**UNITED STATESSECURITIES AND EXCHANGE COMMISSION  Washington, D.C. 20549**

**Form 10-K**

**                   [x]    Annual Report Pursuant To Section 13 or15(d) of the Securities Exchange Act of 1934**

**    **For the fiscal year ended December 31, 2005

**                    [ ]        TransitionReport Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

** **For the Transition period from _____to _____

** Commission FileNumber 0-21086Global Industries, Ltd.**(Exact Name of Registrant asSpecified in Its Charter)

| **LOUISIANA**  (State or Other Jurisdiction of Incorporation  Organization)

**8000 Global Drive    Carlyss, Louisiana**(Address of Principal Executive  Offices) | **72-1212563**(I.R.S. Employer Identification  Number)** **

** 70665**(Zip Code) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|

Registrant'stelephone number, including area code:  (337) 583-5000

Securities registeredpursuant to Section 12(b) of the Act:

| **Title of each classNone** | **Name of each exchange on which registeredNone** |
|-----------------------------|---------------------------------------------------|

Securities registered pursuant to Section 12(g) of theAct:

**Common Stock ($0.01 par value)**(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined inRule 405 of the Securities Act.                                               YES    [X]       NO       [  ]

Indicateby check mark whether the registrant is not required to file reports pursuantto Section 13 or Section 15(d) of the Act.                                               YES    [  ]       NO      [X]

Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90 days.                                       YES    [X]       NO       [  ]

Indicate by check mark if disclosure of delinquentfilers pursuant to Item 405 of Regulation S-K is not contained herein, and willnot be contained, to the best of registrant's knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K.  [  ]

Indicate by check mark whether the registrant is alarge accelerated filer, an accelerated filer, or a non-accelerated filer. Seedefinition of "accelerated filer and large accelerated filer" in Rule 12b-2 ofthe Exchange Act.

Large Accelerated Filer      [X]        Accelerated Filer          ****[  ]         Non-acceleratedFiler    [ ] 

Indicate by check mark whether the registrant is ashell company (as defined in Exchange Act Rule 12b-2)                                                                                    YES    [  ]         NO      [X]

The aggregate market value of the voting and non-voting stock heldby non-affiliates of the registrant as of June 30, 2005 was $718,574,930 based on the last reported sales price of the Common Stock on June 30, 2005 on theNASDAQ\NMS.

The number ofshares of the registrant's Common Stock outstanding as of March 10, 2006, was 114,599,096.

**DOCUMENTSINCORPORATED BY REFERENCE**

Portions of the definitive ProxyStatement for the Annual Meeting of Shareholders to be held May 16, 2006 areincorporated by reference into Part III hereof.

**GLOBAL INDUSTRIES,LTD.INDEX - FORM 10-K **

| PART I             |
|--------------------|
|                    |  |  |
| Item 1.            | Business | 6 |
| Item 1A.           | Risk Factors. | 12 |
| Item 1B.           | Unresolved Staff Comments | 17 |
| Item 2.            | Properties | 17 |
| Item 3.            | Legal Proceedings | 21 |
| Item 4.            | Submission of Matters to a Vote of Security Holders | 22 |
| Item (Unnumbered). | Executive Officers of the Registrant | 23 |
|                    |  |  |
| PART II            |
|                    |  |  |
| Item 5.            | Market for the Registrant's Common Equity, Related  Shareholder Matters and     Issuer Purchases of Equity Securities | 25 |
| Item 6.            | Selected Financial Data | 27 |
| Item 7.            | Management's Discussion and Analysis of Financial  Condition and Results of     Operations | 28 |
| Item 7A.           | Quantitative and Qualitative Disclosures About Market Risk | 46 |
| Item 8.            | Financial Statements and Supplementary Data |  |
|                    | Management's Report on Internal  Control over Financial Reporting | 48 |
|                    | Report of Independent  Registered Public Accounting Firm | 49 |
|                    | Consolidated Balance Sheets -  December 31, 2005 and 2004 | 52 |
|                    | Consolidated Statements of  Operations - Years Ended December 31, 2005,     2004, and 2003 | 53 |
|                    | Consolidated Statements of  Shareholders' Equity - Years Ended December 31,      2005, 2004, and 2003 | 54 |
|                    | Consolidated Statements of Cash  Flows - Years Ended December 31, 2005,    2004, and 2003 | 55 |
|                    | Consolidated Statements of  Comprehensive Income (Loss) - Years Ended    December 31, 2005, 2004, and 2003 | 56 |
|                    | Notes to Consolidated Financial  Statements | 57 |
| Item 9.            | Changes in and  Disagreements With Accountants on Accounting and Financial     Disclosure | 83 |
| Item 9A.           | Controls and Procedures | 83 |
| Item 9B.           | Other Information | 83 |
|                    |  |  |
| PART III           |
|                    |  |  |
| Item 10.           | Directors and Executive Officers of the Registrant | 85 |
| Item 11.           | Executive Compensation | 85 |
| Item 12.           | Security Ownership of Certain Beneficial Owners and  Management and | 85 |
|                    | Related Shareholder Matters | 85 |
| Item 13.           | Certain Relationships and Related Transactions | 85 |
| Item 14.           | Principal Accountant Fees and Services | 85 |
|                    |  |  |
| PART IV            |
|                    |  |  |
| Item 15.           | Exhibits and Financial Statement Schedules | 86 |
|                    | Signatures | 92 |

**FORWARD-LOOKINGSTATEMENTS**

We are includingthe following discussion to inform our existing and potential security holdersgenerally of some of the risks and uncertainties that can affect our Companyand to take advantage of the "safe harbor" protection for forward-lookingstatements that applicable federal securities law affords.

From time totime, our management or persons acting on our behalf make forward-lookingstatements to inform existing and potential security holders about ourCompany.  These statements may include projections and estimates concerning thetiming and success of specific projects and our future backlog, revenues,income, and capital spending.  Forward-looking statements are generallyaccompanied by words such as "estimate," "project," "believe," "expect," "anticipate,""plan," "goal," or other words that convey the uncertainty offuture events or outcomes.

In addition,various statements in this Annual Report, including those that express abelief, expectation or intention, as well as those that are not statements ofhistorical fact, are forward-looking statements.  Those forward-lookingstatements appear in Item 1 - "Business" in Part I of this Annual Report and inItem 7 - "Management's Discussion and Analysis of Financial Condition andResults of Operations" and in the notes to consolidated financial statements inItem 8 of Part II of this Annual Report and elsewhere in this Annual Report. These forward-looking statements speak only as of the date of this AnnualReport; we disclaim any obligation to update these statements unless requiredby securities law, and we caution you not to rely on them unduly.  We have basedthese forward-looking statements on our current expectations and assumptionsabout future events.  While our management considers these expectations and assumptionsto be reasonable, they are inherently subject to significant business,economic, competitive, regulatory, and other risks, contingencies anduncertainties, most of which are difficult to predict and many of which arebeyond our control.  These risks, contingencies and uncertainties relate to,among other matters, the following:

- fluctuations in the prices or     demand for oil and gas;

- the level of offshore drilling     activity;

- operating hazards;

- industry conditions;

- foreign exchange and currency     fluctuations;

- changes in laws and     regulations;

- acquisition or divestitures;

- environmental matters; and

- the availability of capital     resources.

        We believe the items we haveoutlined above are important factors that could cause estimates in ourfinancial statements to differ materially from actual results and thoseexpressed in a forward-looking statement made in this report or elsewhere by usor on our behalf.  We have discussed many of these factors in more detailelsewhere in this report.  These factors are not necessarily all the importantfactors that could affect us.  Unpredictable or unknown factors we have notdiscussed in this report could also have material adverse effects on actualresults of matters that are the subject of our forward-looking statements.  Wedo not intend to update our description of important factors each time apotential important factor arises, except as required by applicable securitieslaws and regulations.  We advise our security holders that they should be awarethat important factors not referred to above could affect the accuracy of ourforward-looking statements.

**PART I**

**ITEM 1.          BUSINESS**

            We provide construction services including pipelineconstruction, platform installation and removal, diving services, andconstruction support to the offshore oil and gas industry in the United States Gulfof Mexico and in selected international areas.  Unless the context indicatesotherwise, all references to "we," "us," "our," or "the Company" refer toGlobal Industries, Ltd. and its consolidated subsidiaries.

           We began as a provider of diving services to the offshore oil and gas industryover thirty years ago and have used selective acquisitions, new construction,and upgrades to expand our operations and assets.  On December 31, 2005,our fleet included sixteen major construction vessels, four cargo launch barges,fourteen dive support vessels ("DSVs"), andfive other miscellaneous offshore support vessels.  All but three of thesevessels were utilized in productive service for the Company in 2005.  Our majorconstruction vessels, which include thirteen barges, two ships, and one small waterplanearea twin hull ("SWATH") vessel, have various combinations of pipelay, pipebury, derrick, and dive support capabilities.

**DESCRIPTIONOF OPERATIONS**

            We are a leading offshore construction company offeringa comprehensive and integrated range of marine construction and supportservices in the Gulf of Mexico, West Africa, Asia Pacific, Latin America, andthe Middle East (including the Mediterranean and India).  These servicesinclude pipeline construction, platform installation and removal, subseaconstruction, and diving services.

            We are equipped to provide services from shallow waterto water depths of up to 10,000 feet.  As exploration companies have madeconsiderable commitments and expenditures for production in water depths over1,000 feet, we have invested in vessels, equipment, technology, and skills toincrease our abilities to provide services in this growing deepwater market.

            We operate our business through two divisions:

> 
•                    Offshore Construction division ("OCD"), which includes worldwidepipelay and derrick lifts and Asia Pacific diving and marine support services;and

•                    Global Divers and Marine Contractors division ("GDMC"), whichincludes all diving and marine support services worldwide, except in our AsiaPacific segment.

For financialinformation regarding our operating segments and the geographic areas in whichwe operate, see Note 8 of the Notes to Consolidated Financial Statementsincluded elsewhere in this Annual Report.

**RecentBusiness Development**

**           **During the fourth quarter of 2005, we entered into along-term charter for a newly built dive support vessel to be delivered forservice in June 2006.  The charter includes a five-year fixed term and a one-yearoptional period.  The 305-foot vessel will have extensive capabilities,including dynamic positioning, 100-ton crane capacity, and specialized designfeatures which will facilitate diving, ROV inspection, and other construction services. Please read "Management's Discussion and Analysis - Liquidity and CapitalResources - Other Indebtedness and Obligations" for additional information.

**OffshoreConstruction**

           The services performed by OCD include pipelay, derrick,and related services.  We are capable of installing steel pipe by either theconventional or the reel method of pipelaying using either manual or automaticwelding processes.  With the conventional method, 40-foot to 60-foot segmentsof up to 60-inch diameter pipe are welded together, x-ray tested and corrosioncoated on the deck of the pipelay barge.  Each segment of pipe is connected tothe prior segment of pipe and then submerged in the water as the barge is movedforward by its anchor winches, or in some instances onboard thrusters; theprocess is then repeated.  Using the conventional pipelay method, our bargescan install approximately 400 feet per hour of small diameter pipe in shallowwater under good weather conditions.  Larger diameter pipe, deeper water, andless favorable weather conditions all reduce the speed of pipelineinstallation.  We have vessels located in most of the regions in which wecurrently operate that are capable of installing pipe using the conventionalmethod.  Several of our vessels employ dynamic positioning technology, whichuses onboard thrusters in conjunction with global positioning system technologyto enable a vessel to remain on station or move with precision without the useof anchors.

            We also can install pipe using the reel method ofpipelaying.  We perform the welding, testing, and corrosion coating onshore,and then spool the pipe onto a pipe reel in one continuous length.  Once thereel barge is in position, the pipe is unspooled onto the ocean floor as thebarge is moved forward.  

            In the Gulf of Mexico, The United States Department ofInterior Minerals Management Service ("MMS") requires the burial of alloffshore oil and gas pipelines that are greater than 8.75-inches in diameterand located in water depths of 200 feet or less.  We believe we have theequipment and expertise necessary for our customers to comply with MMSregulations.  Regulations also require that these pipelines be periodicallyinspected, repaired, and if necessary, reburied.  Inspection requires extensivediving or remotely operated vehicle (ROV) services, and rebury requires eitherhand-jetting by divers or use of one of our large jet sleds and a bury barge.

           All of our major construction vessels are equipped with cranes designed to liftand place equipment into position for installation.  Nine of these vesselsare capable of lifts of 500 tons or more, making them suitable for very heavylifts such as offshore platform installations. In addition, the vessels can be used to disassemble and remove platforms and prepare them forsalvage or refurbishment.  We expect demand for Gulf of Mexico abandonmentservices to increase as more platforms are removed due to MMS regulationsrelating to the abandonment of wells and removal of platforms.  Current MMSregulations require platforms to be removed within twelve months afterproduction ceases and that the site be restored to meet stringent standards. According to MMS, in March 2006 there were approximately 4,000 platforms onactive leases in U.S. waters of the Gulf of Mexico.

**Global Divers andMarine Contractors**

            GDMC performs diving operations in the Gulf of Mexico,West Africa, Latin America, and the Middle East.  Demand for diving servicescovers the full life cycle of an offshore oil and gas property, includingsupporting exploration, installing pipelines for production and transportation,periodic inspection, repair and maintenance of fixed platforms and pipelinesand, ultimately, salvage and site clearance.  To support our diving operations,we operate a fleet of eight DSVs domestically and six DSVs internationally.  Wehave recorded the deepest working dive in the Gulf of Mexico at 1,075 feet.

            For the Gulf of Mexico, the MMS requires that alloffshore structures have extensive and detailed inspections for corrosion,metal thickness, and structural damage every five years.  As the age of theoffshore infrastructure increases, we anticipate that demand for inspections,repairs, and wet welding technology will increase.

            For diving projects involving long-duration anddeepwater dives to 1,500 feet, we use saturation diving systems that maintainan environment for the divers at the subsea water pressure at which they areworking until the job is completed.  Saturation diving allows divers to makerepeated dives without decompressing, thereby reducing the time necessary tocomplete the job and reducing the diver's exposure to the risks associated withfrequent decompression.  Two of our largest saturation diving systems arecapable of maintaining an environment simulating subsea water pressures to1,500 feet.  Our OCD pipelay and derrick operations create captive demand for GDMCsaturation diving services, for which divers are highly compensated.  Thisability to offer our divers saturation diving work helps us to attract andretain qualified and experienced divers.  

            We have been at the forefront in the development of manyunderwater welding techniques, and we believe we have more qualifieddiver/welders in the Gulf of Mexico than any of our competitors. Welded repairsare made by two methods: dry hyperbaric welding and wet welding.  In dryhyperbaric welding, a customized, watertight enclosure is engineered andfabricated to fit the specific requirements of the structural joint or pipelinerequiring repairs.  The enclosure is lowered into the water, attached to thestructure, and then the water is evacuated, allowing divers to enter thechamber and to perform dry welding repairs.  Wet welding is accomplished whiledivers are in the water, using specialized welding rods.  Wet welding is lesscostly because it eliminates the need to construct an expensive, customized,single-use enclosure.  We believe that we have been a leader in improving wetwelding techniques and that we have satisfied the technical specifications forcustomers' wet welded repairs in water depths to 325 feet.  Our Research and Development   Center includes a hyperbaric facility capable of simulating wet or drywelding environments for water depths of up to 1,200 feet so that welds can beperformed and tested to assure compliance with the customer's technicalspecifications.

            We also operate other offshore support vessels ("OSVs") inthe U.S. and internationally to support our offshore construction services andalso offer time charters to the offshore service industry.

**Raw Materials**

           Our OCD segment uses raw materials, such as carbon and alloy steels in variousforms, welding gases, paint, fuels and lubricants, which are available from manysources.  We do not depend on a single supplieror source for any of these materials.  Although shortages of some of thesematerials and fuels have existed from time to time, no material shortagecurrently exists.  However, steel prices are volatile, and shortages may occurfrom time to time.

**Customers and Contracts**

            Our customers are primarily oil and gas producers andpipeline companies.  During the year ended December 31, 2005, we providedoffshore marine construction services to approximately 90 customers.  Ourlargest single customer in any one of the last three years, Petroleos Mexicanos("PEMEX"), accounted for 36% of consolidated revenues in 2005.  The loss ofthese revenues could have a material adverse effect on our Latin Americansegment and the Company.  

           The level of construction services required by any particular customer dependson the size of that customer's capital expenditure budget devoted toconstruction projects in a particular year.  Consequently,customers that account for a significant portion of revenues in one fiscal yearmay represent an immaterial portion of revenues in subsequent fiscal years. Our traditional contracts are typically of short duration, being completed inone to five months.  Engineering, Procurement, Installation and Commissioningcontracts ("EPIC"), turnkey contracts, and certain internationalcontracts may be performed over time periods exceedingone year.

            Contracts for work in the Gulf of Mexico are typicallyawarded on a competitive bid basis with customers usually requesting bids onprojects one to three months prior to commencement.  However, for projects inwater depths greater than 1,000 feet, particularly subsea development projectsand turnkey projects, and for projects in international areas, the elapsed timefrom bid request to commencement of work may exceed one year.  Our marketingstaff contacts offshore operators known to have projects scheduled to ensurethat we have an opportunity to bid for the projects.  Most contracts areawarded on a fixed-price basis, but we also perform work on a cost-plus orday-rate basis, or on a combination of such bases.  We attempt to qualify ourcontracts so we can recover the costs of certain unexpected difficulties andthe costs of weather-related delays during the winter months.

**Competition**

            In each region of the world in which we operate, theoffshore marine construction industry is highly competitive.  Price competitionand contract terms are the primary factors in determining which qualifiedcontractor is awarded a job.  However, the ability to deploy modern equipmentand techniques, to attract and retain skilled personnel, and to demonstrate agood safety record have also been important competitive factors.

            Major international competitors include Technip S.A.,Heerema S.A., Acergy S.A. (formerly Stolt Offshore S.A.), Allseas MarineContractors S.A., J. Ray McDermott S.A., and Saipem S.p.a.  Some of theseinternational competitors also bid and compete for projects in the Gulf of Mexico.  In addition, internationally, there are numerous other regionalizedcompetitors with whom we compete directly. Domestic competition for deepwaterprojects in the Gulf of Mexico includes J. Ray McDermott S.A., Helix EnergySolutions Group, Inc. (formerly Cal Dive International, Inc.), and Heerema S.A. Our competitors for shallow and intermediate water domestic projects includeHelix Energy Solutions Group, Inc. and many smaller companies including HorizonOffshore, Inc. and Offshore Specialties Fabricators, Inc.  Many shallow andintermediate water companies compete primarily based on price.

**Backlog**

            As of January 31, 2006, our backlog of constructioncontracts supported by written agreements amounted to approximately $540.9million ($38.2 million for the U.S. Gulf of Mexico and $502.7 million forinternational operations), compared to our backlog at January 31, 2005 of $233.7million ($10.6 million for the U.S. Gulf of Mexico and $223.1 million forinternational operations).  Our current backlog is scheduled to be worked offas follows: $449.1 million in 2006, $52.5 million in 2007, and $39.3 millionthereafter.  The amount of backlog in the U.S. Gulf of Mexico as of January 31,2006 is not indicative of the current level of demand for our services in thisregion due to increasing levels of hurricane repair work contracted on aday-rate basis.  We do not consider our backlog amounts to be a reliableindicator of future earnings.

**FactorsAffecting Demand**

**           **Our OCD segment's activity depends mainly on the capitalexpenditures of oil and gas companies and foreign governments for offshoremarine construction services associated with exploration, development, andproduction projects.  Numerous factors influence these expenditures, includingthe following:

•        oiland gas prices, along with expectations about future prices;

•        thecost of exploring for, producing, and delivering oil and gas;

•        theterms and conditions of offshore leases;

•        thediscovery rates of new oil and gas reserves in offshore areas;

•        theability of businesses in the oil and gas industry to raise capital; and

•        localand international political and economic conditions.

Please read Item 1A, "Risk Factors," for furtherinformation on factors affecting demand.

**Patents**

            We own or are thelicensee of a number of patents in the United States and in other countriesrelated to pipelaying.  For example, we own United States Patent Number6,328,502.  This patent involves a novel barge system for laying deep watersubsea pipelines either by means of reeled pipe or conventional pipelayingprocedures and covers several features incorporated into the ***Hercules***. We are currently pursuing patent protection for this invention in a number offoreign countries.  We have also obtained technology by acquiring the assets ofother companies and through license agreements with other companies and throughcertain aspects of the ***Chickasaw's*** reel technology.  While ourcontinuing technical operations are not materially dependent on any one or moreof our licenses or patent rights, they do enhance our competitive position.

**Employees**

            Our work force varies based on our workload at anyparticular time.  During 2005, the number of our employees ranged from a low of2,837 to a high of 3,464, and as of January 31, 2006, we had 3,024 employees. None of our employees are covered by a collective bargaining agreement.  Webelieve that our relationship with our employees is satisfactory.

**Seasonality**

            Each of the geographic areas in which we operate hasseasonal patterns that affect our operating patterns.  The seasonal patternsare the result of weather conditions and the timing of capital expenditures byoil and gas companies.

**GovernmentRegulation and Environmental Matters**

            Many aspects of the offshore marine constructionindustry are subject to extensive governmental regulation.  In the United States, we are subject to the jurisdiction of the United States Coast Guard, theNational Transportation Safety Board and the Customs Service, as well asprivate industry organizations such as the American Bureau of Shipping.  TheCoast Guard and the National Transportation Safety Board set safety standardsand are authorized to investigate vessel accidents and recommend improvedsafety standards, and the Customs Service is authorized to inspect vessels atwill.

            We are required by various governmental andquasi-governmental agencies to obtain certain permits, licenses, andcertificates with respect to our operations.  The kind of permits, licenses, andcertificates required in our operations depends upon a number of factors.  Webelieve that we have obtained or can obtain all permits, licenses, andcertificates necessary to conduct our business.

