Exhibit 10.49
 AMENDMENT NO. 5
TO  THIRD AMENDED AND RESTATED CREDIT AGREEMENT
 Amendment Effective Date Parent Mexican Borrower Cayman Borrower Borrower Borrowers Administrative
Agent
 PRELIMINARY STATEMENTS
 Lenders Credit Agreement
   ARTICLE I  DEFINITIONS




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ARTICLE II  AMENDMENT
 2.01 Amendment to Section 1.01. Section 1.01
 Cash Collateral Account means, collectively, one or more special cash
collateral accounts pledged to the Administrative Agent containing cash or cash
equivalents of a type described in paragraphs (a) or (b) of the definition of
Liquid Investments with maturities not exceeding 45 days deposited pursuant to
Sections 2. 15(e) , 2. 15(h) , 7. 02(b) or 7. 03(b) to be maintained in accordance with
Section 2. 15(g) with the Administrative Agent or, in the Administrative Agents sole
discretion, one or more other Lenders or Affiliates of a Lender; provided that (x)
each such other Lender or Affiliate of a Lender, the Parent and the Administrative
Agent enter into blocked account control agreements in form and substance
satisfactory to the Administrative Agent with respect to such cash collateral
accounts, (y) cash collateral accounts held with any such other Lender or Affiliate
of a Lender must be securities accounts holding only cash equivalents of a type
described in paragraphs (a) or (b) of the definition of Liquid Investments and (z)
the Administrative Agent may, at any time in its sole discretion, demand that cash
collateral accounts held with any such other Lender or Affiliate of a Lender be
closed and the proceeds thereof be transferred to a cash collateral account held
with the Administrative Agent within 3 Business Days after notice of such demand to
the Parent .
 2.02 Amendment to Section 5.05(e) Section 5.05(e)
 (e) [Intentionally omitted]
 2.03 Amendment to Section 6.19 Section 6.19
 Section 6.19 [Intentionally omitted]
 ARTICLE III  CONDITIONS PRECEDENT
  3.01 Documentation
  2




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3.02 Payment of Fees Section 11.04
 ARTICLE IV  NO WAIVER
  ARTICLE V  RATIFICATIONS, REPRESENTATIONS AND WARRANTIES
 5.01 Ratifications
 5.02 Representations and Warranties
 3




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ARTICLE VI  MISCELLANEOUS PROVISIONS
 6.01 Survival of Representations and Warranties
 6.02 Reference to Credit Agreement
 6.03 Expenses of the Administrative Agent
 6.04 Severability
 6.05 Successors and Assigns
 6.06 Counterparts
 6.07 Effect of Waiver
 6.08 Headings
 4




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6.09 Applicable Law
  5




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PARENT:GLOBAL INDUSTRIES, LTD.By:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    PresidentMEXICAN BORROWER:GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.VBy:
    
    /s/ Russell J. RobicheauxName:
    
    Russell J. RobicheauxTitle:
    
    Attorney-in-fact / ApoderadoCAYMAN BORROWER:GLOBAL INDUSTRIES INTERNATIONAL, L.P.By: Global Industries International, L.L.C., its general partnerBy:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    President




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CALYON NEW YORK BRANCH,as Administrative Agent, Issuing Bank and as a LenderBy:
    
    /s/ Page DillehuntName:
    
    Page DillehuntTitle:
    
    Managing DirectorBy:
    
    /s/ Michael WillisName:
    
    Michael WillisTitle:
    
    Director




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LENDERS:WHITNEY NATIONAL BANKBy:
    
    /s/ Mark McCulloughName:
    
    Mark McCulloughTitle:
    
    Vice President




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NATIXIS (formerly known as Natexis Banques Populaires)By:Name:Title:By:Name:Title:




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FORTIS CAPITAL CORP.By:Name:Title:By:Name:Title:




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US Guarantor US
Guarantors
 GLOBAL INDUSTRIES, LTD.By:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    PresidentGIL HOLDINGS, L.L.C.GLBL HOLDINGS, L.L.C.GLOBAL DIVERS AND CONTRACTORS, L.L.C.GLOBAL INDUSTRIES INTERNATIONAL, L.L.C.GLOBAL INDUSTRIES OFFSHORE, L.L.C.GLOBAL PIPELINES PLUS, L.L.C.GLOBAL MOVIBLE OFFSHORE, L.L.C.NORMAN OFFSHORE PIPELINES, L.L.C.PIPELINES, L.L.C.SUBTEC MIDDLE EAST LIMITEDBy:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    President




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Foreign Guarantor Foreign
Guarantors
 GLOBAL INDUSTRIES INTERNATIONAL, L.P.By: Global Industries International, L.L.C., its
general partnerBy:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    PresidentGLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V.By:
    
    Russell J. RobicheauxName:
    
    Russell J. RobicheauxTitle:
    
    Attorney-in- fact/ApoderadoGLOBAL INTERNATIONAL VESSELS, LTD.GLOBAL OFFSHORE INTERNATIONAL, LTD.By:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    President




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GLOBAL INDUSTRIES OFFSHORE NETHERLANDS, BVBy: Global Industries International, L.L.C., as
directorBy:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    PresidentBy: Executive Management Trust, as managing directorBy:
    
    /s/ Peggy GunnName:
    
    Peggy GunnTitle:By:
    
    /s/ Anneke HooiveldName:
    
    Anneke HooiveldTitle:GIL MAURITIUS HOLDINGS, LTD.By:
    
    /s/ Peter S. AtkinsonName:
    
    Peter S. AtkinsonTitle:
    
    PresidentGLOBAL INDUSTRIES MEXICO HOLDINGS, S. DE R.L. DE C.V.GLOBAL VESSELS MEXICO, S. DE R.L. DE C.V.GLOBAL INDUSTRIES OFFSHORE SERVICES, S. DE R.L. DE C.V.GLOBAL INDUSTRIES SERVICES, S. DE R.L. DE C.V.By:
    
    /s/ Russell J. RobicheauxName:
    
    Russell J. RobicheauxTitle:
    
    Attorney-in-fact/Apoderado