecovenants.

***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. The aggregate of these guarantees and bonds at March 31, 2005 was $55.7 millionin surety bonds and $30.5 million in bank guarantees/letters of credit.  Thesurety bonds and bank guarantees/letters of credit expire between April 2005and December 2005 and between April 2005 and August 2005, 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$6.1 million annually.  In April 2001, we prepaid $3.0 million of charterpayments that will continue to be systematically applied to future charterpayments.  The new charter term is 120 months, expiring in August 2013.  Thischarter can be canceled by us at anytime, subject to a termination penalty ofthe transfer to the vessel owner of title to our dynamic positioning (DP)system used on the vessel.  The DP system was purchased and installed on the ***Titan2*** at our cost in the first quarter of 2002 for a total cost of $8.9million.

***Liquidity Outlook***

We expectfunds available under our credit facility, available cash, and cash generatedfrom operations and recent asset sales, including the sale of our LiftboatDivision in October of 2004, to be sufficient to fund our operations (includingthe anticipated increase in working capital required to fund increasingactivity), scheduled debt retirement, planned capital expenditures for the nexttwelve months, as well as payments that may be required related to the Vinci(Groupe GTM) judgment.  If our cash is insufficient, we will be required toseek additional financing and/or curtail operations or spending includingplanned capital expenditures.  In addition, as we have in the recent past, wewill continue to evaluate the divestiture of vessels that are no longercritical to our operations in order to reduce our operating costs and debtlevels.

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 as of May 5, 2005 permits the issuance of up to $365.8 millionof debt and equity securities.  In addition, as we have historically done, wewill continue to evaluate the merits of any opportunities that may arise foracquisitions of equipment or businesses, which may require additionalliquidity.  

** Industryand Business Outlook**

Weexpect activity to continue to increase during the next twelve to twenty-fourmonths.  We are currently experiencing growth in our Latin America segments,Asia Pacific segments, and Middle East segments and continued robust activityin our U.S. Gulf of Mexico segments due to additional hurricane-related work. During the first quarter, we booked $234.6 million of new work and we havesubsequently been awarded another $212.0 million in new work in our OCD MiddleEast segment.  Our backlog at March 31, 2005 was $359.3 million of which $158.6million related to Latin America and $156.8 related to Asia Pacific.  Wecurrently have bidsoutstanding and in-house totaling approximately $1.5 billion.  In addition,both contract terms and pricing are becoming more favorable in our domestic andinternational locations.

We are experiencing an increase in bidding activity and in the dollarvolume of bidding activity in all of our locations except our Asia Pacific region. In addition, activity in our Middle East and West Africa areas is expected toincrease into 2006. 

**CriticalAccounting Policies and Estimates**

For adiscussion of critical accounting policies and estimates, see Item 7. Management Discussion and Analysis of Financial Condition and Results ofOperations - Critical Accounting Policies and Estimates in our Annual Report onForm 10-K for the year ended December 31, 2004, which discussion isincorporated herein by reference.

**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 thata change in currency rates in the regions in which we operate would have asignificant effect on our results of operations.  Additional quantitative and qualitativedisclosures about market risk are in Item 7A, Quantitative and QualitativeDisclosures About Market Risk, of our Annual Report on Form 10-K for the yearended December 31, 2004.

**Item 4.            Controlsand Procedures.**

As of the end of the period coveredby this report, our management, with the participation of our Chief ExecutiveOfficer and Chief Financial Officer, has evaluated the effectiveness of ourdisclosure controls and procedures.  These disclosure controls and proceduresare designed to provide us with a reasonable assurance that all of theinformation required to be disclosed by us in our periodic reports filed withthe Securities and Exchange Commission 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 communicated toour management, including our Chief 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 no significantdeficiencies or material weaknesses in the design or operation of our internalcontrols over financial reporting (as defined in Rule 13a-15(f) under theExchange Act) that are likely to adversely affect our ability to record,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.

**Item5.            Other Matters. **

On May 9, 2005, theCompensation Committee of the board of Directors approved the provision ofannual cardiovascular examinations using CT angiography to all non-employee directors and their spouses at theCompany's expense as part of the director's compensation package beginning inthe current year.  The examinations will be provided at a medical facility selectedor approved by the Company.

**PART II - OTHER INFORMATION**

**Item 1.            LegalProceedings.**

We are a party in legalproceedings and potential claims arising in the ordinary course of ourbusiness. Management does not believe these matters will materially affect ourconsolidated financial statements.

In November of 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 providedfor liquidated damages of $25.0 million to be paid by a party that failed toconsummate the transaction under certain circumstances.  We have notified Vincithat we do not believe that the liquidated damages provision is applicable toour termination of the Share Purchase Agreement.  On December 23, 1999, wefiled suit against Vinci in the Tribunal de Commerce de Paris to recover damages. On June 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, we recorded a $33.5million (pre-tax) provision in the fourth quarter of 2003.  We are currentlyappealing this verdict in the Cour d'appel de Paris.  On April 12, 2004 theCour d'appel de Paris heard the case before three appellate judges.  Adecision is expected in the second quarter of 2005.  Although the provisionfor the judgment had a significant impact on our reported results for 2003, wedo not believe that the ultimate outcome of this matter will have a materialadverse effect on our future results of operations or business operations.

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 has claimed standby and extra work and schedule extensions, whichwould eliminate the liquidated damages claimed.  Arbitration hearings currentlyare scheduled for the third and fourth quarters of 2005.  We do not believethat the ultimate outcome of this matter will have a material adverse effect onour future results of operations or financial position.

**Item6.            Exhibits.**

*

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:                                                                 

Timothy W. Miciotto

Senior Vice President, Chief Financial Officer

(Principal Financial and Accounting Officer)

May 10,2005 |
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