            We depend on the demand for our services from the oil andgas industry and, therefore, laws and regulations, as well as changing taxesand policies relating to the oil and gas industry affect our business. Inparticular, the exploration and development of oil and gas properties locatedon the Outer Continental Shelf of the United States is regulated primarily bythe MMS.

            Our operations also are affected by numerous federal,state, and local laws and regulations relating to protection of the environmentincluding, in the United States, the Outer Continental Shelf Lands Act, theFederal Water Pollution Control Act of 1972, and the Oil Pollution Act of1990.  The technical requirements of these laws and regulations are becomingincreasingly complex and stringent, and compliance may become increasinglydifficult and expensive.  However, we believe that compliance with currentenvironmental laws and regulations is not likely to have a material adverseeffect on our business or financial statements. Certain environmental laws provide for "strict liability" for remediationof spills and releases of hazardous substances and some provide liability fordamages to natural resources or threats to public health and safety.  Sanctionsfor noncompliance may include revocation of permits, corrective action orders,administrative or civil penalties, and criminal prosecution.  Our compliancewith these laws and regulations has entailed certain changes in our operatingprocedures and approximately $0.1 million in expenditures during 2005.  It ispossible that changes in the environmental laws and enforcement policiesthereunder or claims for damages to persons, property, natural resources, orthe environment could result in substantial costs and liabilities to us.  Ourinsurance policies provide liability coverage for sudden and accidentaloccurrences of pollution and/or clean up and containment of the foregoing inamounts that we believe are comparable to policy limits carried in the marineconstruction industry.

            Because we engage in certain activities that mayconstitute "coastwise trade" within the meaning of federal maritimeregulations, we are also subject to regulation by the United States MaritimeAdministration ("MarAd"), Coast Guard, and Customs Services.  Under theseregulations, only vessels owned by United States citizens that are built andregistered under the laws of the United States may engage in "coastwise trade." Certain provisions of our Articles of Incorporation are intended to aid incompliance with the foregoing requirements regarding ownership by persons otherthan United States citizens.

            In 2005, we complied with the International Ship andPort Facility Security Code ("ISPS") as mandated by the Homeland Security Actof 2002.  Under the ISPS, we performed worldwide security assessments, plans,risk analyses, and other requirements on our vessels and port facilities andcompleted the process of installing automated identification systems on ourvessels.  

**SEC REPORTING**

            Weelectronically file certain documents with, or furnish such documents to, theSecurities and Exchange Commission ("SEC"), including annual reports on Form10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, alongwith any related amendments and supplements thereto.  From time to time, we mayalso file registration and related statements pertaining to equity or debtofferings. You may read and copy any materials we file with the SEC at theSEC's Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549.  You may obtain information regarding the Public Reference Room by calling theSEC at 1-800-SEC-0330.  In addition, the SEC maintains an internet website at www.sec.gov that contains reports, proxy, andinformation statements, and other information, regarding issuers that file orfurnish documents electronically with the SEC.

We provide freeelectronic access to our annual, quarterly, and current reports (and allamendments to these reports) on our internet website, at www.globalind.com.  These reports areavailable on our website as soon as reasonably practicable after weelectronically file or furnish such materials with or to the SEC.  Informationon our website does not constitute part of this Annual Report.  You may alsocontact our investor relations department at 281-529-7979 for copies of thesereports free of charge.

**ITEM 1A.       RISK FACTORS**

An investment inour common stock involves certain risks.  If any of these risks were to occur,our business, results of operations, cash flows, and financial condition couldbe materially adversely affected.  In that case, the trading price of our commonstock could decline, and you could lose part or all of your investment.  Amongthe key risk factors that may have a direct impact on our business, results ofoperations, cash flows, and financial condition are the following.

**Our businessis substantially dependent on the level of capital expenditures in the oil andgas industry and lower capital expenditures will adversely affect our resultsof operations.**

            The demand for our services depends on the condition ofthe oil and gas industry and, in particular, on the capital expenditures ofcompanies engaged in the offshore exploration, development, and production ofoil and natural gas.  Capital expenditures by these companies are primarily influencedby three factors:

•        the oil and gas industry's ability to economically justifyplacing discoveries of oil and gas reserves in production;

•        the oil and gas industry's need to clear all structures from thelease once the oil and gas reserves have been depleted; and

•        weather events, such as major hurricanes.

            Historically, prices of oil and natural gas and offshoreexploration, development and production have fluctuated substantially.  Asustained period of substantially reduced capital expenditures by oil and gascompanies will result in continued decreased demand for our services, lowmargins, and possibly net losses.

**Ourinternational operations expose us to additional risks inherent in doingbusiness abroad.**

            A majority of our revenue is derived from operationsoutside the United States.  The scope and extent of our operations outside ofthe U.S. Gulf of Mexico means we are exposed to the risks inherent in doingbusiness abroad.  These risks include the following:

            •           currency exchange rate fluctuations, devaluations, andrestrictions on currencyrepatriation; 

            •            unfavorable taxes, tax increases, and retroactive tax claims;

            •            the disruption of operations from labor and politicaldisturbances;

            •            insurrection, war, or acts of terrorism that may disrupt or limitmarkets;

            •          expropriation or seizure of our property;

            •            nullification, modification, or renegotiation of existingcontracts;

            •           regional economic downturns; and

            •           import/export quotas and other forms of public and governmentalregulation. 

            We cannot predict the nature of foreign governmentalregulations applicable to our operations that may be enacted in the future.  Inmany cases, our direct or indirect customer will be a foreign government, whichcan increase our exposure to these risks.  U.S. government-imposed exportrestrictions or trade sanctions under the Export Administration Act of 2001,the Trading with the Enemy Act of 1917 or similar legislation or regulationalso may impede our ability to expand our operations and bid for and acceptwork in specific countries that we might otherwise have the equipment andtechnical ability to compete.  These factors could have a material adverseeffect on our financial condition and results of operation.

**We are exposedto the substantial hazards and risks inherent in marine construction and ourinsurance coverage is limited.**

            Our business involves a high degree of operationalrisks.  Hazards and risks that are inherent in marine operations includecapsizing, grounding, colliding, and sustaining damage from severe weatherconditions.  In addition, our construction work can disrupt existing pipeline,platforms and other offshore structures.  Any of these incidents could cause damage to ordestruction of vessels, property or equipment, personal injury or loss of life,suspension of production operations, or environmental damage.  The failure ofoffshore pipelines or structural components during or after our installationcould also result in similar injuries or damages.  Any of these events couldresult in interruption of our business or significant liability.

            We cannot always obtain insurance for our operatingrisks, and it is not practical to insure against all risks in all geographicareas.  Builders risk insurance is becoming increasingly expensive and coveragelimits have been decreasing.  Uninsured liabilities resulting from ouroperations may adversely affect our business and results of operations. 

**We depend onsignificant customers.**

            Some of our segments derive a significant amount oftheir revenues from a small number of customers.  For example, sales to PEMEXrepresented approximately 36% of our consolidated revenue in 2005 and almostall of our Latin American revenue in 2005.  The inability of these segments tocontinue to perform services for a number of their large existing customers andparticularly the inability of our Latin America segment to continue to performservices for PEMEX, if not offset by contracts with new or other existingcustomers, could have a material adverse effect on our business and operations.

**If we areunable to attract and retain skilled workers our business will be adverselyaffected.**

            Our operations depend substantially upon our ability to retain and attract project managers, project engineers, and skilledconstruction workers such as divers, welders, pipefitters, and equipmentoperators.  Our ability to expand our operations is impacted by our ability toincrease our labor force.  The demand for skilled workers in our industry iscurrently high, and the supply is limited. As a result of the cyclical nature ofthe oil and gas industry as well as the physically demanding nature of thework, skilled workers may choose to pursue employment in other fields.  Asignificant increase in the wages paid or benefits offered by competingemployers could result in a reduction in our skilled labor force, increases inour employee costs, or both.  If either of these events occur, our operationsand results could be materially adversely affected.

Our operations depend on our ability to procure on a timelybasis certain project materials, such as pipe, to complete projects in anefficient manner.  Our inability to procure critical materials during times ofstrong demand could have a material adverse effect on our business andoperations.

**We may not complete ourfixed-price contracts within our original estimates of costs, which willadversely affect our results.**

            Because of the nature of the offshore construction industry,most of our projects are performed on a fixed-price basis.  The profits werealize on one of our contracts will often vary from the estimated amountsbecause of changes in offshore job conditions, in labor and equipmentproductivity, and in third party costs.  In addition, we sometimes bear therisk of delays caused by bad weather conditions.  We may continue to sufferlower profits or even losses on some projects because of cost overrunsresulting from these or other causes.

**Our industryis highly competitive.**

            Offshore construction companies compete intensely forprojects.  Contracts for our services are generally awarded on a competitivebid basis, and price is a primary factor in determining who is awarded thejob.  Customers also consider availability and capability of equipment,reputation, experience, and safety record of the contender in awarding jobs. Certain competitors may be willing to accept risks or work for little or nomargin on projects to gain experience or market share, to cover fixed costs oftheir fleets or to avoid the expense of temporarily idling vessels, resultingin reduced prices.  During industry down cycles in particular, we may have toaccept lower rates for our services and vessels or increased contractualliabilities.  As we have increased our operations in deeper waters andinternationally, we have encountered additional competitors, many of whom havegreater experience than we do in these markets and greater resources.  As largeinternational companies relocate vessels to the Gulf of Mexico, levels ofcompetition may increase, and our business could be adversely affected. 

            Additionally, our competitiveness in internationalmarkets may be adversely affected by regulations requiring, among other things,the awarding of contracts to local contractors, the employment of localcitizens and/or the purchase of supplies from local vendors or that favor orrequire local ownership.

**Our debtinstruments contain covenants that limit our operating and financialflexibility.**

            Under the terms of our amended loan credit facility, wemust maintain minimum levels of net worth and comply with, among other things,a fixed charge coverage ratio and a leverage ratio. 

           Our ability to meet the financial ratios and tests under our amended creditfacility is affected, in part, by events beyond our control, and we may not beable to satisfy those ratios and tests.  Prior to amending our creditfacility in March 2005, it was necessary for us to seek covenant waivers onseveral occasions.  If we fail to comply with these ratios and tests and are unable to obtain a waiver, no further borrowings would beavailable under the revolving credit facility, and our lenders will be entitledto, among other things, accelerate the debt outstanding under the creditfacility so that it is immediately due and payable and ultimately foreclose onour assets that secure the debt.  Any significant inability to draw on thecredit facility or acceleration of the debt outstanding under the creditfacility would have a material adverse effect on our financial condition andoperations.  For a more detailed discussion of our credit facility, please read"Management's Discussion and Analysis of Financial Condition and Results ofOperations - Liquidity and Capital Resources."

**Our ability toincur debt and issue letters of credit is limited, which could limit the numberand size of contracts we can obtain and/or perform.**

            Our amended credit facility is currently limited to$85.0 million.  At February 28, 2006, $12.6 million of credit capacity wasavailable under our credit facility.  Certain contracts require substantialamounts of working capital and/or performance letters of credit.  We may belimited in the number and size of contracts we can perform by our availablecredit.

**Criticalaccounting policies significantly affect our reported financial results andconditions.**

**           **Although our financial statements are prepared inaccordance with U.S. generally accepted accounting principles, theirpreparation requires us to make estimates and judgments that affect thereported amounts.  Certain critical accounting policies affect our moresignificant judgments and estimates, and they are described in "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Critical Accounting Policies and Estimates."  Actual amounts and results maydiffer materially from our estimates.

**We utilizepercentage-of-completion accounting.**

            Since our contract revenues are recognized on apercentage-of-completion basis, we periodically review contract revenue andcost estimates as the work progresses.  Accordingly, adjustments are reflectedin income in the period when any revisions are determined.  To the extent thatthese adjustments result in a reduction of previously reported profits, wewould recognize a charge against current earnings that may be significantdepending on the size of the adjustment.

**We have incurred losses inrecent years and may incur additional losses in the future which couldadversely effect our operations.**

            In recent years we have incurred losses fromoperations.  We incurred operating losses in 2003 and 2002.  We may haveoperating losses in the future if we cannot obtain sufficient work and completeprojects within our cost estimates.  Operating losses could have significantadverse effects on our future operations including limiting our ability toadjust to changing market conditions, reducing our ability to withstandcompetitive pressures and impairing our ability to obtain financing to providefor future working capital needs and capital expenditures.

**Our results ofoperations may be adversely affected by unforeseen work stoppages or laborproblems.**

            Some of our employees and the employees of some of oursubcontractors are represented by unions.  None of our employees are covered bya collective bargaining agreement; however, we are aware of recent efforts byunion representatives to expand their reach in the offshore constructionindustry.  We are not protected against work stoppages or labor problems by ouremployees or employees of the subcontractors we use.  For example, in 2003, weexperienced reduced productivity on one project due to a work stoppage by someemployees of our welding subcontractor.  Work stoppages or other labor matterscould materially adversely affect our operations.

**Our operationscould suffer with the loss of one of our senior officers or other keypersonnel.**

            Our success depends heavily on continued services of oursenior management and key employees.  Our officers and key personnel have extensiveexperience in our industry, so if we were to lose any of our key employees orexecutive officers, our operations could suffer.

**Compliancewith environmental and other governmental regulations could be costly and couldnegatively impact our operations.**

            Our vessels and operations are subject to and affectedby various types of governmental regulation including many international,federal, state and local environmental protection laws and regulations.  Theselaws and regulations are becoming increasingly complex and stringent, andcompliance may become increasingly difficult and expensive.  We may be subjectto significant fines and penalties for non-compliance, and some environmentallaws impose joint and several "strict liability" for cleaning up spills andreleases of oil and hazardous substances, regardless of whether we werenegligent or at fault.  These laws and regulations may expose us to liabilityfor the conduct of our conditions caused by others or for our acts thatcomplied with all applicable laws at the time we performed the acts.

            Adoption of laws or regulations that have the effect ofcurtailing exploration for and production of oil and natural gas in our areasof operation could adversely affect our operations by reducing demand for our services. In addition, new laws or regulations, or changes to existing laws orregulations may increase our costs or otherwise adversely affect ouroperations.

**Our principalshareholder is able to exercise substantial influence.**

            As of March 10, 2006, Mr. William J. Doré beneficiallyowns approximately 24% of our outstanding common stock.  As a result, Mr. Doréis able to exercise substantial influence on the outcome of matters requiring ashareholder vote, including the election of directors.  This influence may havethe effect of delaying, deferring, or preventing a change in control of ourcompany.

**We limitforeign ownership of our company, which could reduce the price of our commonstock.**

            Our articles of incorporation limit the percentage ofoutstanding common stock and other classes of voting securities that non-UnitedStates citizens can own.  Applying the statutory requirements applicable today,our articles of incorporation provide that no more than 25% of our outstandingcommon stock may be owned by non-United States citizens.  These restrictionsmay at times preclude United States citizens from transferring their commonstock to non-United States citizens.  These restrictions may also limit the availablemarket for resale of shares of common stock and for the issuance of shares byus and could adversely affect the price of our common stock.

            Provisions inour corporate documents and Louisiana law could delay or prevent a change incontrol of our company, even if that change would be beneficial to ourshareholders.

            The existence of some provisions in our corporatedocuments could delay or prevent a change in control of our company, even ifthat change would be beneficial to our shareholders.  Our articles ofincorporation and by-laws contain provisions that may make acquiring control ofour company difficult, including provisions relating to the nomination andremoval of our directors, provisions regulating the ability of our shareholdersto bring matters for action at annual meetings of our shareholders, and the authorizationgiven to our board of directors to issue and set the terms of preferred stock.   Louisiana law also effectively limits the ability of a potential acquirer toobtain a written consent of our shareholders.

**We may issuepreferred stock whose terms could adversely affect the voting power or value ofour common stock.**

            Our articles of incorporation authorize us to issue,without the approval of our shareholders, one or more classes or series ofpreferred stock having such preferences, powers and relative, participating,optional and other rights, including preferences over our common stockrespecting dividends and distributions, as our board of directors generally maydetermine.  The terms of one or more classes or series of preferred stock couldadversely impact the voting power or value of our common stock.  For example,we might grant holders of preferred stock the right to elect some number of ourdirectors in all events, or on the happening of specified events, or the rightto veto specified transactions.  Similarly, the repurchase or redemption rightsor liquidation preferences we might assign to holders of preferred stock couldaffect the residual value of the common stock.

**We have noplans to pay dividends on our common stock.**

            We have no plans to pay dividends in the foreseeablefuture.  We intend to invest our future earnings, if any, to fund our growth. In addition, our credit facility limits the payment of cash dividends. Anypayment of future dividends will be at the discretion of our board of directorsand will depend upon, among other things, our earnings, financial condition,capital requirements, level of indebtedness, contractual restrictions applyingto the payment of dividends, and other considerations that our board ofdirectors deems relevant.

**Our internal controls may notbe sufficient to achieve all stated goals and objectives.**

            Our internal controls and procedures were developedthrough a process in which our management applied its judgment in assessing thecosts and benefits of such controls and procedures, which, by their nature, canprovide only reasonable assurance regarding the control objectives.  You shouldnote that the design of any system of internal controls and procedures is basedin part upon various assumptions about the likelihood of future events, and wecannot assure you that any design will succeed in achieving its stated goalsunder all potential future conditions, regardless of how remote.

**ITEM 1B.       UNRESOLVEDSTAFF COMMENTS**

            None.

# ITEM 2.          PROPERTIES

            We operate a fleet of sixteen major constructionvessels, four cargo launch barges, fourteen DSVs, and five other miscellaneousoffshore support vessels.  Our major construction vessels include thirteenbarges, two ships, and one SWATH vessel.  Fourteen of our major constructionvessels are designed to perform more than one type of construction projectwhich reduces the risk that these combination vessels will experience extendedperiods of idleness.  A listing of our significant vessels along with a briefdescription of the capabilities of each is presented on page 20 of this AnnualReport.

            The ***Hercules*** is a 444-foot dynamicallypositioned pipelay/heavy-lift barge with a 2,000-ton crane capable ofperforming revolving lifts up to approximately 1,600 tons and is capable ofboth conventional and reeled pipelay.  Using its portable reel, the ***Hercules***is capable of spooling up to eighty-four miles of 6.625-inch diameter pipe,twenty-two miles of 12.75-inch diameter pipe, or ten miles of 18-inch pipe.  Thisreel is capable of being removed and installed on the ***Hercules*** asjob demands change.  The ***Hercules*** is currently assigned tooperate in our Asia Pacific segment.

            The ***Titan 2***, a 456-foot self-propelledtwin-hulled derrick ship, is capable oflifting 880 tons and has over 23,000 square feet of working deck area.  Welease the ***Titan 2***from a third party under a long-termcharter agreement which expires in 2013.  The***Titan 2's*** current base of operations is Mexico's Bay of Campeche.

            The***Chickasaw***, a 275-foot dynamicallypositioned pipelay/derrick barge, has a pipelay reel which has a capacityranging from forty-five miles of 4.5-inch diameter pipe, nineteen miles of6.625-inch diameter pipe or four miles of 12.75-inch diameter pipe in onecontinuous length.  We own four additional portable pipelay reels, which can bemounted on the deck of our barges for pipelay by the reel method or used asadditional capacity on the***Chickasaw. ***We own and operate fourjetting sleds, which are capable of burying pipe up to thirty-six inches indiameter.  The ***Chickasaw*** is currently stationed in the U.S. Gulfof Mexico.

            The ***Pioneer*** is a dynamically positionedSWATH vessel that provides support services in water depths to 8,000 feet.  The***Pioneer's*** hull design reduces weather sensitivity, allowing thevessel to continue operating in up to 12-foot seas and remain on site in up to20-foot seas.  The vessel is equipped to install, maintain, and service subseacompletions, support saturation diving, and is equipped for abandonmentoperations, pipeline installation support, and other services beyond thecapabilities of conventional DSVs.  The ***Pioneer***is currentlyworking in the U. S. Gulf of Mexico.

            We own all of our vessels, with the exception of the ***Titan2***, and twenty-four are subject to ship mortgages.  See "Management'sDiscussion and Analysis of Financial Condition and Results of Operations -Liquidity and Capital Resources - Long-Term Debt."  In compliance withgovernmental regulations, our insurance policies, and certain of our financingarrangements, we are required to maintain our barges and vessels in accordancewith standards of seaworthiness and safety set by government regulations orclassification organizations.  We maintain our fleet to the standards forseaworthiness, safety, and health set by the International MaritimeOrganization or the U.S. Coast Guard and are inspected by the American Bureauof Shipping, Bureau Veritas, Lloyd's Registry, or Det Norske Veritas.

            We also own fourteen saturation diving systems.  Oursaturation systems range in capacity from four to twelve divers.  Two of thesaturation systems are capable of supporting dives as deep as 1,500 feet.  Eachsaturation system consists of a diving bell for transporting the divers to thesea floor and pressurized living quarters.  The systems have surface controlsfor measuring and mixing the specialized gases that the divers breathe andconnecting hatches for entering the diving bell and providing meals andsupplies to the divers.

            In the normal course of our operations, we also lease orcharter other vessels and equipment such as tugboats, cargo barges, utilityboats, dive support vessels, saturation diving systems, and ROVs.

            We own 625 acres near Carlyss, Louisiana and haveconstructed a deepwater support facility and pipebase.  The location serves asthe corporate headquarters and the headquarters of our Gulf of Mexico OffshoreConstruction operations.  The facility is capable of accommodating ourdeepwater draft vessels. 

