UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-K/A
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    Annual Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the fiscal year ended December 31, 2010
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    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 For the Transition period from _____ to _____
 Commission File Number 0-21086
 Global Industries, Ltd.
  Louisiana
(State or Other Jurisdiction of 
Incorporation or Organization)
    
    72-1212563
(I.R.S. Employer Identification Number)8000 Global Drive 
Carlyss, Louisiana
(Address of Principal Executive Offices)
    
    70665
(Zip Code)
 337) 583-5000
  Title of each class
    
    Name of each exchange on which registeredCommon Stock ($0.01 par value)
    
    The NASDAQ Global Select Market LLC
 None
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  Large Accelerated Filer þ
    
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    Non-accelerated Filer o
    
    Smaller Reporting Company o(Do not check if Smaller reporting company)
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   DOCUMENTS INCORPORATED BY REFERENCE




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PART IV
 ITEM 15.
    
    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a)
    
    Documents Filed as Part of This Annual Report
 (1
    )
    
    
    
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    Financial Statements Included in Part II of this report:
 
    
    Report of Independent Registered Public Accounting Firm.
    
    Consolidated Balance Sheets as of December 31, 2010 and
2009.
    
    Consolidated Statements of Operations for the years ended
December 31, 2010, 2009, and 2008.
    
    Consolidated Statements of Equity for the years ended
December 31, 2010, 2009, and 2008.
    
    Consolidated Statements of Cash Flows for the years ended
December 31, 2010, 2009, and 2008.
    
    Notes to Consolidated Financial Statements.
 (2
    )
    
    
    
    
    
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    Financial Statement Schedule
Schedule II  Valuation and Qualifying Accounts.
All other schedules are omitted as either not required, not
applicable or because the information required is in the financial
statements or notes thereto.(3
    )
    
    
    
    
    
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    Exhibits.3.1
    
    
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    Amended and Restated Articles of Incorporation of registrant, as
amended, incorporated by reference to Appendix A of registrants
Definitive Schedule 14A filed April 7, 2010.3.2
    
    
    -
    
    Bylaws of registrant, as amended through October 31, 2007,
incorporated by reference to Exhibit 3.2 of registrants Form 10-K
filed March 2, 2009.4.1
    
    
    -
    
    Form of Common Stock certificate, incorporated by reference to
Exhibit 4.1 to the Form S-1 filed by registrant (Reg. No.
33-56600).10.1
    
    
    -
    
    Agreement of Lease dated May 1, 1992, between SFIC Gulf Coast
Properties, Inc. and Global Pipelines PLUS, Inc., incorporated by
reference to Exhibit 10.6 to the Form S-1 filed by Registrant (Reg.
No. 33-56600).10.2
    
    
    -
    
    Agreement between Global Divers and Contractors, Inc. and Colorado
School of Mines, dated October 15, 1991, incorporated by reference
to Exhibit 10.20 to the Form S-1 filed by registrant (Reg. No.
33-56600).10.3
    
    
    -
    
    Sublicense Agreement between Santa Fe International Corporation and
Global Pipelines PLUS, Inc. dated May 24, 1990, relating to the
Chickasaws reel pipelaying technology, incorporated by reference
to Exhibit 10.21 to the Form S-1 filed by registrant (Reg. No.
33-56600).10.4
    
    -
    
    Non-Competition Agreement and Registration Rights Agreement between
the Registrant and William J. Doré, incorporated by reference to
Exhibit 10.23 to the Form S-1 filed by registrant (Reg. No.
33-56600).10.5
    
    -
    
    Form of Indemnification Agreement between the registrant and each
of the registrants directors, incorporated by reference to Exhibit
10.22 to the Registrants Annual Report on Form 10-K for the fiscal
year ended March 31, 1997 (SEC File No. 000-21086).10.6
    
    -
    
    Global Industries, Ltd. 1998 Equity Incentive Plan incorporated by
reference to exhibit 10.28 to the registrants Annual Report on
Form 10-K for the fiscal year ended March 31, 1998 (SEC File No.
000-21086).10.7
    
    -
    
    Global Industries, Ltd. Non-Employee Director Compensation Plan, as
amended, incorporated by reference to Exhibit 10.19 of registrants
Form 10-K filed March 2, 2009.10.8
    
    
    -
    
    Trust Indenture relating to United States Government Guaranteed
Ship Financing Obligations between Global Industries, Ltd., ship
owner, and Wells Fargo Bank, Indenture Trustee, dated as of
February 22, 2000, incorporated by reference to Exhibit 10.33 to
registrants Annual Report on Form 10-K for the year ended December
31, 1999.10.9
    
    -
    
    2000 Amendment to Global Industries, Ltd. 1998 Equity Incentive
Plan, incorporated by reference to Exhibit 10.1 to registrants
Quarterly Report for the quarter ended March 31, 2001.




