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Exhibit 99.1
 
 For Immediate ReleasePRESS RELEASE
    
    Contact: James GallagherTel: 281.529.7979
 080107.03
 
 GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS
FOR THE SECOND QUARTER OF 2007




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www.globalind.com




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Set forth are the Companys results of operations and selectedbalance sheet amounts for the periods indicated(In thousands, except per share amounts)Three Months Ended
    
    
    Six Months EndedJune 30
    
    
    June 302007
    
    
    2006
    
    
    2007
    
    
    2006Results of OperationsRevenues
    
    $
    248,940
    
    
    $
    367,631
    
    
    $
    525,949
    
    
    $
    613,898Cost of operations
    
    
    174,807
    
    
    
    266,494
    
    
    
    358,342
    
    
    
    464,631Gross profit
    
    
    74,133
    
    
    
    101,137
    
    
    
    167,607
    
    
    
    149,267Loss on asset impairments
    
    
    
    
    
    
    4,485
    
    
    
    
    
    
    
    4,485Reduction in litigation provision
    
    
    
    
    
    
    (13,699
    )
    
    
    
    
    
    
    (13,699
    )Net (gain) loss on asset disposal
    
    
    12
    
    
    
    (216
    )
    
    
    (1,308
    )
    
    
    (507
    )Selling, general and administrative expenses
    
    
    19,884
    
    
    
    14,710
    
    
    
    38,028
    
    
    
    30,996Operating income
    
    
    54,237
    
    
    
    95,857
    
    
    
    130,887
    
    
    
    127,992Other expense:Interest expense
    
    
    2,032
    
    
    
    2,460
    
    
    
    4,773
    
    
    
    4,496Other (income)
    
    
    (6,531
    )
    
    
    (1,060
    )
    
    
    (11,416
    )
    
    
    (1,093
    )Income before taxes
    
    
    58,736
    
    
    
    94,457
    
    
    
    137,530
    
    
    
    124,589Income taxes
    
    
    17,607
    
    
    
    32,074
    
    
    
    41,945
    
    
    
    43,442Net income
    
    $
    41,129
    
    
    $
    62,383
    
    
    $
    95,585
    
    
    $
    81,147Earnings Per Common ShareBasic
    
    $
    0.35
    
    
    $
    0.54
    
    
    $
    0.82
    
    
    $
    0.70Diluted
    
    $
    0.35
    
    
    $
    0.53
    
    
    $
    0.81
    
    
    $
    0.69Weighted Average Common Shares OutstandingBasic
    
    
    117,305
    
    
    
    115,650
    
    
    
    116,946
    
    
    
    115,181Diluted
    
    
    119,168
    
    
    
    117,478
    
    
    
    118,675
    
    
    
    116,915Other DataDepreciation and amortization
    
    $
    15,962
    
    
    $
    17,199
    
    
    $
    32,759
    
    
    $
    31,654Backlog at end of period
    
    
    
    
    
    
    
    
    
    $
    545,963
    
    
    $
    693,471
 As of
    
    
    As ofJune 30
    
    
    December 312007
    
    
    2006Selected Balance Sheet AmountsCash and cash equivalents
    
    $
    465,193
    
    
    $
    352,178Marketable securities
    
    
    75,837
    
    
    
    Working Capital (including cash and cash equivalents, and marketable
securities)
    
    
    589,829
    
    
    
    460,126Total Assets
    
    
    1,192,646
    
    
    
    1,070,997Debt
    
    
    71,280
    
    
    
    73,260Shareholders Equity
    
    
    850,057
    *
    
    
    725,565
 
 *
    
    Includes a positive $1.4 million cumulative adjustment to the balance of retained earnings on January 1, 2007 for the
implementation of FIN 48, Accounting for Uncertainty in Income Taxes An Interpretation of FASB No. 109.




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Set forth are the Companys results of operationfor the periods indicated(In thousands)Three Months Ended
    
    
    Six Months EndedJune 30
    
    
    June 302007
    
    
    2006
    
    
    2007
    
    
    2006Reportable SegmentsTotal segment revenuesGulf of Mexico OCD
    
    $
    31,177
    
    
    $
    43,758
    
    
    $
    48,039
    
    
    $
    96,888Gulf of Mexico Diving
    
    
    42,700
    
    
    
    35,262
    
    
    
    72,098
    
    
    
    70,511Latin America
    
    
    33,017
    
    
    
    143,974
    
    
    
    134,865
    
    
    
    206,468West Africa
    
    
    57,975
    
    
    
    56,288
    
    
    
    109,260
    
    
    
    89,369Middle East
    
    
    94,033
    
    
    
    60,190
    
    
    
    168,889
    
    
    
    132,461Asia Pacific
    
    
    13,548
    
    
    
    44,969
    
    
    
    23,152
    
    
    
    50,317Subtotal
    
    
    272,450
    
    
    
    384,441
    
    
    
    556,303
    
    
    
    646,014Intersegment eliminationsGulf of Mexico OCD
    
    
    (5,589
    )
    
    
    (4,061
    )
    
    
    (7,726
    )
    
    
    (7,024
    )Gulf of Mexico Diving
    
    
    (3,511
    )
    
    
    (4,444
    )
    
    
    (5,279
    )
    
    
    (16,152
    )Latin America
    
    
    
    
    
    
    (583
    )
    
    
    
    
    
    
    (1,218
    )Middle East
    
    
    (10,279
    )
    
    
    (4,623
    )
    
    
    (12,743
    )
    
    
    (4,623
    )Asia Pacific
    
    
    (4,131
    )
    
    
    (3,099
    )
    
    
    (4,606
    )
    
    
    (3,099
    )Subtotal
    
    
    (23,510
    )
    
    
    (16,810
    )
    
    
    (30,354
    )
    
    
    (32,116
    )Consolidated revenues
    
    $
    248,940
    
    
    $
    367,631
    
    
    $
    525,949
    
    
    $
    613,898Income (loss) before taxesGulf of Mexico OCD
    
    $
    7,402
    
    
    $
    12,369
    
    
    $
    6,648
    
    
    $
    21,718Gulf of Mexico Diving
    
    
    16,333
    
    
    
    9,864
    
    
    
    27,136
    
    
    
    20,076Latin America
    
    
    9,172
    
    
    
    28,544
    
    
    
    62,734
    
    
    
    27,432West Africa
    
    
    (10,535
    )
    
    
    13,622
    
    
    
    (10,744
    )
    
    
    17,705Middle East
    
    
    34,383
    
    
    
    9,268
    
    
    
    43,762
    
    
    
    21,189Asia Pacific
    
    
    1,889
    
    
    
    7,006
    
    
    
    7,902
    
    
    
    3,157Corporate (litigation provision)
    
    
    
    
    
    
    13,699
    
    
    
    
    
    
    
    13,699Over (under) allocated corporate
expenses
    
    
    92
    
    
    
    85
    
    
    
    92
    
    
    
    (387
    )Consolidated income before taxes
    
    $
    58,736
    
    
    $
    94,457
    
    
    $
    137,530
    
    
    $
    124,589