The following table summarizes oursignificant facilities as of December 31, 2005:

| **Location**                  | ** ** | **Principal Use**                   | ** ** | **Approximate  Square Feet  or Acreage** | ** ** | **Owned/Leased  (Lease Expiration)** |
|-------------------------------|------------|-------------------------------------|------------|------------------------------------------|------------|--------------------------------------|
|                               |            |                                     |
|                               |            |                                     |
|                               |
| Carlyss, LA                   |            | Shore base/Corporate  Headquarters  |            | 625                                      |            | acres                                |  | Owned |
| Port of Iberia, LA            |            | Research and Development     Center |            | 3,765                                    |            | sq. ft.                              |  | Leased (Mar. 2015) |
| Houston, TX                   |            | Office                              |            | 67,059                                   |            | sq. ft.                              |  | Leased (Jul. 2013) |
| Cd. Del Carmen, Mexico        |            | Warehouses                          |            | 7,874                                    |            | sq. ft.                              |  | Leased (Monthly) |
| Cd. Del Carmen, Mexico        |            | Office/Workshop                     |            | 41,042                                   |            | sq. ft.                              |  | Owned |
| Bangkok, Thailand             |            | Office                              |            | 11,445                                   |            | sq. ft.                              |  | Leased (Apr. 2008) |
| Batam Island, Indonesia       |            | Shore base                          |            | 45                                       |            | acres                                |  | Leased (Mar. 2028) |
| Sharjah, United Arab Emirates |            | Office/Shore base                   |            | 54,338                                   |            | sq. ft.                              |  | Leased (Dec. 2006) |
| Mumbai, India                 |            | Project Office                      |            | 4,000                                    |            | sq. ft.                              |  | Leased (May. 2008) |

**Global Industries,Ltd.Listing ofConstruction Barges and Swath Vessel**

|                                                |  | **Vessel Type**      | ** ** | **Length  (Feet)**        | ** ** | ** **                            | ** ** | **Pipelay**                                                                       | ** ** | **Year  Acquired/  Leased**                                                 | ** ** | **Living  Quarter  Capacity** |
|------------------------------------------------|--|----------------------|------------|---------------------------|------------|---------------------------------------|------------|-----------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------|------------|-------------------------------|
|                                                |  | ** **           | ** ** | **Derrick**               | ** ** | **Maximum  Pipe  Diameter  (Inches)** | ** ** | **Maximum  Water  Depth  (Feet)**                                                 | ** ** | ** **                                                                  |
|                                                |  | ** **           | ** ** | **Maximum  Lift  (Tons)** | ** ** | ** **                            | ** ** | ** **                                                                        |
|                                                |  | ** **           | ** ** | ** **                | ** ** | ** **                            | ** ** |
|                                                |  | ** **           | ** ** | ** **                | ** ** | ** **                            | ** ** |
|      Construction Barges:  |  |                      |            |                           |            |                                       |            |                                                                                   |            |                                                                             |            |                               |  |  |
| ***     Titan 2***  (1)    |  | Derrick ship         |            | 456                       |            | 880                                   |            |               -- |            |              -- |            | 2001                          |  | 326 |
| ***     Hercules***        |  | Pipelay/reel/derrick |            | 444                       |            | 2,000                                 |            | 60.00                                                                             |            | 10,000                                                                      |            | 1995                          |  | 191 |
| ***     Seminole***        |  | Pipelay/derrick ship |            | 424                       |            | 800                                   |            | 48.00                                                                             |            | 1,500                                                                       |            | 1997                          |  | 220 |
| ***     Comanche***        |  | Pipelay/derrick      |            | 400                       |            | 1,000                                 |            | 48.00                                                                             |            | 1,500                                                                       |            | 1996                          |  | 223 |
| ***     Shawnee***         |  | Pipelay/derrick      |            | 400                       |            | 860                                   |            | 48.00                                                                             |            | 1,500                                                                       |            | 1996                          |  | 272 |
| ***     Iroquois***        |  | Pipelay/derrick      |            | 400                       |            | 250                                   |            | 60.00                                                                             |            | 1,000                                                                       |            | 1997                          |  | 259 |
| ***     DLB 264***         |  | Pipelay/derrick      |            | 397                       |            | 1,000                                 |            | 60.00                                                                             |            | 1,000                                                                       |            | 1998                          |  | 220 |
| ***     DLB 332***         |  | Pipelay/derrick      |            | 352                       |            | 750                                   |            | 60.00                                                                             |            | 1,000                                                                       |            | 1998                          |  | 208 |
| ***     Cheyenne***        |  | Pipelay/bury/derrick |            | 350                       |            | 800                                   |            | 36.00                                                                             |            | 1,500                                                                       |            | 1992                          |  | 190 |
| ***     Cherokee***        |  | Pipelay/derrick      |            | 350                       |            | 925                                   |            | 36.00                                                                             |            | 1,500                                                                       |            | 1990                          |  | 183 |
| ***     Chickasaw***       |  | Pipelay/reel/derrick |            | 275                       |            | 160                                   |            | 12.75                                                                             |            | 6,000                                                                       |            | 1990                          |  | 70 |
| ***     Tonkawa***         |  | Bury                 |            | 250                       |            | 175                                   |            |               -- |            |              -- |            | 1990                          |  | 73 |
| ***     Sea Constructor*** |  | Pipelay/bury         |            | 250                       |            | 200                                   |            | 24.00                                                                             |            | 400                                                                         |            | 1987                          |  | 104 |
| ***     G/P 37***          |  | Pipelay/bury         |            | 188                       |            | 140                                   |            | 16.00                                                                             |            | 300                                                                         |            | 1981                          |  | 58  |
| ***     Pipeliner 5***     |  | Pipelay/bury         |            | 180                       |            | 40                                    |            | 14.00                                                                             |            | 200                                                                         |            | 1996                          |  | 60 |
|      SWATH Vessel:         |  |                      |            |                           |            |                                       |            |                                                                                   |            |                                                                             |            |                               |  |  |
| ***     Pioneer***         |  | Multi-service        |            | 200                       |            | 50                                    |            |               -- |            |              -- |            | 1996                          |  | 57 |

             (1)  The ***Titan 2***is leased from a third party under a long-term charteragreement which expires in 2013.

In 2004, the **G/P 35** and **G/P37** were taken out of active service.  Effective November 13, 2005, theconstruction barge, ***Navajo***was transferred from our OCD WestAfrica segment to our GDMC Middle East segment and is now classified as a divesupport vessel.  At December 31, 2005, the **G/P 35** had no material netbook value and was considered indefinitely removed from service, and the **G/P37**was being prepared to return to work.

            In November 1999, we notified Groupe GTM (now Vinci),that as a result of material adverse changes and other breaches by Vinci, we wereno longer bound by and were terminating the Share Purchase Agreement topurchase the shares of ETPM S.A.  Vinci responded stating that they believed wewere in breach.  The Share Purchase Agreement provided for liquidated damagesof $25.0 million to be paid by a party that failed to consummate thetransaction under certain circumstances.  We notified Vinci that we did notbelieve that the liquidated damages provision was applicable to our terminationof the Share Purchase Agreement.  On December 23, 1999, we filed suit againstVinci in Tribunal de Commerce de Paris to recover damages.  On June 21, 2000,Vinci filed an answer and counterclaim against us seeking the liquidateddamages of $25.0 million and other damages, costs and expenses of approximately$3.2 million based on current exchange rates.  In November 2003, the Tribunalde Commerce de Paris ruled in favor of Vinci in the matter and awarded Vinci$25.0 million plus approximately $8.5 million in interest, exchange rate differentialand legal fees.  As a result, although we have not yet paid the judgment, werecorded a $33.5 million (pre-tax) provision in the fourth quarter of 2003.  Weappealed this 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 decision wasrendered in May 2005 by the Cour d'appel de Paris upholding the lower courtdecision.  Vinci has filed an enforcement action in the United States DistrictCourt for the Eastern District of Louisiana (civil action number 05-3251).  TheCompany intends to defend this action by Vinci, however, the Company may berequired to pay the judgment in the near future.  We have also filed an appealin the French Supreme Court on additional costs associated with the exchangerate differential. Our balance sheet at December 31, 2005 includes a $34.9million liability representing the judgment and associated legal fees,interest, and exchange rate differentials.  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 Limitedfiled an arbitration with the American Arbitration Association against oursubsidiary, Global Offshore International, Ltd. seeking liquidated damages ofapproximately $12.0 million and a declaration that the pricing and scheduleadjustments claimed by our subsidiary were disallowed.  Our subsidiary hadclaimed standby and extra work and schedule extensions, which would eliminatethe liquidated damages claimed.  Marathon E.G. Production Limited and GlobalOffshore International, Ltd. entered into a settlement agreement on September30, 2005 resulting in a payment to Global of $2.8 million and elimination ofthe liquidated damages claimed. As a result of this settlement, we recorded acharge to earnings of $1.2 million, in the third quarter of 2005.

            On June 30, 2005, we were notified by the Mexicanappeals court of an unfavorable decision in litigation related to an auditassessment of 1999 corporate income and value added taxes totaling $15.4million.  The assessment is related to the timing of contract revenuerecognition for Mexican tax purposes.  The assessed amount includes taxesadjusted for inflationary costs of approximately $5.4 million and penalties andinterest of approximately $10.0 million.  As a result of this decision, Globalmay file amended corporate returns for subsequent years that will result indecreased taxes for those years and offset the amount of tax assessed.  Globalis currently negotiating the amount of the taxes and interest with the Mexicantax authorities.  A reserve of $2.5 million has been established and recordedin our Latin America segment. This reserve represents management's assessmentof the most likely outcome of the dispute settlement.  

            Our operations are subject to the inherent risks ofoffshore marine activity including accidents resulting in the loss of life orproperty, environmental mishaps, mechanical failures, and collisions.  Weinsure against these risks consistent with industry standards.  We believe ourinsurance should protect us against, among other things, the accidental totalor constructive total loss of the fair market value of our vessels.  We alsocarry workers' compensation, maritime employer's liability, general liability,and other insurance customary in our business.  All insurance is carried atlevels of coverage and deductibles that we consider financially prudent. Recently, our industry has experienced a tightening in the builders' riskmarket, which has increased deductibles and reduced coverage.

           Our services are provided in hazardous environments where accidents involvingcatastrophic damage or loss of life could result, and litigation arising fromsuch an event may result in us being named a defendant in lawsuits assertinglarge claims.  Although there can be no assurance that the amount ofinsurance carried by our company is sufficient to protect us fully in allevents, management believes that our insurance protection is adequate for ourbusiness operations.  A successful liability claim for which we areunderinsured or uninsured could have a material adverse effect on the Company.

            We are involved in various routine legal proceedingsprimarily involving claims for personal injury under the General Maritime Lawsof the United States and Jones Act as a result of alleged negligence.  Webelieve that the outcome of all such proceedings, even if determined adversely,would not have a material adverse effect on our business or financialstatements.

# ITEM 4           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            None.

            (Provided pursuant to General Instruction G to Form10-K)

All executive officers named below, in accordance withthe By-Laws, are elected annually and hold office until a successor has beenduly elected and qualified.  Our executive officers as of March 10, 2006, wereas follows:

| **Name**              | **Age** | **Position**                                                    |
|-----------------------|---------|-----------------------------------------------------------------|
| William J. Doré  | 63      | Chairman of the Board  of Directors and Chief Executive Officer |
| Peter S. Atkinson     | 58      | President and Chief  Financial Officer                          |
| James J. Doré    | 51      | Senior Vice President,  Asia Pacific and India                  |
| Timothy W. Miciotto   | 62      | Senior Vice President, Financial  Advisor to the President      |
| Russell J. Robicheaux | 57      | Senior Vice President,  General Counsel                         |

            Mr. William J. Doré is our founder and has served asChairman of the Board of Directors, President and Chief Executive Officer since1973 and most recently, as of June 2000, Chairman of the Board and ChiefExecutive Officer.  Mr. Doré has over thirty years experience in the diving andmarine construction industry.  He is a past President of the Association ofDiving Contractors, an industry trade association, and has served on the Boardof Directors executive committee of the National Ocean Industry Association.

            Mr. Atkinson joined our company in September 1998 asVice President and Chief Financial Officer.  In June 2000, he was named President. In December 2005, he assumed the additional title of Chief Financial Officer.  Priorto joining our company he had been Director - Financial Planning with J. RayMcDermott, S.A., having previously served in various capacities at McDermottInternational, Inc. and J. Ray McDermott, S.A. for twenty-three years.  AtMcDermott, he served at the corporate level as well as in the North Sea, MiddleEast, West Africa, and Central and South America.  He is currently serving onthe Board of Directors executive committee of the National Ocean IndustryAssociation.

            Mr. James Doré has over twenty-five years of servicewith our company.  He has held a number of management positions withresponsibility for marketing, contracts and estimating, and diving operations.  Mr.Doré was named Vice President, Marketing in March 1993, Vice President, SpecialServices in November 1994 and Vice President, Diving and Special Services inFebruary 1996.  In August 2001, he was named Senior Vice President, Diving andSpecial Services.  In November 2002, Mr. Doré was named President of GlobalDivers and Marine Contractors.  In June 2005, Mr. Doré was appointed Senior Vice President, Asia Pacific and India.  Mr. Doré previously served as Presidentof the Association of Diving Contractors, an industry trade association.  Mr.Doré is the brother of William J. Doré.

            Mr. Miciotto joined our company as Vice President andChief Financial Officer in June 2000.  In August 2001, he was named Senior VicePresident, Chief Financial Officer.  In December 2005, he was named Senior VicePresident and Financial Advisor to the President.  Mr. Miciotto has overthirty-five years of experience in both domestic and international financialmanagement positions with McDermott International, Inc., including residentexperience in Lebanon, Belgium, England and Singapore.  Prior to joining ourcompany, he had been Director - Materials and Transportation with McDermottInternational, Inc. for the preceding five years.  

            Mr. Robicheaux joined our company in August 1999 as VicePresident and General Counsel.  In August 2001, he was named Senior VicePresident, General Counsel.  Prior to joining our company, Mr. Robicheaux hadbeen Assistant General Counsel with J. Ray McDermott, S.A. since 1995.  Inaddition, he served in various engineering and legal capacities at McDermottInternational, Inc. for the preceding twenty-five years, including design andfield engineering, project engineering, estimating and project management.

**PART II**

# ITEM 5.          MARKET FORTHE REGISTRANT'S COMMON EQUITY, RELATEDSHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITYSECURITIES

**Common StockTrading and Dividends**

            Our common stock is traded on The NASDAQ National MarketSystem under the symbol "GLBL."  The following table presents for the periodsindicated the high and low closing sales prices per share of our common stock.

|           | **High**                         | **Low**                          |
|----------------|----------------------------------|----------------------------------|
| **2004**       |                                  |                                  |
| First Quarter  |    $   6.400 |    $   4.910 |
| Second Quarter | 6.550                            | 5.040                            |
| Third Quarter  | 6.480                            | 4.490                            |
| Fourth Quarter | 8.580                            | 5.550                            |
| **2005**       |                                  |                                  |
| First Quarter  |    $ 10.290            |    $   7.370 |
| Second Quarter | 10.950                           | 8.160                            |
| Third Quarter  | 14.790                           | 8.690                            |
| Fourth Quarter | 14.900                           | 11.170                           |

            As of March 10, 2006, there were approximately 900holders of record of our common stock and we believe approximately 22,000beneficial holders of our common stock.

            We have never paid cash dividends on our common stock,and we do not intend to pay cash dividends in the foreseeable future.  Wecurrently intend to retain earnings, if any, for the future operation andgrowth of our business.  Certain of our financing arrangements restrict thepayment of cash dividends.  Please read "Management's Discussion andAnalysis of Financial Condition and Results of Operations - Liquidity andCapital Resources - Long-Term Debt."

            Neither we nor, to our knowledge, any"affiliatedpurchaser" (as defined in Rule 10b-18 of the Securities Exchange Act of 1934)purchased any of our equity securities during the fourth quarter of 2005.

**Securities Authorized forIssuance Under Equity Compensation Plans**

The following table sets forth certain information as ofDecember 31, 2005 regarding our equity compensation plans.

| ** Plan Category** | **Number of  securities to be   issued upon   exercise of  outstanding   options,   warrants and   rights** | ** Weighted-  average   exercise price   of outstanding   options,   warrants andrights** | **Number of securities  remaining available  for future issuance  under equity  compensation plans  (excluding securities  reflected in the first column)** |  
Equity compensation plans approved by Shareholders:

1992 Stock Option Plan

972,800

   $       12.966

--

1992 Restricted Stock Plan

--

   $              --

--

1995 Employee Stock Purchase Plan  

  94,961

   $         8.322

--

1998 Equity Incentive Plan

5,332,053(1)

   $         6.112

747,592

2005 Stock Incentive Plan

--

   $              --

5,500,000

Equity compensation plans not approved by Shareholders:   

None

--

--

Total

6,399,814

6,247,592
(1) Includes 1,802,003 of restrictedshares.**ITEM 6.          SELECTED FINANCIAL DATA**
            The selected financial data presented below for each ofthe past five fiscal periods should be read in conjunction with "Management'sDiscussion and Analysis of Financial Condition and Results of Operations" andthe Consolidated Financial Statements and Notes to Consolidated FinancialStatements included elsewhere in this Annual Report.

** **

** **

** **

**Year Ended December 31,**

 
** **

**2005**

** **

**200****4 (1****)**

** **

**200****3 (2****)**

** **

**200****2(1)****(3)**

** **

**200****1****(3)**

 
(in thousands, except per share and ratio data)

 
 
Revenues

 $   688,615

 $   463,331

 $   459,029

 $   461,916

 $   367,566

 
Gross profit

116,847

64,456

3,061

53,026

52,285

 
Income (loss) from continuing 

 
operations, net  of taxes

34,758

6,522

(71,126)

(35,977)

(3,888)

 
Income from discontinued 

 
operations, net of taxes (4)

--

15,910

2,797

6,614

10,044

 
Net income (loss) (4)

34,758

22,432

(68,329)

(29,363)

6,156

 
Net income (loss)  per diluted share

 
Income (loss) from

 
continued operations

 $         0.30

 $         0.06

 $       (0.71)

 $       (0.36)

 $       (0.04)

 
Income from

 
discontinued  operations (4)  

 $         0.00

 $         0.14

 $         0.03

 $         0.06

 $         0.11

 
Net income (loss) (4)

 $         0.30

 $         0.20

 $       (0.68)

 $       (0.30)

 $         0.07

 
Ratio of earnings to fixed

 
charges (5)

5.6x

2.1x

(6)

(6)

(6)

 
Total assets (7)

 $   857,314

 $   743,240

 $   620,831

 $   701,644

 $   748,177

 
Working capital (7)

232,050

186,647

37,321

75,060

64,588

 
Long-term debt, total (7) 

77,220

81,180

123,728

126,657

234,740

________________

(1)           Included in the net income (loss) and net income (loss) per share and theratio calculations is the effect of the pretax non-cash charge for assetimpairment of $7.2 million and $45.6 million for 2004 and 2002, respectively. See Note 10 of the Notes to Consolidated Financial Statements.

(2)          Included in the net (loss) incomeand net (loss) income per share and the ratio calculations is the effect of thepre-tax $33.5 million provision related to the adverse ruling in the Groupe GTM(now Vinci) litigation. See Note 6 of the Notes to Consolidated FinancialStatements.

(3)           Pursuant to FAS 142, wediscontinued the amortization of goodwill in 2002.  As a result, net (loss)income and net (loss) income per share amounts for years prior to 2002 are notdirectly comparable.  

(4)           Includes the gain on the sale ofour Liftboat Division in 2004 of $16.1 million net of tax.

(5)           For purposes of computing theratios of earnings to fixed charges:  (1) earnings consist of income fromcontinuing operations before income taxes plus fixed charges, excludingcapitalized interest, and (2) fixed charges consist of interest expense(including capitalized interest) and the estimated interest component of rentexpense (one-third of total rent expense).  There were no dividends paid oraccrued during the periods presented above.  

(6)            Earnings were inadequate to coverfixed charges by $72.3 million, $44.4 million, and $5.0 million for 2003, 2002,and 2001 respectively.

(7)            As of the end of the period.
**ITEM 7.          MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS**
            The followingdiscussion presents management's discussion and analysis of ourfinancial condition and results of operations and should be read in conjunctionwith the Consolidated Financial Statements and the related Notes toConsolidated Financial Statements included elsewhere in this Annual Report.

**Results ofOperations**

***General***

            Our results of operations reflect the level of offshoreconstruction activity in the U.S. Gulf of Mexico and in the international locations**inwhich we operate.  The results also reflect our ability to win jobs throughcompetitive bidding and manage awarded jobs to successful completion.  Thelevel of offshore construction activity is principally determined by threefactors: first, the oil and gas industry's ability to economically justifyplacing discoveries of oil and gas reserves in production; second, the oil andgas industry's need to clear all structures from the lease once the oil and gasreserves have been depleted; and third, weather events such as majorhurricanes.

            The level of offshore construction activity is one ofthe three primary drivers of our business results in terms of revenues, grossprofit, and gross profit as a percentage of revenues (margins).  The other twoare pricing (which is effected by contract mix) and operating efficiency orproductivity on a particular construction project.  Activity levels have asignificant impact on our gross profit and gross profit as a percentage ofrevenues because our business is very capital and personnel intensive.  Ourvessels, operations personnel, and marine facilities used to perform our constructionwork "sit idle" when not working, however, in most cases much of their costs,including depreciation, remain and are essentially fixed.  In general, asactivity increases, a greater percentage of these fixed costs are recovered; therefore,more gross profit is recognized.  This increase in activity has the effect ofimproving gross margins.  As activity levels decrease, revenues decline but ourcosts do not decline proportionately thereby constricting our gross profit andmargins.  Activity levels can be affected by changes in demand due to economicor 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 depend heavily on obtaining asufficient quantity of offshore construction contracts with sufficient grossprofit margins.  Contract bidding is very competitive and, in the recent past,has resulted in contractors increasing their willingness to assume greateramounts of risk, for no additional or reduced pricing, in order to be awardedthe contract.  As a result, contract margins have eroded throughout theindustry.  However, recent trends indicate a decreased contractor tolerance foruncompensated risk and some recovery of contract margins.