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10.10
    
    -
    
    Form of Executive Long-Term Restricted Stock Agreement (Performance
Vesting/POC-TSR Based), incorporated by reference to Exhibit 10.1
to Form 8-K filed September 30, 2004.10.11
    
    -
    
    Global Industries, Ltd. 2005 Management Incentive Plan,
incorporated by reference to Exhibit 10.40 to registrants Annual
Report on Form 10-K filed March 16, 2005.10.12
    
    -
    
    Global Industries, Ltd. 2005 Stock Incentive Plan, incorporated by
reference to Exhibit 10.42 to registrants Annual Report on Form
10-K filed March 16, 2005.10.13
    
    -
    
    Global Industries, Ltd. 2005 Restricted Stock Agreement Form,
incorporated by reference to Exhibit 10.1 of registrants Form 8-K
filed November 7, 2005.10.14
    
    -
    
    Form of Executive Long-Term Incentive Performance Unit Agreement,
incorporated by reference to Exhibit 10.1 of registrants Form 8-K
filed February 22, 2006.10.15
    
    -
    
    Form of Non-Employee Director Restricted Stock Agreement dated May
16, 2006, incorporated by reference to Exhibit 10.1 of registrants
Form 8-K filed May 22, 2006.10.16
    
    
    -
    
    Third Amended and Restated Credit Agreement dated June 30, 2006,
among Global Industries, Ltd., Global Offshore Mexico, S. de R.L.
de C.V., Global Industries International, L.P., the Lenders and
Calyon New York Branch, as administrative agent for the Lenders,
incorporated by reference to Exhibit 10.1 of registrants Form 8-K
filed July 7, 2006.10.17
    
    -
    
    Retirement Agreement between Global Industries, Ltd. and Mr.
William J. Doré effective as of September 18, 2006, incorporated by
reference to Exhibit 10.2 of registrants Quarterly Report on Form
8-K filed September 22, 2006.10.18
    
    
    -
    
    Indenture of Global Industries, Ltd. and Wells Fargo Bank, National
Association, as Trustee, dated July 27, 2007, incorporated by
reference to Exhibit 4.1 of registrants Form 10-Q filed August 6,
2007.10.19
    
    
    -
    
    Registration Rights Agreement, by and between Global Industries,
Ltd., as Issuer, and Lehman Brothers Inc., as Representative of the
Several Initial Purchasers, dated as of July 27, 2007, incorporated
by reference to Exhibit 4.2 of registrants Form 10-Q filed August
6, 2007.10.20
    
    
    -
    
    Purchase Agreement, between Global Industries, Ltd. and Lehman
Brothers Inc., Calyon Securities (USA) Inc., Fortis Securities LLC
and Natexis Bleichroeder Inc., dated July 23, 2007, incorporated by
reference to Exhibit 10.1 of registrants Form 10-Q filed August 6,
2007.10.21
    
    
    -
    
    Amendment No. 2 to Third Amended and Restated Credit Agreement,
dated July 27, 2007, by and among Global Industries, Ltd., Global
Offshore Mexico, S. de R.L. de C.V., and Global Industries
International L.L.C. in its capacity as general partner of Global
Industries International, L.P., the Lenders party to the Credit
Agreement, and Calyon New York Branch, as administrative agent for
the Lenders, incorporated by reference to Exhibit 10.2 of
registrants Form 10-Q filed August 6, 2007.10.22
    
    
    -
    
    Amendment No. 3 to Third Amended and Restated Credit Agreement
dated October 18, 2007, among Global Industries, Ltd., Global
Offshore Mexico, S. DE R.L. DE C.V., Global International, L.L.C.,
in its capacity as general partner of Global Industries
International, L.P., the Lenders and Calyon New York Branch as
administrative agent for the Lenders, incorporated by reference to
Exhibit 10.1 of registrants Form 8-K filed October 24, 2007.10.23
    
    
    -
    
    Amendment No. 4 and Waiver to the Third Amended and Restated Credit
Agreement dated November 7, 2008, among Global Industries, Ltd.,
Global Offshore Mexico, S. de R.L. de C.V., Global Industries
International, L.L.C., in its capacity as general partner of Global
Industries International, L.P., the Lenders and Calyon New York
Branch, as administrative agent for the Lenders, incorporated by
reference to Exhibit 10.2 of registrants Quarterly Report on Form
10-Q filed November 10, 2008.10.24
    
    -
    
    Form of Change-In-Control Agreement (without tax gross-up),
incorporated by reference to Exhibit 10.4 of registrants Quarterly
Report on Form 10-Q filed November 10, 2008.