            Most of our OCD revenue is obtained through larger, morecomplex contracts that are longer in duration and require significant amountsof working capital.  Most of our international contracts are bid on a lump-sumbasis and are secured by a letter of credit or performance bond.  Thesecontracts are inherently risky and are subject to many unforeseen circumstancesand events that may affect productivity.  As productivity decreases, with nooffsetting decrease in costs or increases in revenue, contract margins erode ascompared to our bid margins.  As a result, our OCD revenues and margins aresubject to a high degree of variability.

            Due to the nature of OCD contracts and adding to thedegree of project execution difficulty, changes in the scope of the basecontract sometimes occur as contract work progresses.  A change order usuallyincreases the scope of work, but may also decrease the scope and, consequently,our revenue and costs.  Either the customer or we may initiate change orders. At the time of initiation, change orders may be approved or unapproved byeither party, priced or unpriced, and/or defined or undefined regardingdetailed scope.  Even where the scope of work is defined, the associatedincrease or decrease in contract revenue may be governed by contract terms ornegotiated later, sometimes after the work is performed. We recognize thesechange orders as revenue in accordance with accounting principles generallyaccepted in the United States.  (Please read "Critical Accounting Policiesand Estimates.")

            Most GDMC revenues are short-term in nature, involvenumerous smaller contracts, and are usually based on a day-rate charge. Financial risks associated with these types of contracts are normally limiteddue to their short-term and non lump-sum nature.  Revenues and margins in ourGDMC division tend to be more consistent than in our OCD division.

***Overview***

            As a result of persistently high energy prices and theeffects of three major hurricanes in the U.S. Gulf of Mexico, demand for theservices performed by both of our divisions increased between the comparableyears of 2005 and 2004.  This increased level of demand, which began during thethird quarter of 2004, continued throughout the year of 2005.  Income fromcontinuing operations before income taxes increased by $44.9 million to $66.0million in 2005, primarily due to a $52.4 million increase in gross profit whichwas partially offset by a $13.0 million increase in selling, general andadministrative expenses.  The increase in gross profit was driven by anincrease in the overall level of activity in OCD and increased activity andimproved pricing in GDMC partially offset by productivity issues anduncompensated weather-related downtime in our OCD Latin America and OCD AsiaPacific segments.  For additional information, please read Note 8 of Notes toConsolidated Financial Statements included elsewhere in this Annual Report.
The followingtable sets forth, for the periods indicated, statement of operations dataexpressed as a percentage of revenues. 
**Year Ended December 31,**

**2005**

** **

**2004**

** **

**2003**

Revenues 

   100.0%

  100.0%

    100.0%

Cost of operations

     83.0

    86.1

      99.3

Gross profit

     17.0

    13.9

        0.7

Losses on asset impairment

         --

      1.5

          --

Provision for Vinci (Groupe GTM) litigation

         --

        --

        7.3

Net gains on asset disposal

     (0.8)

    (3.9)

       (1.2)

Selling, general and administrative expenses

      7.5

     8.1

        8.2

Operating income (loss)

    10.3

     8.2

     (13.6)

Interest expense

      1.5

     3.2

        2.5

Other expense (income)

     (0.7)

     0.4

      (0.4)

Income (loss) from continuing operations  before income taxes

      9.5

     4.6

    (15.7)

Income taxes (benefit)

      4.5

     3.2

      (0.2)

Income (loss) from continuing operations net  of  

before income taxes

      5.0

    1.4

    (15.5)

Income from discontinued operations net of taxes 

Operations  

        --

      --

       0.6

Gain  on sale

        --

    3.4

         --

Net income (loss)

      5.0%

    4.8%

    (14.9)%

**Year Ended December 31, 2005 Compared toYear Ended December 31, 2004**

** **

**Year Ended      December 31,**

** **

** **

**2005**

** **

**2004**

**Percentage   Change**

**(in millions)**

**(unfavorable)**

Revenues  

$

688.6

$

463.3

49%

Cost of  operations

571.8

398.8

(43)

Gross profit

116.8

64.5

81

Losses on asset  impairment

--

7.2

100

Provision for  Vinci (Groupe GTM) litigation

** **

--

** **

--

--

Net gains on  asset disposal

** **

(5.3)

(18.2)

(71)

Selling, general  and administrative expenses

50.9

37.9

(34)

Operating income

71.2

37.6

89

Other expense (income):

Interest expense

10.2

14.8

31

Other

(5.0)

1.7

394

Income from continuing operations before income taxes

66.0

21.1

213

Income taxes

31.2

14.6

(114)

Income from continuing operations net of taxes

34.8

6.5

435

Income (loss)  from discontinued operations net of taxes  

Operations

--

(0.2)

100

Gain  on sale

--

16.1

(100)

Net income

$

34.8

$

22.4

55

***Revenues. ***Consolidatedrevenues increased by 49% to $688.6 million in 2005 primarily due to anincrease in worldwide activity in both of the Company's divisions.  Improvedpricing for certain segments within these divisions also contributed to thisincrease in revenues. Additionally, $10.8 million of this favorable varianceis related to the existence of an adverse arbitration ruling that occurred inour OCD West Africa segment during the third quarter of 2004.  For a detaileddiscussion of revenues in each division and geographic area, please read"Segment Information Overview."

***GrossProfit.***  Grossprofit increased by $52.4 million to $116.8 million in 2005 primarily due tothe increase in revenues described above.  As a percentage of revenues, grossprofit increased to 17.0% in 2005 from 13.9% in 2004.  The beneficial effectsof increased activity and pricing on our gross profit percentage were partiallyoffset by a deterioration of the profit margins earned in our OCD Latin Americaand OCD Asia Pacific segments. Gross profit in our OCD Latin America segment,as a percentage of revenues, declined to 5.6% in 2005 from 16.2% in 2004 due tolow productivity and uncompensated weather-related downtime on certaincontracts.  Gross profit in our OCD Asia Pacific segment declined to 9.6% in2005 from 16.6% in 2004 primarily due to increased costs associated with thetransfer of the ***Hercules*** to the segment in 2005 and productivityissues and uncompensated weather-related downtime in one large project.

***Net Gainson Asset Disposal. ***Netgains on asset disposal decreased 71% to $5.3 million in 2005. In 2004, we soldthe derrick barge ***Arapaho*** and an office facility in Lafayette, Louisiana for gains of $16.8 million and $1.2 million, respectively. In 2005, ournet gains on asset disposal resulted primarily from the disposition of two divesupport vessels and a cargo barge.

***Selling,General and Administrative Expenses. ***Selling, general and administrative expenses increased 34%to $50.9 million in 2005.  This increase was primarily due to increased administrativelabor costs in all of our segments, a $2.5 million accrual for a tax penalty inour OCD Latin America segment, increased management incentive plan accruals,and the allocation of a portion of 2004 corporate expenses to discontinuedoperations.

***Depreciationand Amortization. ***Depreciationand amortization from continuing operations, including amortization ofdry-docking costs, was $51.2 million in 2005 compared to $45.9 million in 2004.This increase was due primarily to higher utilization of our major constructionvessels, which are depreciated on a units of production basis.

***InterestExpense*****.**  Interest expense decreased $4.6 millionto $10.2 million in 2005 primarily due to lower average debt outstanding.

***OtherExpense (Income). ***Otherexpense (income) was $5.0 million income in 2005 and $1.6 million expense in2004.  This change was primarily due to increased interest income and foreignexchange losses in 2004 compared to foreign exchange gains in 2005.

***NetIncome From Continuing Operations Net of Taxes.***  Our net income from continuingoperations increased by $28.2 million to $34.8 million in 2005 principally dueto an increase in gross profit and the non-recurrence of impairment lossesrecorded in 2004 partially offset by reduced gains on asset sales and increasedselling, general and administrative expenses as discussed above.  Our effectiveincome tax rate was 47% for 2005 and 69% for 2004.  Our effective income taxrate exceeded 35% in both periods primarily due to low earnings and/or lossesin certain foreign jurisdictions that are taxed on a deemed profits (i.e.,percentage of revenue) basis and net operating losses in certain foreignjurisdictions where we did not record a tax benefit.  Additionally, the taxrate in 2004 was adversely affected by non-deductible losses in foreignjurisdictions related to asset impairments and an adverse arbitration ruling.

***Segment Information Overview.*** Our reportable segments include two divisions, OCD and GDMC, with five and fourreportable segments, respectively.  OCD includes all pipelay and derrick liftsworldwide as well as diving and marine services in our Asia Pacific region.  Wehave identified nine reportable segments as required by Statement of FinancialAccounting Standards ("SFAS") 131, *"Disclosures about Segments of anEnterprise and Related Information."*  The following sections discuss the results ofoperations for each of our reportable segments during 2005 and 2004.  Foradditional information concerning the financial results of each segment, seeNote 8 of the Notes to Consolidated Financial Statements included elsewhere inthis Annual Report.

           ***Offshore Construction Division: ***Totalrevenues in OCD increased by $197.4 million or 47% between comparable years to$615.2 million (including $0.6 million of intersegment revenues) in 2005 from$417.8 million (including $4.8 million intersegment revenues) in 2004.  Thisincrease in revenues was primarily due to an increase in activity levelsbetween comparable periods in all of our OCD segments.  Worldwide utilizationof our major construction vessels increased to 54% in 2005 from 32% in2004.  Additionally, an adverse arbitration outcome in our OCD West Africasegment in 2004 and improved pricing in our OCD Gulf of Mexico segment in 2005,as a result of Hurricanes Ivan, Katrina, and Rita, also contributed to thisincrease in revenues.

            Income from continuing operations before income taxesimproved by $18.3 million or 197% to income of $27.5 million in 2005.  Thisimprovement was primarily caused by the beneficial effects on profit margins ofincreases in activity and pricing discussed above and was partially offset by adeterioration of profit margins in our OCD Latin America segment and OCD AsiaPacific segment.

           *Gulf of Mexico***-Revenues increased 147% to $160.6 million in 2005 from $65.1 million (including$4.8 million of intersegment revenues) in 2004 due primarily to increasedactivity and improved pricing in the region.  Activity and pricing in thissegment began to improve in the fourth quarter of 2004 primarily due toincreased demand caused by Hurricane Ivan.  This increased level of demandcontinued during the first two quarters of 2005 as the segment performed workon several projects related to Hurricane Ivan and one large pipelineconstruction project in Trinidad.  Demand for the services of our OCD Gulf ofMexico segment further intensified during the third and fourth quarters of 2005due to the effects of Hurricanes Katrina and Rita, and the Company initiatednumerous projects for hurricane repairs on a day-rate basis during thesequarters.  Income from continuing operations before income taxes increased by$28.3 million to $41.5 million in 2005 primarily due to increased activity,improved pricing, and lower allocated costs due to vessels being transferred toother segments.  The *Hercules* was transferred to our OCD Asia Pacificsegment at the beginning of 2005, and several vessels were temporarily assignedto our OCD Latin America segment during the year.  Utilization of our six majorconstruction vessels in the Gulf of Mexico during 2005 was 74% compared toseven vessels achieving 20% in 2004.  A comparison of bidding activity betweencomparable years was not meaningful for this segment due to increasing levelsof hurricane repair work and day-rate contracts being negotiated and performedin 2005.

*             West Africa* -Revenues were $30.4 million for 2005 compared to $7.5 million in 2004.  Revenuesfor 2005 and 2004 included reductions in revenue related to adverse arbitrationrulings and settlements of $1.2 million and $10.8 million, respectively.  Activityin our OCD West Africa segment increased slightly between comparable years, butbid margins declined.  Utilization of our three barges in this segment was 12% during2005 as compared to 8% in 2004.  During the fourth quarter of 2004, theconstruction barge, ***Navajo***, was transferred out of this segmentinto our GDMC Middle East segment.  Loss from continuing operations beforeincome taxes decreased to $12.0 million in 2005 compared to a loss of $22.7million in 2004.  Bidding activity and the dollar volume of bidding activitywere up between the comparable periods.

*             Latin America* -Revenues increased 7% to $255.8 million in 2005 primarily due to an increase inactivity within the segment.  Six large projects were in progress during 2005compared to five large projects in progress during 2004.  Income from continuingoperations before income taxes decreased $30.0 million to a loss before incometaxes of $3.5 million in 2005 due to low productivity on four projects,uncompensated weather-related downtime, a $2.5 million tax penalty reserve, andcosts associated with the transfer of one barge to the region from the Middle East.  Seven barges achieved 77% utilization in 2005 compared to four bargesachieving 82% utilization in 2004.  Bidding activity was down slightly but thedollar value of bidding activity was up significantly between comparable periods. 

           *Asia**Pacific*-Revenues increased 72% to $132.3 million (including $0.6 million ofintersegment revenues) in 2005 due to increased activity which was associatedwith the transfer of the ***Hercules*** to the segment.  However, loss fromcontinuing operations before income taxes increased to $3.4 million in 2005compared to a loss of $2.0 million in 2004.  The favorable effects of theincrease in activity and an increase in net gains on asset disposals werecompletely offset by increased costs associated with the transfer of the ***Hercule****s*to the segment and by productivity issues and uncompensated weather-relateddowntime in one large project.  The ***Hercules*** achieved only 35%utilization during the fourth quarter of 2005 due to the end of the workingseason in China and is scheduled to be out of service undergoing upgrades and repairsfor most of the first quarter of 2006.  Utilization in 2005 for our four majorconstruction vessels in this segment was 41% compared to three barges achieving38% utilization in 2004.  Both bidding activity and the dollar value of biddingactivity were up in 2005 compared to 2004.

*Middle East* - Revenuesincreased 22% to $36.3 million in 2005.  One significant project which began in2004 carried over to the current year, and a large multi-year project was begunin the fourth quarter of 2005.  Utilization in 2005 of one major constructionbarge was 50% compared to two barges achieving 29% in the same period lastyear.  Income from continuing operations before income taxes increased $10.6million to income of $4.9 million in 2005 compared to a loss of $5.7 million in2004 primarily due to increased activity, improved efficiencies and profitmargins, and a gain of $1.9 million on the disposition of a cargo barge.  Additionally,results for 2004 included asset impairment losses of $1.3 million.  Biddingactivity and the dollar value of bidding activity were relatively constantbetween the comparable years of 2005 and 2004.

***Global Divers andMarine Contractors Division: ***Total revenues for GDMC increased by 74%to $134.9 million (including $61.0 million of intersegment revenues) in 2005. Income from continuing operations before income taxes increased by $27.2million to $39.5 million in 2005.  The increases in revenues and income weredue to increased activity in all of our GDMC segments and improved pricing inour GDMC Gulf of Mexico segment.

*Gulf of Mexico* -Revenues increased 70% to $64.9 million (including $29.9 million ofintersegment revenues) in 2005 from $38.2 million (including $9.1 million of intersegmentrevenues) in 2004.  Income from continuing operations before income taxesincreased by $19.5 million to $24.1 million for 2005.  The increase in revenuesand income were primarily due to increased activity and improved pricing as aresult of Hurricanes Ivan, Katrina, and Rita.  The number of diver-daysincreased 64% in 2005 compared to 2004.  The beneficial effects of increasedactivity and improved pricing were partially offset by increased labor,equipment rental, and fuel costs.

*West Africa* -Revenues, all of which were intersegment revenues, increased by $1.3 million to$1.9 million in 2005 primarily due to the increase in activity in our OCD WestAfrica segment.  Income from continuing operations before income taxes for ourGDMC West Africa segment increased by $0.8 million to $0.7 million income in2005 compared to a loss of $0.1 million in 2004 primarily due to the beneficialeffects of the increase in activity.           

*Latin America* -Revenues, all of which were intersegment revenues, increased by 58% to $21.9million in 2005 primarily due to increased activity and an increase in theamount of saturation diving work.  Income from continuing operations beforeincome taxes increased by $1.3 million to $5.0 million in 2005 primarily due tothe factors which affected revenues.  Profit margin as a percent of revenuesdeclined between comparable periods primarily due to uncompensated rework costson certain projects and higher repairs and maintenance costs.

*             Middle East* -Revenues increased 85% to $46.1 million (including $7.3 million of intersegmentrevenues) due to increased activity from several large projects in India.  Income from continuing operations before income taxes increased by $5.6 million to$9.7 million in 2005 due to the increase in activity.

** *Year Ended December 31,2004 Compared to Year Ended December 31, 2003***

** **

**Year Ended      December 31,**

** **

** **

** **

**2004**

**2003**

** **

**Percentage   Change**

**(in millions)**

**(unfavorable)**

Revenues

$

463.3

$

459.0

1%

Cost of operations

398.8

456.0

13

Gross profit

64.5

3.0

2,050

Losses on asset impairment

7.2

--

*

Provision for Vinci (Groupe GTM) litigation

--

33.5

*

Net gains on asset disposal

(18.2)

(5.7)

219

Selling, general and administrative expenses

37.9

37.6

(1)

Operating income (loss)

37.6

(62.4)

160

Other expense (income):

Interest expense

14.8

11.4

(30)

Other

1.7

(1.5)

(213)

16.5

9.9

(67)

Income (loss) from  continuing operations before income taxes

21.1

(72.3)

129

Income taxes (benefit)

14.6

(1.2)

(1,317)

Income (loss) from continuing operations net of taxes

6.5

(71.1)

109

Income (loss) from discontinued operations net of taxes

Operations

(0.2)

2.8

(107)

Gain on sale

16.1

--

*

Net income (loss)

$

22.4

$

(68.3)

133

* Not meaningful

***Revenues. ***The 1% decrease inrevenues from 2003 to 2004 was primarily attributable to a substantial increasein activity in our OCD Latin America segment, which was largely offset byreduced activity in our West Africa segment and our OCD Gulf of Mexico segment. Revenues from our OCD Latin America segment increased $219.9 million due tofive large contracts in process in 2004 compared with two contracts in 2003.  Revenuesdeclined in our other OCD segments due to fewer large contracts in process anda $10.8 million adverse legal judgment in our West Africa segment relating towork performed in 2003.  Major construction barge utilization in our OCD was 32%in 2004 compared with 37% utilization in 2003.  Activity in our GDMC segmentsincreased due to increased activity in our Latin America segment and HurricaneIvan damage repair work in our Gulf of Mexico segment.  Total divingutilization was down 7%, saturation diving utilization was up 36%, and pricingwas up 18% compared to 2003.  For a detailed discussion of revenues in eachdivision and geographic area, see "Segment Information Overview."

***GrossProfit.***  The $61.5million increase in gross profit was due primarily to increased activity in ourLatin America segment and improved pricing in our Gulf of Mexico segmentspartially offset by a $10.8 million adverse legal judgment in our West Africasegment to work performed in 2003.  In addition, in 2003, our OCD West Africasegment and our OCD Gulf of Mexico segment experienced productivity andefficiency decreases, with no offsetting decrease in costs or increase inrevenues, which resulted in reduced 2003 contract margins.  As a percentage ofrevenues, gross profit increased to 14% in 2004 compared to 1% for 2003.

***Losses on AssetImpairments. ***In the fourth quarter of 2004, due to future trendinformation that became available and recent events regarding some of ourgeographic locations and assets, we examined each asset extensively todetermine expected profitability and utilization.  Each asset was analyzed andvalued using either third party appraisals, comparable vessel sales, orprobability weighted undiscounted cash flow analysis.  In conjunction with theanalysis, we recorded a pretax non-cash impairment charge of $7.2 millionrelating to certain of our marine assets, which included the ***Navajo***in our OCD West Africa segment, one cargo barge in our OCD Middle East segment,and a support facility in our OCD Gulf of Mexico segment.  These assets werevalued at their respective fair market values.

***Net Gainson Asset Disposal. ***Netgains on asset disposal for 2004 include gains on the sale of the *Arapaho*of $16.8 million in our OCD Gulf of Mexico segment and Lafayette officefacility of $1.0 million in our Other segment.  Net gains on asset disposal in2003 include $5.6 million from the sale of the derrick barges *Mohawk* and*Sara Maria* in our OCD Latin America segment.

***Selling,General and Administrative Expenses. ***For 2004, selling, general and administrative expenses were$37.9 million as compared to $37.6 million reported during 2003.  This increasewas due primarily to increases in costs related to consulting, externalaccounting and legal fees partially offset by reduced bad debt expense anddecreased labor costs.

***OperatingIncome.*** Theincrease in our operating income from 2003 to 2004 was primarily attributableto the increase in gross profit described above and the gain from asset salespartially offset by impairment changes.  In addition, our 2003 operating lossincluded a provision of $33.5 million (pre-tax) related to the adverse ruling inthe long-standing litigation with Groupe GTM (now Vinci) partially offset by gainson asset sales.

***Depreciationand Amortization. ***Depreciationand amortization from continuing operations, including amortization ofdry-docking costs, was $45.9 million in 2004 as compared to $46.0 million in2003.  A decrease in overall utilization was substantially offset by adifferent mix of barge utilization of our major construction barges, which aredepreciated on a units of production basis.  

***InterestExpense*****.**  Interest expense increased to $14.8million for 2004 from $11.4 million for 2003 primarily due to increased averageinterest rates, a $0.5 million write-off of the unamortized credit facilityfees in 2004 due to the termination of our previous credit facility, increasedbank loan origination fee expense, and a $1.4 million redemption premiumrelated to the early redemption of $28.5 million principal amount of UnitedStates Government Guaranteed Ship Financing Bonds (Title XI bonds). Theseincreases were partially offset by decreased average debt outstanding. 

***OtherExpense (Income). ***Otherexpenses increased $3.2 million to $1.7 million for 2004, from other income of$1.5 million for 2003, due primarily to increased exchange rate losses.

***Net LossFrom Continuing Operations Net of Taxes.***  The 109% increase in our net loss was the result of thefactors described above that reduced our gross profit and operating income. Our effective tax rate is 69% in 2004 compared to 2% for 2003.  The increase inthe effective tax rate is due primarily to the following:

•               Losses in certainforeign jurisdictions (primarily West Africa) that are taxed on a deemedprofits, percentage of revenue, basis;

•               Losses in certain foreignasset impairments that are not tax effected; and

•               Losses related to theadverse judgment in our West Africa segment related to offshore pipeline workperformed in 2003 that are not tax effected.

Theincrease was partially offset by:

•               The reversal of a$4.3 million valuation allowance, due to a capital gain on the sale of the *Arapaho*which allowed the utilization of the loss carryforward.

Oureffective tax rate for 2003 includes a $4.3 million tax expense attributable tothe establishment of a valuation allowance for a capital loss carryforward andlosses in other jurisdictions that were not tax benefited.

***IncomeFrom Discontinued Operations Net of Taxes. ***Income from discontinued operations, netof taxes of 46%, for 2004 was $15.9 million including the gain on the sale ofthe liftboats of $16.1 million after tax, compared to income, net of taxes of35%, of $2.8 million for the same period last year.

***Segment InformationOverview.***  Our reportable segments include two divisions, the OCD andthe GDMC, with five and four reportable segments, respectively.  The OCDincludes all pipelay and derrick lifts worldwide as well as diving and marineservices in our Asia Pacific region.  Our GDMC includes all remaining divingand marine support services worldwide.  Our GDMC Gulf of Mexico segment priorperiods results have been restated to reflect the reclassification of theLiftboat Division as discontinued operations.  We have identified nine reportablesegments as required by SFAS 131.

            Although total revenues in our OCD decreased slightly to$417.8 million (including intersegment revenues of $4.8 million) in 2004 from$422.3 million (including intersegment revenues of $0.9 million) in 2003,results improved dramatically as this division's income before taxes increased to$9.3 million in 2004 from a loss before taxes of $43.7 million in 2003.  Thisincrease was primarily due to the following:
-              increased activity in the Latin America segment; 
-               gains of $16.8 million on asset sales on vessels in the OCD Gulfof Mexico segment; and 
-              increased margin in the OCD Gulf of Mexico segment due toHurricane Ivan damage repair work. 
-              The increase waspartially offset in 2004 by: 
-              an impairment of $6.9 million on three vessels and one facility; 
-              an adverse legal judgment of $10.8 million in the OCD West Africasegment; and 
-              a custom duty reserve of $1.9 million in our Latin Americadivision.

Contributing tothe positive comparative change between 2004 and 2003, are the followingnegative 2003 events that did not recur in 2004:
-              productivity losses on several significant projects in our West Africa segment resultingin significant project losses;  
-              misappropriation of our funds by an indigenous import/exportagent on a project in West Africa; 
-              productivity losses on two significant projects (due toinclement weather and subcontractor work stoppages) in the Gulf of            Mexico resulting in significant project margin deterioration; and 
-              reduced activity in the Latin America segment, which historicallymaintains favorablecontract margins.

            Total revenues from our GDMC Division increased $15.2million, or 24%, to $77.6 million (including $27.3 million intersegmentrevenues) in 2004 from $62.4 million (including $24.8 million intersegment revenues). In 2003 this division's results increased substantially from income beforetaxes of $5.7 million in 2003 to income before taxes of $12.2 million in 2004. Revenues and earnings increased due to increased saturation diving activity andimproved pricing in the Gulf of Mexico segment due primarily to Hurricane Ivandamage repair work and increased activity in our Latin America segment increased activity in our Latin America segment.

            The following discusses the results of operations foreach of our reportable segments during 2004 and 2003.  For additionalinformation concerning the financial results of each segment, see Note 8 to theNotes to Consolidated Financial Statements included elsewhere in this AnnualReport.

***            OffshoreConstruction Division:***

*            Gulf of Mexico***- Revenues decreased52% to $65.1 million (including $4.8 million of intersegment revenues) for 2004from $135.2 million (including $0.9 million of intersegment revenues) for 2003due primarily to reduced activity in the region.  In 2004, several smallcontracts were completed as compared to one large contract that was in progressin the 2003.  As a result, income before income taxes increased to $13.2million for 2004, including a $16.8 million gain on the sale of the derrickbarge ***Arapaho*** and the effect of $3.0 million of impairment costs,from a loss before income taxes of $2.2 million for 2003.  Earnings increaseddue to improved margins on hurricane repair work and the shifting of costsrelated to certain Gulf of Mexico construction vessels as a result of theirworking in our Latin America segment.  In addition, in 2003 we experiencedproductivity losses on two significant projects due to inclement weather andsubcontractor work stoppages.  Utilization of our major construction barges inthe U.S. Gulf of Mexico during 2004 decreased to 20% from 30% in the sameperiod last year. Bidding activity was up compared to the same period last yeardue primarily to Hurricane Ivan damage repair work.

*            West Africa* - Revenues decreased 93% to $7.5million for 2004 compared to $100.0 million for 2003.  The decrease in revenueswas due to the existence of several large projects in 2003 as compared to onlytwo small day-rate contracts in the 2004 period and the impact of an $10.8million adverse ruling in 2004.  Loss before income taxes decreased 14% to $22.7million for 2004, including the effect of $2.5 million of impairment costs,compared to a loss before income taxes of $26.4 million for 2003.  This wasprimarily a result of margins being favorable on the day-rate contracts in 2004as compared to the lump-sum contracts in 2003.  In the 2003 period, weexperienced approximately a $10.0 million deterioration on a pipeline contractin West Africa due to a welding problem.  Utilization of our major constructionbarges in this segment during 2004 decreased to 8% from 63% over the sameperiod last year.  Bidding activity was also down compared to last year.

*           **Latin America* - Revenues increasedsignificantly to $239.0 million for 2004 from $19.0 million for 2003 dueprimarily to work performed on five large contracts in the 2004.  As a result,income before income taxes increased $43.1 million to $26.4 million for 2004compared to a loss before income taxes of $16.7 million for 2003, whichincluded a $5.6 million gain on the sale of two construction vessels. Partiallyoffsetting these gains in 2004 were losses on two contracts of $3.0 million anda customs duty reserve of $1.8 million. The barges in this segment achieved 82%utilization in 2004 compared to 7% in the same period last year.  Biddingactivity was up over last year.

*           **Asia**Pacific*- Revenues decreased$18.5 million to $76.7 million for 2004 compared to $95.2 million for 2003. Loss before income taxes increased $1.2 million to $2.0 million in 2004compared to a loss before income taxes of $0.8 million for 2003.  The decreasein revenues and increase in loss before income taxes was due primarily todecreased activity in the region.  Utilization for our three major constructionvessels was 38% compared to 56% last year.  Bidding activity was up compared tolast year.

*            Middle East* - For 2004, revenues decreasedsignificantly to $29.6 million compared to $72.8 million for 2003 due primarilyto the existence of one large contract, with a large amount of procurementcontent, in progress in the 2003 period.  As a result, including the effect ofthe $1.3 million of disposal and impairment costs in 2004, income before incometaxes decreased $8.1 million to a loss before income taxes of $5.7 million for2004 compared to income before income taxes of $2.4 million for 2003.Utilization for our two major construction barges was 29% in 2004 compared to33% in the same period last year.  Bidding activity was down compared to thesame period last year.

***           ******Global Divers and Marine Contractors Division:***

*            Gulf of Mexico* - Revenues increased 15% to$38.2 million (including $9.1 million of intersegment revenues) for 2004 from$33.3 million (including $10.6 million of intersegment revenues) for 2003.Income from continuing operations before income taxes increased by $3.5 millionto $4.6 million for 2004 compared to income from continuing operations beforeincome taxes of $1.1 million for 2003.  The increase in revenues and incomefrom continuing operations before income taxes was due primarily to increasedactivity from Hurricane Ivan damage repair work and improved pricing for ourservices. 

*            West Africa* - Revenues, all of which wereintersegment revenues, decreased 93% to $0.6 million for 2004 from $8.6 millionfor 2003.  Income from continuing operations before income taxes declined $2.0million to a loss before tax of $0.1 million for 2004 compared to income fromcontinuing operations before income taxes of $1.9 million for 2003.  Thedecrease in revenue and income before tax was due primarily to decreasedactivity.

*            Latin America* - Revenues increased to $13.9million (all of which were intersegment revenues) for 2004 from $1.3 million(including $1.1 million of intersegment revenues) for 2003, due primarily towork performed on five large contracts in the 2004 period.  Income from continuingoperations before income taxes increased for 2004 to $3.6 million compared to aloss from continuing operations before income taxes of $0.3 million for 2003,as a result of the contracts performed in the 2004 period.

*            Middle East* - For 2004, revenues increased30% to $24.9 million (including $3.7 million of intersegment revenues) comparedto $19.2 million (including $4.5 million of intersegment revenues) for 2003 dueto increased activity in the region.  As a result, income from continuingoperations before income taxes increased to $4.1 million for 2004 compared to$3.0 million for 2003.

**Liquidity andCapital Resources**

***Overview***

            The principal uses of cash in our business generallyhave been investment in our assets (particularly for the enhancement andacquisition of vessels) and funding working capital, losses from operations andrepayment of debt.  Cash to fund the needs of our business has been providedprimarily by operations, debt financing, asset sales and equity issuances. 

            We expect activity levels to increase over the nexttwelve months.  Our backlog increased to $576.1 million at the end of 2005 from$262.0 million at the end of 2004.  In February 2006, we were awarded a majorproject in Mexico which has an estimated value of $260.0 million.  Thisincrease in activity will require increases in working capital.  We expect thatour cash balances and credit facility will provide adequate funding for thisanticipated increase in working capital to the extent it occurs in advance ofincreases in our cash flows from operations. In addition, the judgment againstus in the Groupe GTM (now Vinci) litigation may require a substantial cashpayment pending our appeal of the judgment.  Capital expenditures for 2006 arecurrently expected to be between $35.0 million and $45.0 million.

***Cash Flow***

            Our cash balance decreased by $14.5 million to $128.6 millionat December 31, 2005 from $143.2 million at December 31, 2004.  During 2005,our continuing operations generated cash flow of $10.1 million compared to $78.4million generated in 2004.  Due to higher levels of activity, the amount ofcash paid to suppliers for materials and services related to projects increasedbetween comparable years.  As of December 31, 2005, a substantial portion ofthese expenditures were not yet recovered in cash by the Company and werereflected in the carrying amounts of accounts receivable, unbilled work onuncompleted contracts, and contract costs incurred not yet recognized. Workingcapital increased by $45.4 million during 2005 to $232.1 million at December31, 2005.  We expect that working capital will continue to increase as activityincreases.  Approximately 84% of our $576.1 million backlog at December 31,2005 is expected to be performed during 2006.

            Investing activitiesresulted in a $28.4 million net use of cash.  Proceeds from the sale of assetssupplemented by cash on hand, funded capital expenditures of $26.6 million anddry-docking costs of $11.0 million.  Weestimate that the cost to complete capital expenditure projects in progress atDecember 31, 2005 will be approximately $20.0 million.  These capitalexpenditures are primarily related to vessel and equipment upgrades.

            As of December 31, 2005, we had purchased 3.7 millionshares of our common stock since the inception of our $30.0 million stockrepurchase program at a total cost of $24.1 million.  During 2005, 2004, and2003, we did not repurchase any shares.  Our credit facility described belowlimits stock repurchases.

***Long-TermDebt***

            Long-Term debt outstanding at December 31, 2005(including current maturities) includes $77.2 million of Title XI bonds and noamounts drawn against our bank credit facility.

            On March 14, 2005, we amended and restated ourcredit facility.  This amendment was added to improve operating flexibility andto take advantage of favorable market conditions.  The amendment (i) decreasedthe credit facility to $75.0 million from $100.0 million, (ii) provided for anadditional $50.0 million credit capacity option, if needed, upon receiptof additional loan commitments by our existing and/or additional lenders, (iii)reduced the requirements of the minimum net worth covenant for all futureperiods, (iv) changed the maximum leverage ratio to include Title XI bonds, (v)added a minimum fixed charge coverable ratio, (vi) eliminated all the remainingfinancial covenants, (vii) reduced the interest rate spread applicable to theCompany's borrowings under the credit facility.  The spreads can range from0.75% to 1.75% and 1.75% to 2.75% for prime rate and LIBOR based on borrowings,respectively, based upon certain of our financial ratios, (vii) reduced thenumber of participants in the syndication from seven to three, and (viii)extended the maturity of the credit facility to March 2008 from March 2007.  Afee of $0.4 million was paid for this amendment.  

            On June 7, 2005, the credit facility was increasedto $85.0 million to provide additional credit capacity due to increased bondingrequirements and increased the number of participants in the syndication fromthree to four.  At December 31, 2005, we were in compliance with all covenantsassociated with our credit facility.  As of February 28, 2006, we had noborrowings, $72.4 million of letters of credit outstanding, and $12.6 millionof credit availability under our revolving credit facility.

            Our outstanding 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 restrict our operations and our ability to paycash dividends.  At December 31, 2005 we were in compliance with thesecovenants.  

***OtherIndebtedness and Obligations***

            We also have a $16.0 million short-term credit facilityat one of our foreign locations which is secured by a letter of credit. Additionally, in the normal course of business, we provide guarantees andperformance, bid, and payment bonds pursuant to agreements or in connectionwith bidding to obtain such agreements to perform construction services.  Allof these guarantees are secured by parent company guarantees.  The aggregate ofthese guarantees and bonds at December 31, 2005 was $61.0 million in suretybonds and $73.3 million in bank guarantees/letters of credit.  The surety bondsand bank guarantees/letters of credit expire between January 2006 and December2007 and between January 2006 and December 2009, respectively.

            We have a long-term charter of the ***Titan 2***,a 456-foot self-propelled twin-hulled derrick ship. The vessel charter paymentsare approximately $6.1 million annually.  The charter term is 120 monthsexpiring August 2013.  This charter can be canceled by us at anytime, subjectto a termination penalty of the transfer to the vessel owner of title to ourdynamic positioning ("DP") system used on the vessel.  The DP system waspurchased and installed on the ***Titan 2*** at our cost in the firstquarter of 2002 for a total cost of $8.9 million.

            In December of 2005, we entered into a long-term charterfor a newly built dive support vessel to be delivered in June 2006.  Thischarter, which includes a five-year fixed term and a one-year option, requiresmonthly payments denominated in Norwegian kroners at an annual rate ofapproximately 63.1 million kroners (or $9.3 million as of February 28, 2006). During the first quarter of 2006, we entered into a forward currency agreementwhich will allow the Company to fulfill its Norwegian kroner obligations under thecharter at predetermined exchange rates.  Under the terms of the forwardcurrency agreement, the Company's required U.S. dollar payments will graduallyincrease from approximately $9.6 million during the first year of the charterto $10.1 million during the last year of the fixed term of the charter.

            Minimum rental commitments under leases having aninitial or remaining non-cancelable term in excess of one year for each of thefive years following December 31, 2005 and in total thereafter follow (inthousands):

2006

$  25,879

2007

11,597

2008

11,272

2009

11,263

2010

11,377

Thereafter

8,447

Total 

$  79,835

***Off-BalanceSheet Arrangements***

Inthe normal course of business with customers, vendors and others, we haveentered into off-balance sheet arrangements, including bank guarantees/lettersof credit and surety bonds, which totaled approximately $134.3 million atDecember 31, 2005.  

***Summaryof Contractual Obligations***

**Payments due  by period**

**(In  thousands)**

**Contractual Obligations**

**Total**

** **

**Less than 1  year**

** **

**1-3 years**

** **

**4-5 years**

** **

**More than   5  years**

Long-Term Debt Principal Only (1)

$77,220

$3,960

$11,880

$7,920

$53,460

Long-Term Debt Interest Only  

59,537

5,877

15,800

9,007

28,853

Operating Lease Obligations - Cancelable  (2)  

49,231

6,121

18,930

13,067

11,113

Operating Lease Obligations - Non-Cancelable (3)

79,835

25,879

34,132

17,744

2,080

Purchase Obligations  

4,038

4,038

--

--

--

Other Long-Term Liabilities Reflected on the  Registrant's Balance Sheet under GAAP

787

103

311

208

165

Total.

$270,648

$45,978

$81,053

$47,946

$95,671

(1) For more information regarding our Long-term  Debt Obligations, including interest payments, please read Note 3 to the  "Notes to Consolidated Financial Statements" included elsewhere in this  Annual Report.

(2) Represents the *Titan 2*lease.

(3) Includes the five-year term charter of a newly  built DSV to be delivered in June 2006.
***LiquidityOutlook***
            We expect funds available under our credit facility,available cash, and cash generated from operations to be sufficient to fund ouroperations (including the anticipated increase in working capital required tofund increasing activity), scheduled debt retirement, planned capitalexpenditures for the next twelve months, as well as any required paymentsrelated to the Vinci (Groupe GTM) judgment.  In addition, as we have in therecent past, we will also continue to evaluate the divesture of assets whichare no longer critical to our operations in order to reduce our operating costsand debt levels.

            Over the longer term, we expect cash from operations,supplemented by equity financings and proceeds from long-term debt, to providesufficient funds to operate and expand our business and maintain our fleet. For flexibility, we maintain a shelf registration statement that as of March 10,2006 permits the issuance of up to $365.8 million of debt and equitysecurities.  In addition, as we have historically done, we will continue toevaluate the merits of any opportunities that may arise for acquisitions ofequipment or businesses, which may require additional liquidity.  

***Industryand Business Outlook***

***           ***We expect worldwide activity to continue to increase duringthe next twelve months. Persistently high oil prices and the effects of threemajor hurricanes in the U.S. Gulf of Mexico have increased demand for theservices provided by both of our divisions.  At the present time, it appearsthat our assets in the U.S. Gulf of Mexico will be highly utilized during 2006as massive hurricane damage and historically high energy prices drive demandfor our services in this region.  Due to an increasing proportion of hurricanerepair work contracted on a day-rate basis, our domestic backlog and biddingactivity levels are not indicative of the level of demand for our services inthe U.S. Gulf of Mexico.  Due to persistently high energy prices, demand forour services in international regions has increased as well. As of December 31,2005, our backlog in international regions was $537.8 million.

            Coupled with this worldwide demand for services, however,is a corresponding demand for experienced personnel in our industry.  This highlevel of demand for personnel has fully utilized the currently available poolof experienced personnel, especially in the U.S. Gulf of Mexico.  Given thissituation, we must make every effort to retain our experienced personnel andcontinuously seek, find, and train new personnel.  If we are unable to retainand hire a sufficient number of qualified personnel, our operations may sufferdue to an inability to accept additional work or due to performance or safetyissues.  Additionally, other activities which are associated with periods ofhigh demand, such as relocating vessels, recommissioning vessels, andcoordinating an increasing number of projects, also increase the level of riskin our operations.

            We are experiencing an increase in bidding activity and inthe dollar volume of bidding activity in many of the regions where we dobusiness.  As of February 28, 2006, we have bids outstanding and in-housetotaling approximately $3.2 billion.  In addition, both contract terms andpricing in our domestic and international locations have become more favorablethan were experienced in 2003 and the first half of 2004.

***NewAccounting Pronouncements***

            In November 2004, the Financial Accounting StandardsBoard ("FASB") issued SFAS No. 151, *"Inventory Costs - an Amendment of ARBNo. 43, Chapter 4*," which amends the guidance in Accounting ResearchBulletin ("ARB") No. 43 to clarify the accounting for abnormal amounts of idlefacility expense, freight, handling costs and wasted material.  SFAS No. 151requires that these items be recognized as current period charges.  Inaddition, SFAS No. 151 requires the allocation of fixed production overheads toinventory based on the normal capacity of the production facilities.  SFAS No.151 is effective for inventory costs incurred during fiscal years beginning afterJune 15, 2005.  We have adopted SFAS No. 151 as of January 1, 2006 and do notexpect that adoption of the standard will have a material impact on our resultsof operations or financial condition.

            In December 2004, the FASB revised SFAS No. 123, *"Accounting for Stock-Based Compensation"*("SFAS No. 123R").  SFAS No. 123R is arevision of SFAS No. 123 and supersedes Accounting Principles Board ("APB") Opinion No.25, *"Accounting for Stock Issued to Employees"*.  SFAS No. 123R requires apublic entity to measure the cost of employee services received in exchange foran award of equity instruments based on the grant-date fair value of theaward.  That cost will be recognized over the period in which an employee isrequired to provide service in exchange for the award.  SFAS No. 123R alsorequires a public entity to initially measure the cost of employee servicesrendered in exchange for an award of liability instruments at its current fairvalue.  The fair value of that award is to be remeasured subsequently at each reportingdate through the settlement date.  Changes in fair value during therequired service period are to be recognized as compensation cost over thatperiod.  We have adopted SFAS No. 123R as of January 1, 2006 and anticipatethat the annual impact on our diluted earnings per share will be between $0.01and $0.03 per share.

            In May 2005, the FASB issued SFAS No. 154,"AccountingChanges and Error Corrections" (SFAS 154), which replaces APB Opinion No. 20,"Accounting Changes" and SFAS No. 3, "Reporting Accounting Changes in InterimFinancial Statements - An Amendment of APB Opinion No. 28." SFAS 154 providesguidance on the accounting for and reporting of accounting changes and errorcorrections. It establishes retrospective application, or the latest practicabledate, as the required method for reporting a change in accounting principle orthe reporting of a correction of an error.  SFAS 151 is effective foraccounting changes and corrections of errors made in fiscal years beginning afterDecember 15, 2005. We have adopted SFAS 154 as of January 1, 2006 and do notexpect that the adoption of this standard will have a material effect on ourresults of operations or financial condition.
           ***CriticalAccounting Policies and Estimates***
            Our discussion and analysis of our financial conditionand results of operations are based upon our consolidated financial statements,which have been prepared in accordance with accounting principles generallyaccepted in the United States.  The preparation of these financial statementsrequires us to make estimates and judgments that affect the reported amounts ofassets, liabilities, revenues and expenses, and related disclosures ofcontingent assets and liabilities.  On an on-going basis, we evaluate ourestimates including those related to revenue recognition and long-livedassets.  We base our estimates on historical experience and on various otherassumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making judgments about the carrying valuesof assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions orconditions.  We believe the following critical accounting policies affect ourmore significant judgments and estimates used in the preparation of ourconsolidated financial statements.