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10.25
    
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    Amended Retirement Agreement between Global Industries, Ltd. and
Mr. William J. Doré effective as of December 5, 2008, incorporated
by reference to Exhibit 10.1 of registrants Form 8-K filed
December 8, 2008.10.26
    
    
    -
    
    Amendment No. 5 to the Third Amended and Restated Credit Agreement
dated February 25, 2009, among Global Industries, Ltd., Global
Offshore Mexico, S. de R.L. de C.V., Global Industries
International, L.L.C., in its capacity as general partner of Global
Industries International, L.P., the Lenders and Calyon New York
Branch, as administrative agent for the Lenders, incorporated by
reference to Exhibit 10.49 of registrants Form 10-K filed March 2,
2009.10.27
    
    -
    
    First Amendment to Global Industries, Ltd. 2005 Stock Incentive
Plan, incorporated by reference to Appendix A of registrants
Definitive Schedule 14A filed April 3, 2009.10.28
    
    -
    
    Form of Executive Long-Term Incentive Performance Unit Agreement
(EPS Based; Multi-Year), incorporated by reference to Exhibit 10.2
of registrants Form 10-Q filed May 7, 2009.10.29
    
    -
    
    Form of Executive Long-Term Incentive Performance Unit Agreement
(EPS Based; One Year Performance Period; 14-Month Restricted
Period), incorporated by reference to Exhibit 10.3 of registrants
Form 10-Q filed May 7, 2009.10.30
    
    -
    
    Change in Control Agreement between the registrant and John A.
Clerico dated June 15, 2009, incorporated by reference to Exhibit
10.1 of registrants Form 8-K filed June 18, 2009.10.31
    
    -
    
    2009 Amendment to Global Industries, Ltd. 1998 Equity Incentive
Plan, incorporated by reference to Exhibit 10.1 of registrants
Form 10-Q filed August 6, 2009.10.32
    
    -
    
    First Amendment to Global Industries, Ltd. Management Incentive
Plan, incorporated by reference to Exhibit 10.2 of registrants
Form 10-Q filed August 6, 2009.10.33
    
    -
    
    Second Amendment to Global Industries, Ltd. 2005 Stock Incentive
Plan, incorporated by reference to Exhibit 10.3 of registrants
Form 10-Q filed August 6, 2009.10.34
    
    -
    
    Second Amendment to Global Industries, Ltd. Management Incentive
Plan, incorporated by reference to Exhibit 10.56 of registrants
Form 10-K filed February 26, 2010.10.35
    
    -
    
    First Amendment to Form of Executive Long-Term Incentive
Performance Unit Agreement (EPS Based; Multi-Year), incorporated by
reference to Exhibit 10.57 of registrants Form 10-K filed February
26, 2010.10.36
    
    -
    
    First Amendment to Form of Executive Long-Term Incentive
Performance Unit Agreement (EPS Based; One Year Performance Period;
14-Month Restricted Period), incorporated by reference to Exhibit
10.58 of registrants Form 10-K filed February 26, 2010.10.37
    
    
    
    Letter from Global Industries, Ltd. to Mr. John Reed, effective
March 2, 2010, incorporated by reference to Exhibit 10.1 of
registrants Form 8-K filed February 26, 2010.10.38
    
    
    
    Form of Non-Qualified Stock Option Agreement, incorporated by
reference to Exhibit 10.2 of registrants Form 8-K filed February
26, 2010.10.39
    
    
    
    Letter from Global Industries, Ltd. to Mr. C. Andrew Smith,
effective April 26, 2010, incorporated by reference to Exhibit 10.1
of registrants Form 8-K filed April 22, 2010.10.40
    
    
    