*RevenueRecognition*

            Revenues from construction contracts, are generally recognizedon the percentage-of-completion method, measured by relating the actual cost ofwork performed to date to the current estimated total cost (the cost-to-costmethod) of the respective contract.  Contract costs include all direct materialand labor costs and those indirect costs related to contract performance, suchas indirect vessel costs (including depreciation and amortization), labor,supplies, and repairs.  During the early stages of a contract, certain costsmay be excluded from the cost-to-cost method of measuring progress, such assignificant costs for materials and major third party subcontractors, if itappears that such an exclusion would result in a more meaningful measurement ofactual contract progress and resulting periodic allocation of income. Provisionsfor estimated losses, if any, on uncompleted contracts are made in the periodin which such losses are determined.  Selling, general, and administrativecosts are charged to expense as incurred.  We also provide services on a dayrate basis to many of our customers in both our Offshore Construction Divisionand our Global Divers and Marine Contractors Division.  Revenue for theseservices is recognized as the services are rendered and when collectability isreasonably assured.

            Significant changes in cost estimates due to adversemarket conditions or poor contract performance could affect estimated grossprofit, possibly resulting in a contract loss.  Moreover, adjustments, if any,are reflected in income in the period when any adjustment is determined.  Tothe extent that an adjustment results in a reduction of previously reportedprofits, we could recognize a significant charge against current earnings toreflect the adjustment.  

            In addition, we include claims and unapproved changeorders to the extent of costs incurred in contract revenues when (1) the contractor other evidence provides a legal basis for the claim, (2) additional costsare not the result of deficiencies in our performance, (3) costs areidentifiable, and (4) evidence supporting the claim is objective andverifiable.  

*AccountsReceivable*

            Our accounts receivable include both billed and unbilledreceivables.  These receivables often include claims and unapproved changeorders.  The claims and unapproved change orders included in accountsreceivable and unbilled receivables, amounted to $37.2 million at December 31,2005 and $21.1 million at December 31, 2004.  Unbilled retainage at December31, 2005 was $2.6 million and is expected to be billed in 2006.  Unbilledretainage at December 31, 2004 was $4.4 million.  We continually monitor ourreceivables for collectability and make the appropriate allowances when deemednecessary.

*Property andEquipment*

            Long-lived assets held and used by us (primarily marinebarges, vessels and related equipment) are reviewed for impairment wheneverevents or changes in circumstances indicate that the carrying amount of anasset may not be recoverable.  We assess the recoverability of long-livedassets by determining whether the carrying values of an asset group can berecovered through projected net cash flows undiscounted and without interestcharges, based on expected operating results over the remaining life of theasset group.  The cash flow estimates are based on historical data adjusted formanagement estimates of future market performance that rely on existing marketdata, industry-wide trends, and expected vessel day-rates, utilization andmargins.

*Income Taxes*

            The liability method is used for determining our incometaxes, under which current and deferred tax liabilities and assets are recordedin accordance with enacted tax laws and rates.  Under this method, the amountsof deferred tax liabilities and assets at the end of each period are determinedusing the tax rate expected to be in effect when taxes are actually paid orrecovered.  Valuation allowances are established to reduce deferred tax assetswhen it is more likely than not that some portion or all of the deferred taxassets will not be realized.  In determining the need for valuation allowances,we have considered and made judgments and estimates regarding estimated futuretaxable income and ongoing prudent and feasible tax planning strategies.  Theseestimates and judgments include some degree of uncertainty and changes in theseestimates and assumptions could require us to adjust the valuation allowancesfor our deferred tax assets.  Historically, changes to valuation allowanceshave been caused by major changes in the business cycle in certain countriesand changes in local country law.  The ultimate realization of the deferred taxassets depends on the generation of sufficient taxable income in the applicabletaxing jurisdictions.

            At December 31, 2005, we had available net operatingloss ("NOL") carryforwards for foreign jurisdiction purposes of approximately $52.7million, which, if not used, will expire between 2006 and 2015.  One foreignjurisdiction has an indefinite NOL carryforward period.  We believe that it ismore likely than not that all of the $13.0 million Mexico NOL carryforwards and$10.2 million of the NOL carryforwards in our Asia Pacific segment will beutilized prior to their expiration.  A valuation allowance has been set up forthe remaining foreign NOL carryforwards as we do not believe that they will beutilized prior to their expiration.

            In certain situations, we provide for taxes where assessments have notbeen received.  In those situations, we consider it probable that the taxesultimately payable will exceed those amounts reflected in filed tax returns;accordingly, taxes are provided in those situations under the guidance in SFASNo. 5, *"Accounting for Contingencies."*  Future events such as changes inthe facts or tax law, judicial decisions regarding existing law or a favorableaudit outcome may later indicate the assertion of additional taxes is no longerprobable.  In such circumstances, it is possible that taxes previously providedwould be released.
ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
            We are exposed torisks associated with fluctuations in interest rates and foreign currency exchange rates. In the normal course of business we may enter into interest rate swapagreements to hedge rising interest rates and forward currency contracts tohedge exchange rate risk.

            We have approximately $77.2 millionof fixed interest ratelong-term debt outstanding with a weighted-average interest rate ofapproximately 7.7% and a market value of approximately $85.0 million onDecember 31, 2005.  A general decrease of 1.0% in overall market interest rateswould increase the market value of the debt by approximately $6.0 million.

            We use natural hedging techniques to hedge againstforeign currency exchange losses by contracting, to the extent possible,international construction jobs to be payable in U.S. dollars.  We also, to theextent possible, maintain cash balances at foreign locations in U.S. dollaraccounts.  We do not believe that a change in currency rates in the regions inwhich we operate would have a significant effect on our results of operations.

            During the fourth quarter of 2005, we entered into afive-year term charter for a newly built dive support vessel to be deliveredfor service in June 2006.  Under the terms of the charter, we will be requiredto make monthly payments denominated in Norwegian kroners at an annual rate ofapproximately 63.1 million kroners (or $9.3 million as of February 28, 2006).  Duringthe first quarter of 2006, we entered into a forward exchange contract whicheffectively fixes the exchange rate for our commitments under this long-termcharter.

**ITEM 8.          FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Management's Report on InternalControl Over Financial Reporting 

            Our management is responsible for establishing andmaintaining adequate internal control over our financial reporting, as suchterm is defined in Exchange Act Rules 13a-15(f).  Our internal control overfinancial reporting is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generallyaccepted accounting principles.  Our control environment is the foundation forour system of internal control.  Included in our system of internal control arewritten policies, an organizational structure providing division ofresponsibilities, the selection and training of qualified personnel, and aprogram of financial and operations reviews by a professional staff ofcorporate auditors.  Our internal control over financial reporting includesthose policies and procedures that (i) pertain to the maintenance of records that,in reasonable detail, accurately and fairly reflect the underlyingtransactions, including the acquisition and disposition of assets; (ii) providereasonable assurance that our assets are safeguarded and transactions areexecuted in accordance with management's and our directors' authorization andare recorded as necessary to permit preparation of our financial statements inaccordance with generally accepted accounting principles; and (iii) providereasonable assurance regarding prevention or timely detection of unauthorizedacquisition, use, or disposition of our assets that could have a materialeffect on the financial statements. 

            Under the supervision and with the participation of ourmanagement, including our principal executive officer and principal financialofficer, we conducted an evaluation of the effectiveness of our internalcontrol over financial reporting.  Our evaluation was based on the framework in*Internal Control - Integrated Framework*issued by the Committee ofSponsoring Organizations of the Treadway Commission. 

            Based on our evaluation under the framework in *InternalControl - Integrated Framework* issued by the Committee of SponsoringOrganizations of the Treadway Commission, our management concluded that ourinternal control over financial reporting was effective as of December 31, 2005to provide reasonable assurances regarding the reliability of financialreporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles in the United States. The conclusion of our principal executive officer and principal financialofficer is based on the recognition that there are inherent limitations in allsystems of internal control.  Because of its inherent limitations, internalcontrol over financial reporting may not prevent or detect misstatements. Also,projections of any evaluation of effectiveness to future periods are subject tothe risk that controls may become inadequate because of changes in conditions,or that the degree of compliance with the policies or procedures maydeteriorate. 

            Our management's assessment of the effectiveness of ourinternal control over financial reporting as of December 31, 2005 has beenaudited by Deloitte & Touche LLP, an independent registered publicaccounting firm, as stated in their report which is included herein. 

/s/ WILLIAM J.  DORÉ 

/s/ PETER S. ATKINSON 

William J. Doré 

Peter S. Atkinson

Chairman and Chief Executive Officer

President and Chief Financial Officer

Carlyss, Louisiana

March 16, 2006

**REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM**

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

            We have auditedmanagement's assessment, included in the accompanying Management's Report on InternalControl over Financial Reporting, that Global Industries, Ltd. and subsidiaries(the "Company") maintained effective internal control over financial reportingas of December 31, 2005, based on**criteria established in *InternalControl-Integrated Framework*issued by the Committee of SponsoringOrganizations of the Treadway Commission.  The Company's management isresponsible for maintaining effective internal control over financial reportingand for its assessment of the effectiveness of internal control over financialreporting.  Our responsibility is to express an opinion on management'sassessment and an opinion on the effectiveness of the Company's internalcontrol over financial reporting based on our audit.

            We conducted ouraudit in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether effectiveinternal control over financial reporting was maintained in all materialrespects.  Our audit included obtaining an understanding of internal controlover financial reporting, evaluating management's assessment, testing andevaluating the design and operating effectiveness of internal control, andperforming such other procedures as we considered necessary in thecircumstances.  We believe that our audit provides a reasonable basis for ouropinions.

            A company'sinternal control over financial reporting is a process designed by, or underthe supervision of, the company's principal executive and principal financialofficer, or persons performing similar functions, and effected by the company'sboard of directors, management, and other personnel to provide reasonableassurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal control over financialreporting includes those policies and procedures that (1) pertain to the maintenanceof records that, in reasonable detail, accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention ortimely detection of unauthorized acquisition, use, or disposition of thecompany's assets that could have a material effect on the financial statements.

            Because of theinherent limitations of internal control over financial reporting, includingthe possibility of collusion or improper management override of controls,material misstatements due to error or fraud may not be prevented or detectedon a timely basis.  Also, projections of any evaluation of the effectiveness ofthe internal control over financial reporting to future periods are subject tothe risk that the controls may become inadequate because of changes inconditions, or that the degree of compliance with the policies or proceduresmay deteriorate. 

            In our opinion,management's assessment that the Company maintained effective internal controlover financial reporting as of December 31, 2005, is fairly stated, in allmaterial respects, based on the criteria established in *Internal Control-IntegratedFramework*issued by the Committee of Sponsoring Organizations of theTreadway Commission.  Also in our opinion, the Company maintained, in allmaterial respects, effective internal control over financial reporting as ofDecember 31, 2005, based on the criteria established in *Internal Control-IntegratedFramework*issued by the Committee of Sponsoring Organizations of theTreadway Commission.

            We have also audited, in accordancewith the standards of the Public Company Accounting Oversight Board (UnitedStates), the consolidated financial statements and financial statement scheduleas of and for the year ended December 31, 2005 of the Company and our reportdated March 14, 2006 expressed an unqualified opinion on those financialstatements and financial statement schedule.

* DELOITTE & TOUCHE LLP*

Houston, TexasMarch 14, 2006
****
**REPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM**

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

            We have auditedthe accompanying consolidated balance sheets of Global Industries, Ltd. andsubsidiaries (the "Company") as of December 31, 2005 and 2004, and the relatedconsolidated statements of operations, shareholders' equity, comprehensiveincome (loss), and cash flows for each of the three years in the period endedDecember 31, 2005.  Our audits also included the financial statement schedulelisted in the Index at Item 15.  These financial statements and financialstatement schedule are the responsibility of the Company's management.  Ourresponsibility is to express an opinion on the financial statements andfinancial statement schedule based on our audits.

            We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement.  An audit includes examining, ona test basis, evidence supporting the amounts and disclosures in the financialstatements.  An audit also includes assessing the accounting principles usedand significant estimates made by management, as well as evaluating the overallfinancial statement presentation. We believe that our audits provide areasonable basis for our opinion.

            In our opinion,such consolidated financial statements present fairly, in all materialrespects, the financial position of Global Industries, Ltd. and subsidiaries asof December 31, 2005 and 2004, and the results of their operations and theircash flows for each of the three years in the period ended December 31, 2005,in conformity with accounting principles generally accepted in the UnitedStates of America. Also, in our opinion, such financial statement schedule,when considered in relation to the basic consolidated financial statementstaken as a whole, present fairly, in all material respects, the information setforth therein.

            We have alsoaudited, in accordance with the standards of the Public Company AccountingOversight Board (United States), the effectiveness of the Company's internalcontrol over financial reporting as of December 31, 2005, based on the criteriaestablished in *Internal Control-Integrated Framework* issued by theCommittee of Sponsoring Organizations of the Treadway Commission and our reportdated March 14, 2006 expressed an unqualified opinion on management'sassessment of the effectiveness of the Company's internal control overfinancial reporting and an unqualified opinion on the effectiveness of theCompany's internal control over financial reporting.

*DELOITTE & TOUCHE LLP*

Houston, TexasMarch 14, 2006
 
**GLOBAL INDUSTRIES,LTD.CONSOLIDATED BALANCE SHEETS(In thousands)**

**December 31,**

 
**2005**

**2004**

 
**ASSETS**

 
**Current Assets:**

 
 
     Cash  

   $   128,615

   $    143,161

       Receivables - net of allowance of $7,757 for

 
       2005 and $9,456 for 2004

181,433

95,999

 
    Unbilled work on uncompleted contracts

76,291

31,064

 
    Contracts costs incurred not yet recognized

34,076

8,021

 
    Deferred income taxes

14,158

34,445

 
    Prepaid expenses and other

34,448

23,068

 
           Total current assets

469,021

335,758

 
**Property and Equipment**, **net**

330,402

343,919

 
**Other Assets:**

 
    Deferred charges, net

19,125

21,860

 
    Goodwill, net

37,388

37,388

 
    Other  

1,378

4,315

 
           Total other assets

57,891

63,563

 
**                Total**

    $   857,314

    $   743,240

 
** **

 
**LIABILITIES AND SHAREHOLDERS' EQUITY**

 
**Current Liabilities:**

 
    Current maturities of long-term debt

    $      3,960

    $      3,960

 
    Accounts payable

119,000

80,635

 
    Employee-related liabilities

14,092

7,890

 
    Income tax payable

25,726

8,506

 
    Accrued interest  

2,249

2,915

 
    Advance billings on uncompleted contracts

21,308

4,008

 
    Vinci (Groupe GTM) litigation liability

34,911

33,500

 
    Other accrued liabilities  

15,725

7,697

 
           Total current liabilities

236,971

149,111

 
** **

 
**Long-Term Debt**

73,260

77,220

 
**Deferred Income Taxes**

49,491

65,291

 
**Other Liabilities**

787

890

 
** **

 
**Commitments and Contingencies**

--

--

 
** **

 
**Shareholders' Equity**:

 
    Common stock, issued, 114,343,661 and 113,350,158           shares, respectively

1,144

1,133

 
    Additional paid-in capital

350,550

339,242

 
    Accumulated other comprehensive loss

(8,978)

(8,978)

 
    Retained earnings

154,089

119,331

 
           Total shareholders' equity

496,805

450,728

 
                **Total**

    $   857,314

    $   743,240

 
See notes toconsolidated financial statements.

 

**GLOBAL INDUSTRIES,LTD.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)**

** **

**Year Ended December 31,**

 
 
**2005**

** **

**2004**

**2003**

 
 
**Revenues**

     $        688,615

     $        463,331

     $        459,029

 
** **

 
**Cost of Operations**

571,768

398,875

455,968

 
** **

 
**Gross Profit** 

116,847

64,456

3,061

 
** **

 
**Losses on Asset Impairment**

** **

--

7,173

--

 
** **

** **

** **

** **

** **

** **

** **

 
**Provision for GTM  Litigation**

** **

--

** **

--

** **

33,500

 
** **

** **

** **

** **

** **

** **

** **

 
**Net Gains on Asset  Disposal**

** **

(5,303)

(18,246)

(5,674)

 
**Selling, General and  Administrative Expenses**

50,916

37,923

37,648

 
**Operating Income (Loss)**

71,234

37,606

(62,413)

 
**Other Expense (Income):**

 
Interest  expense

10,192

14,797

11,434

 
Other

(4,972)

1,647

(1,562)

 
** **

5,220

16,444

9,872

 
**Income (Loss) From  Continuing Operations Before**

 
**Income Taxes**

66,014

21,162

(72,285)

 
**Income  Taxes (Benefit)**

31,256

14,640

(1,159)

 
**Income (Loss) From  Continuing Operations, Net of**

 
**Taxes**

34,758

6,522

(71,126)

 
**Income From Discontinued  Operations, Net of**

 
**Taxes**

--

15,910

2,797

 
**Net Income (Loss)**

    $           34,758

    $           22,432

    $         (68,329)

 
 
**Basic Earnings Per  Common Share:**

 
**Earnings (Loss) From Continuing Operations**

    $              0.31

    $              0.06

    $            (0.71)

 
**Earnings From Discontinued Operations**

    $              0.00

    $              0.15

    $              0.03

 
**Basic Earnings (Loss) Per Share**

    $              0.31

    $              0.21

    $            (0.68)

 
 
**Diluted Earnings Per  Common Share:**.

 
**Earnings (Loss) From Continuing Operations**

    $              0.30

    $              0.06

    $            (0.71)

 
**Earnings From Discontinued Operations**

    $              0.00

    $              0.14

    $              0.03

 
**Diluted Earnings (Loss) Per Share**

    $              0.30

    $              0.20

    $            (0.68)

See notes toconsolidated financial statements.** **

**GLOBAL INDUSTRIES, LTD.CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY****(In thousands, except share data)**

** **
Common StockAdditional Paid-In CapitalTreasury StockAccumulated Other Comprehensive Income (Loss)Retained EarningsTotal
** **

** **

** **
Shares
** **
Amount
** **

** **

** **

** **

** **

**Balance at Jan. 1, 2003**

104,139,863

       1,041

 $    308,460

 $  (24,130)

    $         (9,411)

 $   165,228

 $ 441,188

Net loss

--

--

--

--

--

(68,329)

(68,329)

Amortization of unearned 

      stock compensation

--

--

974

--

--

--

974

Restricted stock issues, net

205,237

2

813

--

--

--

815

Exercise of stock options

377,495

4

1,109

--

--

--

1,113

Tax effect of exercise of  stock  options

--

--

26

--

--

--

26

Common stock issued                                    

237,395

3

848

--

--

--

851

Reclassification of realized

      Loss on hedging activities

--

--

--

--

433

--

433

Retirement of treasury stock.

(3,677,893)

(37)

(24,093)

24,130

--

--

--

**Balance at Dec. 31, 2003**

101,282,097

 $   1,013

 $    288,137

 $            --

    $         (8,978)

 $     96,899

 $ 377,071

Net income  

--

--

--

--

--

22,432

22,432

Amortization of unearned 

      stock  compensation  

--

--

623

--

--

--

623

Restricted stock issues, net  

2,014,403

20

380

--

--

--

400

Exercise of stock options  

438,876

4

1,444

--

--

--

1,448

Tax effect of exercise of  stock  options 

--

--

263

--

--

--

263

Common stock issued

9,614,782

96

48,395

--

--

--

48,491

**Balance at Dec. 31, 2004**

** **

113,350,158

 $   1,133

 $    339,242

 $            --

    $         (8,978)

 $    119,331

 $ 450,728

Net income  

--

--

--

--

--

34,758

34,758

Amortization of unearned 

      stock compensation

--

--

2,836

--

--

--

2,836

Restricted stock issues, net

(143,864)

--

455

--

--

--

455

Exercise of stock options

1,015,633

10

6,720

--

--

--

6,730

Tax effect of exercise of stock options 

--

--

763

--

--

--

763

Common stock issued

121,734

1

534

--

--

--

535

**Balance at Dec. 31, 2005**

** **

114,343,661

 $   1,144

 $    350,550

 $            --

    $         (8,978)

 $    154,089
   
$ 496,805

Seenotes to consolidated financial statements.

**GLOBALINDUSTRIES, LTD.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)**

**Year Ended December 31,**

**2005**

** **

**2004**
   
**2003****                    Cash Flows  From Operating Activities:**                              Income (loss) from continuing operations   
$   34,758

$    6,522
   
$  (71,126)
                       Adjustments to reconcile net income (loss) to net cash provided
   
                            by operating  activities:                          Depreciation and amortization  
52,824
47,587   
47,242                       Provision for doubtful accounts
5,223
1,777   
4,328                       Gain on sale, disposal of  property and equipment
(5,303)

(18,247)   
(5,674)                       Loss on asset impairment
--
7,173   
--                       Provision for Vinci (Groupe GTM)  litigation
--
--   
33,500                      Deferred income taxes
4,487
21,569   
(7,194)                      Other
--
455   
(4)                      Changes  in operating assets and liabilities    
                             Receivables

(165,940)

(14,240)
   
21,435                            Prepaid expenses and  other
(8,451)

(3,996)
   
6,843                           Accounts payable,  employee-related liabilities,                                                   and  other accrued liabilities
92,528
29,769   
(39,724)
                       Net cash provided by (used in) continuing operations
10,126
78,369   
(10,374)
                       Net cash (used in) provided by discontinued  operations 
--

(7,394)   
9,917
                                Net cash provided by (used in) operating activities 
10,126
70,975   
(457)
      **                  Cash Flows From Investing Activities:**                                                Proceeds from sale of assets
9,176
23,575
22,206                     Additions to property and equipment
(26,613)

(4,481)

(15,557)
                     Additions to deferred charges
(10,995)

(19,496)

(13,450)
                     Net cash (used in) continuing operations
(28,432)

(402)

(6,801)
                     Net cash provided by (used in) from discontinued operations
--

48,888
(5,360)
                            Net cash provided by (used in) operating activities
(28,432)

48,486
(12,161)
                           **                  Cash Flows  From Financing Activities:**                           Repayment of long-term debt
(3,960)
(191,549)
   
(95,737)
                     Proceeds of long-term debt
--
149,000   
93,000                     Proceeds from sale of common stock, net
7,720
50,621   
2,779                              Net cash provided by  (used in) financing activities
3,760
8,072   
42

   
**                  Cash:**                        Increase  (decrease)
(14,546)

127,533   
(12,576)                     Beginning of period
143,161

15,628
   
28,204                     End of period
$ 128,615

143,161
   
15,628
Seenotes to consolidated financial statements.** **

**GLOBAL INDUSTRIES, LTD.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(In thousands)**

**Year Ended December 31,**

**2005**

** **

**2004**
   
**2003**                                    Net income (loss)     
$   34,758

 $    22,432
   
$   (68,329)
                           Other comprehensive (loss) income:
   
                               Reclassification of realized loss on hedging activities
--
--   
433                               Unrealized gain on hedging activities  
--
--   
--                           Comprehensive income (loss)   
$   34,758

 $    22,432
   
$   (67,896)

 

Seenotes to consolidated financial statements.
****
**GLOBALINDUSTRIES, LTD.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1.         Organizationand Summary of Significant Accounting Policies**

***            Organization*** - Global Industries, Ltd. andsubsidiaries (the "Company," "we," "us" or "our") provides constructionservices, including pipeline construction, platform installation and removal,construction support and diving services, to the offshore oil and gas industryin the United States Gulf of Mexico and in selected international areas.  Mostwork is performed on a fixed-price basis, but we also perform services on acost-plus or day-rate basis, or on a combination of such bases.  Ourtraditional contracts are typically of short duration, being completed in oneto five months. However, Engineering, Procurement, Installation and Commissioning contracts(EPIC), turnkey contracts, and certain international contracts can be for longer durations,in excess of one year.

***            Principles of Consolidation*** - Theconsolidated financial statements include the accounts of Global Industries,Ltd. and its wholly owned subsidiaries.  All significant intercompany balancesand transactions have been eliminated in consolidation.

                   ***Cash*** - Cash includes cash on hand, demand deposits, money market accounts,and securities with maturities of three months or less when purchased.

***                    Accounts Receivable*** - Trade and otherreceivables are stated at net realizable value and the allowance foruncollectible accounts was $7.8 million and $9.5 million at December 31, 2005and 2004, respectively.  Certain receivables represent amounts that have notyet been billed to the customer pursuant to contractually specified milestonebilling requirements.  At December 31, 2005 and 2004, our accounts receivableincluded unbilled receivables of $76.3 million and $27.1 million,respectively.  We include claims and unapproved change orders to the extent ofcosts incurred in contract revenues when (1) the contract or other evidenceprovides a legal basis for the claim, (2) additional costs are not the resultof deficiencies in our performance, (3) costs are identifiable, and (4)evidence supporting the claim is objective and verifiable.  The basis for ourrecorded unapproved change orders and claims was formed after we engaged in anextensive contract review, a review of the supporting evidence and, generally,obtained a legal opinion from either internal or external legal counsel. Additionally, we believe that we have objective, verifiable evidence to supportthese claims.  That evidence consists of explicit contractual terms and/orwritten legal opinions.  The claims and unapproved change orders, included inaccounts receivable and unbilled receivables, amounted to $37.2 million atDecember 31, 2005 and $21.1 million at December 31, 2004.  Unbilled retainageat December 31, 2005 was $2.6 million and is expected to be billed andcollected in 2006.  Unbilled retainage at December 31, 2004 was $4.4 million.  Contractcosts incurred not yet recognized represents those contract costs which havebeen incurred but excluded from our percentage of completion computation underthe cost to cost method in order to provide a more meaningful measurement ofactual contract progress.
***Costs and Estimated Earnings on Uncompleted Contracts: ***          
**December 31,**

 
**2005**

**2004**

 
( **In thousands**)

 
Costs incurred on uncompleted contracts

   $   567,266

   $   172,333

 
Estimated  (losses) earnings  

62,038

19,200

Costs and estimated earnings on uncompleted  contracts  

629,304

191,533

 
Less: Billings to date  

608,272

190,368

 
21,032

1,165

 
Plus: Accrued revenue

33,951

25,891

 
   $     54,983

   $     27,056

 
 
Included in accompanying balance sheets under the  

 
    following captions:

 
    Unbilled work on  uncompleted contracts.

76,291

31,064

 
    Advance billings on uncompleted contracts

(21,308)

(4,008)

 
   $     54,983

   $     27,056

 
***                 Property and Equipment*** - Property andequipment are stated at cost less accumulated depreciation.  Expenditures forproperty and equipment and items that substantially increase the useful livesof existing assets are capitalized at cost and depreciated.  Routineexpenditures for repairs and maintenance are expensed as incurred. Except forconstruction barges that are depreciated on the units-of-production (UOP)method over estimated barge operating days, depreciation is provided utilizingthe straight-line method over the estimated useful lives of the assets.  TheUOP method is based on vessel utilization days and more closely correlatesdepreciation expense to vessel revenue.  In addition, the UOP method providesfor a minimum depreciation floor in periods with nominal vessel use. Amortization of leasehold improvements is provided utilizing the straight-linemethod over the estimated useful lives of the assets or over the lives of theleases, whichever is shorter. 

            The periods used in determining straight-linedepreciation and amortization follow:

Marine barges, vessels and  related equipment

5

-

25 years

Machinery and equipment

5

-

18 years

Transportation equipment

3

-

10 years

Furniture and fixtures

2

-

12 years

Buildings and leasehold  improvements

3

-

40 years

            Depreciation expense of property and equipmentapproximated $37.2 million, $32.5 million, and $34.8 million for the yearsended 2005, 2004, and 2003, respectively.

***            Interest Capitalization*** - Interest costsfor the construction of certain long-term assets are capitalized and amortizedover the related assets' estimated useful lives.  For the years ended 2005,2004, and 2003, no interest was capitalized. 

***            Deferred Charges*** - Deferred chargesconsist principally of dry-docking costs which are capitalized at cost andamortized on the straight-line method, ranging between thirty and sixty months,through the date of the next scheduled dry-docking.  Amortization expenseapproximated $15.6 million, $15.1 million, and $12.4 million for the yearsended 2005, 2004, and 2003, respectively.  Accumulated amortization at December31, 2005 and 2004 was $29.7 million and $24.2 million, respectively.

***            Goodwill*** - Goodwill represents the excess of costover the fair value of net assets acquired and is tested for impairment on anannual basis or when circumstances indicate that impairment may exist.  Thecarrying amounts of goodwill as of December 31, 2005 and December 31, 2004,were approximately $37.4 million and are primarily attributable to our Latin America segment. 

***            Impairment ofLong-Lived Assets*** - SFASNo. 144, *"Accounting for the Impairment or Disposal of Long-lived Assets,"*promulgates standards for measuring and recording impairments of long-lived assets. Additionally, this standard establishes requirements for classifying an assetas held for sale, and changes existing accounting and reporting standards fordiscontinued operations and exchanges for long-lived assets.

            Long-lived assets held and used by us are reviewed forimpairment whenever events or changes in circumstances indicate that thecarrying amount of an asset may not be recoverable.  We assess therecoverability of long-lived assets by determining whether the carrying valuescan be recovered through projected cash flows and operating results over theirremaining lives.  Any impairment of the asset is recognized when it is probablethat such future undiscounted cash flows will be less than the carrying valueof the asset.  (See Note 10 for impairment provisions recorded)

***            Contracts in Progress and Revenue Recognition***- Revenues from construction contracts, are generally recognized on thepercentage-of-completion method, measured by relating the actual cost of workperformed to date to the current estimated total cost (the cost-to-cost method)of the respective contract.  Contract costs include all direct material andlabor costs and those indirect costs related to contract performance, such asindirect vessel costs (including depreciation and amortization), labor,supplies, and repairs.  During the early stages of a contract, certain costsmay be excluded from the cost-to-cost method of measuring progress, such assignificant costs for materials and major third party subcontractors, if itappears that such an exclusion would result in a more meaningful measurement ofactual contract progress and resulting periodic allocation of income. Provisions for estimated losses, if any, on uncompleted contracts are made inthe period in which such losses are determined.  Selling, general andadministrative costs are charged to expense as incurred.  We also provideservices on a day rate basis to many of our customers in both our OffshoreConstruction Division and our Global Divers and Marine Contractors Division. Revenue for such services is recognized as the services are rendered and whencollectability is reasonably assured.

            Significant changes in cost estimates due to adversemarket conditions or poor contract performance could affect estimated gross profit,possibly resulting in a contract loss.  Moreover, adjustments, if any, arereflected in income in the period when any adjustment is determined.  To theextent that an adjustment results in a reduction of previously reportedprofits, we could recognize a significant charge against current earnings toreflect the adjustment.

***            Stock-Based Compensation***- Statement of Financial Accounting Standards No. 123, "*Accounting for Stock-BasedCompensation*" ("SFAS 123") encourages, but does not require, companies torecord compensation cost for stock-based employee compensation plans at fairvalue.  We have chosen to continue to account for stock-based compensationusing the intrinsic value method prescribed in Accounting Principles BoardOpinion No. 25, "*Accounting for Stock Issued to Employees*" ("APB 25") and relatedinterpretations and have adopted the disclosure-only provisions of SFAS 123. Accordingly, compensation cost for restricted stock awards and stock options ismeasured as the excess, if any, of the quoted market price of our stock at thedate of the grant over the amount an employee must pay to acquire the stock. See Note 7.

            In December 2004, the FASB issued the revised SFAS No.123, *Share-Based Payment* ("SFAS No. 123R").  SFAS No. 123R is a revisionof SFAS No. 123 and supersedes APB 25.  SFAS No. 123R requires an entity tomeasure the cost of employee services received in exchange for an award ofequity instruments based on the grant-date fair value of the award.  That costwill be recognized over the period in which an employee is required to provideservice in exchange for the award.  SFAS No. 123R also requires an entity toinitially measure the cost of employee services rendered in exchange for anaward of liability instruments at its current fair value and to remeasure thevalue at each subsequent reporting date through the settlement date.  Changesin fair value during the required service period are to be recognized ascompensation cost over that period.  We have adopted SFAS No. 123R as of January1, 2006 and anticipate that the annual impact on our diluted earnings per sharewill be between $0.01 and $0.03 per share.

***            Pro forma Disclosure*** - In accordance withAPB 25, compensation cost has been recorded in our financial statements basedon the intrinsic value (i.e., the excess of the market price of stock to beissued over the exercise price) of restricted stock awards and shares subjectto options.  Additionally, under APB 25, our employee stock purchase plan isconsidered non-compensatory and, accordingly, no compensation cost has beenrecognized in the financial statements.  Had compensation cost for our grantsunder stock-based compensation arrangements for the years ended 2005, 2004 and2003 been determined consistent with SFAS 123, our net income (loss) and net income (loss) per share  amounts for the respective periods would approximate the followingpro forma amounts (in thousands, except per share data):
Year Ended December 31, 2005
** **

** **

**Reported**

** **

**Recognized Stock Compensation Expense**

** **

**SFAS 123 Stock Compensation Expense**

** **

**Pro forma**

** **

Net income (loss)

 $     34,758

 $                  2,027

 $                   (2,793)

 $       33,992

Net income (loss) per share

       Basic  

 $        0.31

 $                   0.02

 $                    (0.02)

 $          0.31

       Diluted  

 $        0.30

 $                   0.02

 $                    (0.03)

 $          0.29
 Year Ended December 31, 2004
** **

** **

**Reported**

** **

**Recognized Stock Compensation Expense**

** **

**SFAS 123 Stock Compensation Expense**

** **

**Pro forma**

** **

Net (loss)  income  

 $       6,522

 $                       22

 $                   (4,911)

 $         1,633

Net loss per share

      Basic

 $        0.06

 $                   0.00

 $                    (0.05)

 $          0.01

      Diluted

 $        0.06

 $                   0.00

 $                    (0.05)

 $          0.01
 Year Ended December 31, 2003
** **

** **

**Reported**

** **

**Recognized Stock Compensation Expense**

** **

**SFAS 123 Stock Compensation Expense**

** **

**Pro forma**

** **

Net (loss) income

 $    (71,126)

 $                       34

 $                   (3,565)

 $      (74,657)

Net loss per share

       Basic  

 $       (0.71)

 $                   0.00

 $                    (0.04)

 $         (0.75)

       Diluted  

 $       (0.71)

 $                   0.00

 $                    (0.04)

 $         (0.75)

            The weighted-average fair value of options grantedduring the year ended December 31, 2005 was $10.82.  The fair value of eachoption granted is estimated on the date of the grant using the Black-Scholesoption pricing model with the following assumptions:  (i) dividend yield of 0%,(ii) expected volatility of 46.59%, (iii) risk-free interest rate of 4.54%, and(iv) expected life of 6 years.

            The weighted-average fair value of options grantedduring the year ended December 31, 2004 was $5.02.  The fair value of eachoption granted is estimated on the date of grant using the Black-Scholes optionpricing model with the following assumptions:  (i) dividend yield of 0%, (ii)expected volatility of 50.15%, (iii) risk-free interest rate of 2.74%, and (iv)expected life of 5.4 years.

            The weighted-average fair value of options grantedduring the year ended December 31, 2003 was $4.28.  The fair value of eachoption granted is estimated on the date of the grant using the Black-Scholesoption pricing model with the following assumptions:  (i) dividend yield of 0%,(ii) expected volatility of 74.99%, (iii) risk-free interest rate of 3.49%, and(iv) expected life of 6.1 years.

***            Income Taxes*** - We use the liability method for determiningour income taxes, under which current and deferred tax liabilities and assetsare recorded in accordance with enacted tax laws and rates.  Under this method,the amounts of deferred tax liabilities and assets at the end of each periodare determined using the tax rate expected to be in effect when taxes areactually paid or recovered.  Future tax benefits are recognized to the extentthat realization of such benefits is more likely than not.

            Deferred incometaxes are provided for the estimated income tax effect of temporary differencesbetween financial and tax bases in assets and liabilities.  Deferred tax assetsare also provided for certain tax credit carryforwards.  A valuation allowanceto reduce deferred tax assets is established when it is more likely than notthat some portion or all of the deferred tax assets will not be realized. 

            We intend toindefinitely reinvest certain earnings of our foreign subsidiaries inoperations outside the U.S., and accordingly, we have not provided for U.S. income taxes on such earnings.  We do provide for the U.S. and additional non-U.S.taxes on earnings anticipated to be repatriated from our non-U.S. subsidiaries.

            We operate in manycountries under various legal forms.  As a result, we are subject to thejurisdiction of numerous domestic and foreign tax authorities, as well as totax agreements and treaties among these governments.  Our operations in thesedifferent jurisdictions are taxed on various bases: actual income before taxes,deemed profits (which are generally determined using a percentage of revenuesrather than profits) and withholding taxes based on revenue.  Determination oftaxable income in any jurisdiction requires the interpretation of the relatedtax laws and regulations and the use of estimates and assumptions regardingsignificant future events, such as the amount, timing, and character ofdeductions, permissible revenue recognition methods under the tax law, and thesources and character of income and tax credits.  Changes in tax laws,regulations, agreements and treaties, foreign currency exchange restriction orour level of operations or profitability in each taxing jurisdiction could havean impact upon the amount of income taxes that we provide during any givenyear.

            Our tax filings forvarious periods are subjected to audit by tax authorities in most jurisdictionswhere we conduct business.  These audits may result in assessments ofadditional taxes that are resolved with the authorities or potentially throughthe courts.  We believe that these assessments may occasionally be based onerroneous and even arbitrary interpretations of local tax law.  We havereceived tax assessments from various taxing authorities and are currently atvarying stages of appeals and/or litigation regarding these matters.  We haveprovided for the amounts we believe will ultimately result from theseproceedings.  We believe we have substantial defenses to the questions beingraised and will pursue all legal remedies should an unfavorable outcomeresult.  However, resolution of these matters involves uncertainties, and there areno assurances that the outcomes will be favorable.

***            Derivatives and Financial Instruments***- Weperiodically enter into interest rate swaps and forward currency agreements tomanage our exposure to fluctuations in interest rates and foreign currency exchangerates.  We do not use derivative financial instruments for trading purposes.  Whenwe enter into derivative agreements, we formally document the relationshipbetween our derivative positions (hedging instruments) and our specificinterest rate or foreign currency exposure (hedged items), as well as the riskmanagement strategy for the use of the hedging instrument.  Under SFAS No. 133,*"Accounting for Derivative Instruments and Hedging Activities,"*derivatives are recognized on the consolidated balance sheet at fair value andcash flows from derivative instruments are presented in net cash flow fromoperating activities.  In accordance with SFAS No. 133, any portionof the change in fair value of the derivative position, which is ineffectivewith respect to the hedging relationship, is recognizedin current period earnings.  

            The carrying value of our financial instruments,including cash, escrowed funds, receivables, advances to unconsolidatedaffiliate, accounts payable, and certain accrued liabilities approximate fairmarket value due to their short-term nature.  The fair value of our long-termdebt at December 31, 2005 and 2004 based upon available market informationapproximated $85.0 million and $89.7 million, respectively.

***            Concentration of Credit Risk*** - Ourcustomers are primarily national oil companies, major oil companies,independent oil and gas producers, and transportation companies operating inselected international areas and in the Gulf of Mexico.  We perform ongoingcredit evaluations of our customers and require posting of collateral whendeemed appropriate.  We provide allowances for possible credit losses whennecessary.

***            Use of Estimates*** - The preparation offinancial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimatesand judgments that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financialstatements and the reported amounts of revenues and expenses during the reportingperiod.  We base our estimates and judgments on historical experience and onvarious other assumptions and information that are believed to be reasonableunder the circumstances. Estimates and assumptions about future events andtheir effects cannot be perceived with certainty.  Accordingly, theseestimates may change as new events occur, as more experience is acquired, asadditional information is obtained, and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation ofthe consolidated financial statements are appropriate, actual results coulddiffer from those estimated.  Estimates are used for but are not limited todetermining the following: allowance for doubtful accounts and inventoryvaluation reserves, recoverability of long-lived assets, useful lives used indepreciation and amortization, income taxes, and related valuation allowancesand insurance, environmental, legal and pensions and postretirement benefitobligations.

***            Foreign Currency Translation*** - We havedetermined that the United States dollar is the functional currency forsubstantially all of the financial statements of our foreign subsidiaries. Current exchange rates are used to remeasure assets and liabilities, except forcertain accounts (including property and equipment, goodwill and equity) whichare remeasured using historical rates.  The translation calculation for theincome statement used average exchange rates during the period, except certainitems (including depreciation and amortization expense) for which historicalrates are used.  Any resulting remeasurement gain or loss is included in otherincome (expense).

***            Basic and Diluted Net Income (Loss) Per Share*-** Basic net income (loss) per share is computed based on theweighted-average number of common shares outstanding during the period. Diluted net income (loss) per share uses the weighted-average number of commonshares outstanding adjusted for the incremental shares attributed to dilutiveoutstanding options to purchase common stock and non-vested restricted stockawards.

***            Recent Accounting Pronouncements* -**InNovember 2004, the FASB issued SFAS No. 151, *"Inventory Costs - an Amendmentof ARB No. 43, Chapter 4*," which amends the guidance in ARB No. 43 toclarify the accounting for abnormal amounts of idle facility expense, freight,handling costs and wasted material.  SFAS No. 151 requires that these items berecognized as current period charges.  In addition, SFAS No. 151 requires theallocation of fixed production overheads to inventory based on the normalcapacity of the production facilities.  SFAS No. 151 is effective for inventorycosts incurred during fiscal years beginning after June 15, 2005.  We haveadopted SFAS No. 151 as of January 1, 2006 and do not expect that adoption ofthe standard will have a material impact on our results of operations orfinancial condition.

            In May 2005, the FASB issued SFAS No. 154,"AccountingChanges and Error Corrections" (SFAS 154), which replaces APB Opinion No. 20,"Accounting Changes" and SFAS No. 3, "Reporting Accounting Changes in InterimFinancial Statements - An Amendment of APB Opinion No. 28." SFAS 154 providesguidance on the accounting for and reporting of accounting changes and errorcorrections. It establishes retrospective application, or the latestpracticable date, as the required method for reporting a change in accountingprinciple or the reporting of a correction of an error.  SFAS 151 is effectivefor accounting changes and corrections of errors made in fiscal years beginningafter December 15, 2005. We have adopted SFAS 154 as of January 1, 2006 and donot expect that the adoption of this standard will have a material effect onour results of operations or financial condition.