    
    Amendment No. 6 to Third Amended and Restated Credit Agreement
dated June 16, 2010, among Global Industries, Ltd., Global Offshore
Mexico, S. de R.L. de C.V., Global Industries International,
L.L.C., in its capacity as general partner of Global Industries
International, L.P., the lenders party to the Credit Agreement and
Crédit Agricole Corporate and Investment Bank (formerly known as
Calyon New York Branch), as administrative agent for the Lenders,
incorporated by reference to Exhibit 10.1 of the registrants Form
8-K filed June 18, 2010.*10.41
    
    
    
    Amendment No. 7 to the Third Amended and Restated Credit Agreement,
effective as February 24, 2011, among Global Industries, Ltd.,
Global Offshore Mexico, S. de R.L. de C.V., Global Industries
International, L.L.C., in its capacity as general partner of Global
Industries International, L.P., the Lenders and Crédit Agricole
Corporate and Investment Bank (formerly known as Calyon New York
Branch), as administrative agent for the Lenders.




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10.42
    
    -
    
    Indemnification Agreement between John B. Reed and the Company
effective March 2, 2010, incorporated by reference to Exhibit 10.5
of registrants Form 10-Q filed May 6, 2010.10.43
    
    -
    
    Latin America Advisory Board Professional Services Agreement
between the Company and Eduardo Borja dated July 1, 2009,
incorporated by reference to Exhibit 10.7 of registrants Form 10-Q
filed May 6, 2010.10.44
    
    -
    
    Letter of Appointment from Global Industries, Ltd. to Mr. Ashit J.
Jain effective June 16, 2010, incorporated by reference to Exhibit
10.1 of registrants Form 8-K filed June 1, 2010.10.45
    
    -
    
    Offer Letter from Global Industries, Ltd. to Mr. James G. Osborn
effective on or about June 7, 2010, incorporated by reference to
Exhibit 10.2 of registrants Form 8-K filed June 1, 2010.10.46
    
    -
    
    Form of Executive Long-Term Incentive Performance Unit Agreement,
incorporated by reference to Exhibit 10.5 of registrants Form 8-K
filed June 1, 2010.10.47
    
    -
    
    Form of Executive Annual Stock Incentive Performance Unit
Agreement, incorporated by reference to Exhibit 10.6 of
registrants Form 8-K filed June 1, 2010.10.48
    
    -
    
    Agreement between Global Industries, Ltd. and Peter S. Atkinson
dated July 9, 2010, incorporated by reference to Exhibit 10.1 of
registrants Form 8-K filed July 14, 2010.10.49
    
    
    -
    
    Waiver to the Third Amended and Restated Credit Agreement dated
November 3, 2010 among Global Industries, Ltd., Global Offshore
Mexico, S. de R.L. de C.V., Global Industries International,
L.L.C., in its capacity as general partner of Global Industries
International, L.P., the Lenders and Crédit Agricole Corporate and
Investment Bank, as administrative agent for the Lenders,
incorporated by reference to Exhibit 10.3 of registrants Quarterly
Report on Form 10-Q filed November 4, 2010.21.1
    
    
    -
    
    Subsidiaries of the Registrant.23.1
    
    
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    Consent of Deloitte & Touche LLP*31.1
    
    
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    Section 302 Certification of CEO, John B. Reed.*31.2
    
    
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    Section 302 Certification of CFO, C. Andrew Smith.32.1
    
    
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    Section 906 Certification of CEO, John B. Reed.32.2
    
    
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    Section 906 Certification of CFO, C. Andrew Smith.101.INS
    
    
    
    XBRL Instance Document101.SCH
    
    
    
    XBRL Taxonomy Extension Schema Document101.CAL
    
    
    
    XBRL Taxonomy Extension Calculation Linkbase Document101.LAB
    
    
    
    XBRL Taxonomy Extension Label Linkbase Document101.PRE
    
    
    
    XBRL Taxonomy Extension Presentation Linkbase Document101.DEF
    
    
    
    XBRL Taxonomy Extension Definition Linkbase Document
 
 *
    
    Included with this filing.
    
    Indicates management contract or compensatory plan or arrangement filed
pursuant to Item 601(b)(10)(iii) of Regulation S-K.




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SIGNATURES
  Dated:   March 2, 2011
    GLOBAL INDUSTRIES, LTD.By:
    /s/ John B. ReedJohn B. ReedChief Executive OfficerBy:
    /s/ C. Andrew SmithC. Andrew SmithSenior Vice President and
Chief Financial Officer