***            Reclassifications*** - Certain reclassifications have beenmade to the prior period financial statements in order to conform to theclassifications adopted for reporting in 2005.
**2.         Property and Equipment**
            Property and equipment at December 31, 2005 and 2004 issummarized as follows:

**December 31,**

**2005**

** **

**2004**

**(In thousands)**

Marine barges, vessels, and  related equipment

   $    447,467

   $    450,417

Machinery and equipment

67,864

65,732

  Transportation equipment  

6,465

3,749

Furniture and  fixtures

9,848

10,522

Buildings and  leasehold improvements 

45,533

45,360

Land

6,930

6,930

Construction in progress

19,334

1,609

603,441

584,319

Less  accumulated depreciation and amortization 

(273,039)

(240,400)

Property and equipment -  net

   $    330,402

   $    343,919

** **

**3.         Financing Arrangements**

            Long-Term debt at December 31, 2005 and 2004consisted of the following:

**December 31,**

**2005**

**2004**

**(In  thousands)**

United States Government  Guaranteed Ship Financing Bonds, 2000 Series dated February 15, 2000, payable  in semi-annual principal installments of $1,980,000 with a final installment  of $1,980,000 plus interest at 7.71%, maturing February 15, 2025,  collateralized by the ***Hercules*** vessel and related equipment  with a net book value of $88.2 million at December 31, 2005.

$     77,220

$     81,180

Revolving line of credit with a  syndicate of commercial banks, interest payable at variable rates

--

--

Other obligations

--

--

Total long-term debt

77,220

81,180

Less current maturities

3,960

3,960

Long-term debt, less current  maturities

$     73,260

$     77,220

            Annual maturities of long-term debt for each of the fiveyears following December 31, 2005 and in total thereafter follow (inthousands).

2006  

$          3,960

2007  

3,960

2008

3,960

2009

3,960

2010

3,960

Thereafter

57,420

 Total

 $        77,220

            Our outstanding United States Government Guaranteed ShipFinancing Bond (Title XI bonds) mature in 2025.  The bonds carry an interestrate of 7.71% per annum and require aggregate semi-annual payments of $2.0million, plus interest.  The agreement pursuant to which the Title XI bondswere issued contains certain covenants, including the maintenance of minimumworking capital and net worth requirements, which if not met result inadditional covenants that restrict our operations and our ability to pay cashdividends.  At December 31, 2005, we were in compliance with these covenants.

            On March 14, 2005, we amended and restated ourcredit facility.  This amendment was added to improve operating flexibility andto take advantage of favorable market conditions.  The amendment (i) decreasedthe credit facility to $75.0 million from $100.0 million, (ii) provided for anadditional $50.0 million credit capacity option, if needed, upon receipt of additionalloan commitments by our existing and/or additional lenders, (iii) reduced therequirements of the minimum net worth covenant for all future periods, (iv)changed the maximum leverage ratio to include Title XI bonds, (v) added aminimum fixed charge coverable ratio, (vi) eliminated all the remainingfinancial covenants, (vii) reduced the interest rate spread applicable to theCompany's borrowings under the credit facility.  The spreads can range from0.75% to 1.75% and 1.75% to 2.75% for prime rate and LIBOR based on borrowings,respectively, based upon certain of our financial ratios, (vii) reduced thenumber of participants in the syndication from seven to three, and (viii)extended the maturity of the credit facility to March 2008 from March 2007.  Afee of $0.4 million was paid for this amendment.  

            On June 7, 2005, the credit facility was increasedto $85.0 million to provide additional credit capacity due to increased bondingrequirements and increased the number of participants in the syndication fromthree to four.  At December 31, 2005, we were in compliance with all covenantsassociated with our credit facility.  As of February 28, 2006, we had noborrowings, $72.4 million of letters of credit outstanding, and $12.6 millionof credit availability under our revolving credit facility.

***Other Indebtedness and Obligations***

            We also have a $16.0 million short-term credit facilityat one of our foreign locations which is secured by a letter of credit. Additionally, in the normal course of business, we provide guarantees andperformance, bid, and payment bonds pursuant to agreements, or in connectionwith bidding to obtain such agreements to perform construction services.  Allof these guarantees are secured by parent company guarantees.  The aggregate ofthese guarantees and bonds at December 31, 2005 was $61.0 million in suretybonds and $73.3 million in bank guarantees/letters of credit.  The surety bondsand bank guarantees/letters of credit expire between January 2006 and December2007 and January 2006 and December 2009, respectively.

**4.         IncomeTaxes**

            We have provided for income tax expense (benefit) onincome (loss) from continuing operations as follows:

**Year Ended December 31,**

**2005**

** **

**2004**
   
**2003**   **(in thousands)**                              U.S. Federal and State:                                                  Current
$   15,593

$           46
   
$   6
                                Deferred
4,258
1,307   
(1,556)                        Foreign: 
 
    
                                 Current   
7,951   6,187   7,534                                Deferred   
3,454   7,100       (7,143)                                       Total   
$   31,256

 $   14,640
   
$   (1,159)

State income taxes included aboveare not significant for any of the periods presented.

                Income (loss) from continuing operations before incometaxes consisted of the following:

**Year Ended  December 31,**

**2005**

**2004**

**2003**

**(In thousands)**

United States

   $     66,439

   $     15,678

   $    (23,896)

Foreign

(425)

5,484

(48,389)

Total

   $     66,014
   
   $     21,162
   
   $    (72,285)
              The provision (benefit)for income taxes from continuing operations varies from the U.S. Federalstatutory income tax rate due to the following:
**Year Ended  December 31,**

**2005**

**2004**

**2003**

**(In thousands)**

Taxes at U.S. Federal statutory rate of 35%

   $       23,105

   $         7,407

   $      (25,300)

Foreign tax  credit

(1,903)

(594)

--

Permanent  book to tax differences:

  Exchange and inflationary gains on foreign tax filings

2,425

1,885

385

  Disallowed deductions  

956

600

--

Interest income  on affiliate balances 

805

665

--

Other permanent differences

890

(129)

289

Foreign income taxes at different rates

6,675

7,724

10,344

Foreign net operating loss carryforward valuation allowance  

--

1,753

2,786

Foreign tax credit valuation allowance reversal

(3,004)

--

3,004

Capital loss carryforward valuation allowance      (reversal)

--

(4,337)

4,337

Net operating loss carryforward  valuation allowance

1,036

--

2,999

Other

271

(334)

(3)

Total

   $       31,256
   
   $       14,640
   
   $       (1,159)
  
            At December 31, 2005, we had available net operatingloss ("NOL") carryforwards for foreign jurisdiction purposes of approximately $52.7million, which, if not used, will expire between 2006 and 2015.  One foreignjurisdiction has an indefinite NOL carryforward period.  We believe that it ismore likely than not that all of the $13.0 million Mexico NOL carryforward and$10.2 million of the NOL carryforward in our Asia Pacific segment will beutilized prior to expiration.  A valuation allowance has been set up for theremaining foreign NOL carryforwards as currently we do not believe that theywill be utilized prior to their expiration.

            In 2003, we established a $4.3 million valuationallowance for a capital loss carryforward that was not expected to beutilized.  In 2004, this valuation allowance was reversed due to a capital gainon the sale of the ***Arapaho*** (see Note 12. Asset Sales) whichallowed the utilization of the loss carryforward. In 2003, we established a$3.0 million valuation allowance for foreign tax credit carryforwards that werenot expected to be utilized.  In 2005, this valuation allowance was reverseddue to full utilization of our U.S. net operating loss.            Deferred income taxes reflect the net tax effects oftemporary differences between the carrying amounts of assets and liabilitiesfor financial reporting purposes and the amounts used for income tax purposes. The tax effects of significant items comprising our net deferred tax balance asof December 31, 2005 and 2004 are as follows:

**December 31,**

**2005**

**2004**

**(In thousands)**

Deferred Tax Liabilities:

Excess book over tax basis of

Property and  equipment

   $    49,042

   $    61,012

Deferred charges

2,908

6,908

Accounts  receivable

1,772

--

Deferred Tax Assets:

GTM litigation accrual (not currently  deductible)

(12,219)

(12,458)

Net operating loss carryforward 

(12,939)

(29,126)

Foreign tax  credit carryforward

--

(3,598)

Capital loss  carryforward

--

--

Valuation allowance 

7,685

8,113

Accrued  liabilities

(600)

--

Allowance for  doubtful accounts

(316)

--

Other  

--

(5)

Net deferred tax liability 

   $    35,333

   $    30,846

            Our tax filings are subjected to audit by the taxauthorities in most jurisdictions where we conduct business.  These audits mayresult in assessments of additional taxes that are resolved with theauthorities or potentially through the courts.  We believe that theseassessments may occasionally be based on erroneous and even arbitraryinterpretations of local tax law.  Resolution of these situations inevitablyincludes some degree of uncertainty; accordingly, we provide taxes inaccordance with SFAS No. 5 *"Accounting for Contingencies,"* only for theamounts we believe will ultimately result from these proceedings.  We believethe $4.3 million provided for potential assessments as part of other accruedliabilities does not have a significant impact on our liquidity.  Ourexperience has been that the estimates and assumptions we have used to providefor future tax assessments have proven to be appropriate.  However, past experienceis only a guide, and the potential exists, however limited that the taxresulting from the resolution of current and potential future tax controversiesmay differ materially from the amount accrued.

**5.         EmployeeBenefits**

            We sponsor a defined contribution profit sharing and401(k) retirement plan that covers all employees who meet certain eligibilityrequirements.  Company contributions to the profit-sharing plan are made at thediscretion of the Board of Directors and may not exceed 15% of the annualcompensation of each participant.  No contributions to the profit-sharingportion of the plan were made in 2005, 2004 or 2003.

            Under the 401(k) section of the retirement plan, ourmatching contributions equaled 100% of the first $1,000 of each participatingemployee's contribution to the plan for the years of 2005, 2004 and 2003.  Matchingexpense for the 401(k) plan during the years ended 2005, 2004 and 2003 was $0.4million, $0.5 million, and $0.5 million, respectively.  Effective January 1,2006, the Company has changed the amount of its matching contributions to thegreater of (1) 100% of the first $1,000 of each participating employee'scontribution to the plan or (2) 50% of employee contributions up to 6% of grosswages.

            We have an incentive compensation plan, which rewardsemployees when our financial results meet or exceed budgets.  Incentivecompensation expense under this plan was $2.9 million in 2005.  No incentivecompensation expense was recorded in 2003 or 2004.

**6.         Commitmentsand Contingencies**

***            Leases*** - We lease real property andequipment in the normal course of business under varying operating leaseagreements.  These lease agreements, which include both non-cancelable andmonth-to-month terms, generally provide for fixed monthly rentals and forcertain of the leases renewal options. Total rent expense for the years ended2005, 2004 and 2003 was $12.1 million, $10.1 million and $12.9 million,respectively.  Included in these amounts was rental expense of $13,800,$47,000, and $47,000 for 2005, 2004, and 2003, respectively, related to realestate leases from our Chief Executive Officer.      

           We have a long-term charter of the ***Titan 2***,a 456-foot self-propelled twin-hulled derrick ship. The vessel charter paymentsare approximately $6.1 million annually.  The charter term is 120 monthsexpiring August 2013.  This charter can be canceled by us at anytime, subjectto a termination penalty of the transfer to the vessel owner of title to ourdynamic positioning ("DP") system used on the vessel.  The DP system waspurchased and installed on the ***Titan 2*** at our cost in the firstquarter of 2002 for a total cost of $8.9 million.

            In December of 2005, we entered into a long-term charterfor a newly built dive support vessel to be delivered in June 2006.  Thischarter, which includes a five-year fixed term and a one-year option, requiresmonthly payments denominated in Norwegian kroners at an annual rate ofapproximately 63.1 million kroners (or 9.3 million U.S. dollars at currentexchange rates.)  During the first quarter of 2006, we entered into a forwardcurrency agreement which will allow the Company to fulfill its Norwegian kronerobligations under the charter at predetermined exchange rates.  Under the termsof the forward currency agreement, the Company's required U.S. dollar paymentswill gradually increase from approximately $9.6 million during the first yearof the charter to $10.1 million during the last year of the fixed term of thecharter.

            Minimum rental commitments under leases having aninitial or remaining non-cancelable term in excess of one year for each of thefive years following December 31, 2005 and in total thereafter follow (inthousands):

2006 

   $    25,879

2007 

11,597

2008 

11,272

2009 

11,263

2010

11,377

Thereafter

8,447

     Total

   $    79,835

***            LegalProceedings*** - We area party in legal proceedings and potential claims arising in the ordinary courseof our business.  Management does not believe these matters will materiallyaffect our consolidated financial statements.

            In November 1999, we notified Groupe GTM (now Vinci),that as a result of material adverse changes and other breaches by Vinci, we wereno longer bound by and were terminating the Share Purchase Agreement topurchase the shares of ETPM S.A.  Vinci responded stating that they believed wewere in breach.  The Share Purchase Agreement provided for liquidated damagesof $25.0 million to be paid by a party that failed to consummate thetransaction under certain circumstances.  We notified Vinci that we did notbelieve that the liquidated damages provision was applicable to our terminationof the Share Purchase Agreement.  On December 23, 1999, we filed suit againstVinci in Tribunal de Commerce de Paris to recover damages.  On June 21, 2000,Vinci filed an answer and counterclaim against us seeking the liquidateddamages of $25.0 million and other damages, costs and expenses of approximately$3.2 million based on current exchange rates.  In November 2003, the Tribunalde Commerce de Paris ruled in favor of Vinci in the matter and awarded Vinci$25.0 million plus approximately $8.5 million in interest, exchange ratedifferential and legal fees.  As a result, although we have not yet paid thejudgment, we recorded a $33.5 million (pre-tax) provision in the fourth quarterof 2003.  We appealed this verdict in the Cour d'appel de Paris.  On April 12,2004 the Cour d'appel de Paris heard the case before three appellate judges.  Adecision was rendered in May 2005 by the Cour d'appel de Paris upholding thelower court decision.  Vinci has filed an enforcement action in the UnitedStates District Court for the Eastern District of Louisiana (civil actionnumber 05-3251).  The Company intends to defend this action by Vinci, however,the Company may be required to pay the judgment in the near future.  We havealso filed an appeal in the French Supreme Court on additional costs associatedwith the exchange rate differential. Our balance sheet at December 31, 2005includes a $34.9 million liability representing the judgment and associatedlegal fees, interest, and exchange rate differentials.  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.

            On March 19, 2004, Marathon E.G. Production Limitedfiled an arbitration with the American Arbitration Association against oursubsidiary, Global Offshore International, Ltd. seeking liquidated damages ofapproximately $12.0 million and a declaration that the pricing and scheduleadjustments claimed by our subsidiary were disallowed.  Our subsidiary hadclaimed standby and extra work and schedule extensions, which would eliminatethe liquidated damages claimed.  Marathon E.G. Production Limited and GlobalOffshore International, Ltd. entered into a settlement agreement on September30, 2005 resulting in a payment to Global of $2.8 million and elimination ofthe liquidated damages claimed. As a result of this settlement, we recorded acharge to earnings of $1.2 million in the third quarter of 2005.

            On June 30, 2005, we were notified by the Mexicanappeals court of an unfavorable decision in litigation related to an auditassessment of 1999 corporate income and value added taxes totaling $15.4million.  The assessment is related to the timing of contract revenuerecognition for Mexican tax purposes.  The assessed amount includes taxesadjusted for inflationary costs of approximately $5.4 million and penalties andinterest of approximately $10.0 million.  As a result of this decision, Globalmay file amended corporate returns for subsequent years that will result indecreased taxes for those years and offset the amount of tax assessed.  Globalis currently negotiating the amount of the taxes and interest with the Mexicantax authorities.  A reserve of $2.5 million has been established and recordedin our Latin America segment. This reserve represents management's assessmentof the most likely outcome of the dispute settlement.  

***            Construction and Purchases in Progress*** -We estimate that the cost to complete capital expenditure projects in progressat December 31, 2005 approximates $20.0 million.

***            Guarantees*** - In the normal course of ourbusiness activities, we provide guarantees and performance, bid, and paymentbonds pursuant to agreements or obtaining such agreements to performconstruction services.  The majority of these bonds expire in 2006.  All ofthese financial instruments are secured by parent guarantees.  The aggregate ofthese guarantees and bonds at December 31, 2005 was $105.4 million and expire betweenJanuary 2006 and December 2009.

***            Letters of Credit*** - In the normal courseof our business activities, we are required to provide financial letters ofcredit to secure the performance and/or payment of obligations, including thepayment of worker's compensation obligations.  Outstanding letters of credit atDecember 31, 2005 approximated $28.9 million and expire between January 2006and December 2007.

**7.         Shareholders' Equity **

***            Authorized Stock*** - We have authorized30,000,000 shares of $0.01 par value preferred stock and 150,000,000 shares of$0.01 par value common stock.

***            Treasury Stock*** - During August 1998, theBoard of Directors authorized the expenditure of up to $30.0 million topurchase shares of our outstanding common stock.  Subject to market conditions,the purchases may be affected from time to time through solicited orunsolicited transactions in the market or in privately negotiatedtransactions.  No limit was placed on the duration of the purchase program.Subject to applicable securities laws, management will make purchases basedupon market conditions and other factors.  As of December 31, 2005, we hadpurchased 3,654,500****shares since the authorization at a total cost of$24.1 million.  In 2005 and 2004, zero shares were purchased.  Under ourexisting $85.0 million revolving credit facility, stock purchases are limitedto $20.0 million per year with a cumulative maximum of $50.0 million over theterm of the agreement.  

***            Restricted Stock Awards and Stock Option Plans***- During 2005, we had three stock-based compensation plans that provide for thegranting of restricted stock, stock options, or a combination of both toofficers and employees.  Unearned stockcompensation cost for restricted stock awards and stock options is measured asthe excess, if any, of the quoted market price of our stock at the date of thegrant over the amount an employee must pay to acquire the stock and isincluded in the accompanying financial statements as a charge againstAdditional Paid-in Capital.  The unearned stock compensation is amortized overthe vesting period of the awards and amortized compensation amounted toapproximately $2.8 million, $0.7 million and $1.0 million for the years ended 2005,2004 and 2003, respectively.  The balance of Unearned Stock Compensation to beamortized in future periods was $5.5 million and $7.3 million at December 31,2005 and 2004, respectively.

            Our 1992 Restricted Stock Plan provides for awards ofshares of restricted stock to employees approved by a committee of the Board ofDirectors.  Under the plan, 712,000 shares of common stock have been reservedfor issuance.  Forfeiture restrictions on shares granted under the plan lapse33-1/3% on the third, fourth, and fifth anniversary date of grant.  During theyears ended 2005, 2004 and 2003, no awards were made under the plan.  Duringthe year ended December 31, 2005, restrictions on zero shares expired.  Thisplan was terminated in 2005.

            Our 1998 Equity Incentive Plan permits the granting ofboth stock options and restricted stock awards to employees approved by acommittee of the Board of Directors.  The plan also authorizes the ChiefExecutive Officer to grant stock options and restricted stock awards tonon-officer employees.  The maximum number of shares of common stock that maybe granted as options or as restricted stock to any one individual during anycalendar year is 10% of the number of shares authorized under the 1998 Plan,and repricing of outstanding options is prohibited without the approval of ourshareholders.  As of December 31, 2005, 7,500,000 shares of common stock havebeen reserved for issuance under the plan, of which 747,592 were available forgrant.  Forfeiture restrictions on restricted shares granted under the plan in2003 lapse 33-1/3% on the third, fourth and fifth anniversary date of the grant. Forfeiture restrictions on restricted shares granted under the plan in 2005and 2004 lapse on the third anniversary date of the grant.  During the yearended 2005, we issued 134,800 shares with a weighted average value of $11.569per share.  As of December 31, 2005, forfeiture restrictions remained on 1,066,998shares and 400,366 shares have been surrendered.  During the years ended 2004and 2003, we issued 842,500, and 11,500 restricted stock awards, respectively,with a weighted average fair value at the time of issue of $6.366 per share,and $4.654 per share, respectively. 

            The 2005 Stock Incentive Plan permits the grant ofnon-qualified stock options, incentive stock options, restricted stock,performance awards, phantom shares, stock appreciation rights, substituteawards, and other stock-based awards ("Awards") to the Company's employees,directors and consultants and to employees and consultants of its Subsidiaries,provided that incentive stock options may be granted solely to employees.  Amaximum of 5,500,000 shares of common stock may be delivered pursuant to Awardsunder the Stock Incentive Plan, provided that no more than 60% of such sharesmay be delivered in payment of restricted stock or phantom share awards.  As ofDecember 31, 2005, no awards were issued from this plan.

            During 2005 and 2004, the Company granted to keyexecutives 42,000 and 1,088,000 restricted shares, respectively, upon whichvesting is contingent upon certain Company performance-based measurementcriteria.  The performance periods end on December 31, 2007.  At that time, thenumber of shares on which the forfeiture restrictions will lapse will bedetermined based upon the Company's return on capital and total shareholderreturn for the performance period compared to the peer group.  Each performancetest is calculated separately and contributes equally to the number of sharesthat vest.  The executives will vest between 0% and 50% for each of the twocriteria.

            The following table showsthe changes in options outstanding under all plans for the years ended 2005,2004 and 2003:

**Option Price at Grant Date**

**At 85% of Market**

**At or Above Market**

**Shares**

**Weighted Avg. Price**

**Shares**

**Weighted Avg. Price**

Outstanding on January 1,  2003

524,600

4.148

7,633,684

9.983

Granted

--

--

442,000

4.282

Surrendered  

(25,596)

5.710

(941,634)

10.366

Exercised  

(239,104)

1.551

(204,191)

2.575

Outstanding  on December 31, 2003 

259,900

   $    5.780

6,929,859

   $    9.784

Granted

--

--

5,500

5.020

Surrendered

(7,800)

6.512

(757,688)

10.673

Exercised

(88,730)

3.450

(346,211)

3.250

Outstanding on December 31,  2004

163,370

   $    7.046

5,831,460

   $  10.046

Granted

--

--

18,000

10.818

Surrendered

--

--

(634,150)

13.825

Exercised

(82,300)

5.864

(837,330)

7.063

Outstanding  on December 31, 2005 

81,070

   $    8.247

4,377,980

   $  10.072

Exercisable  at December 31, 2005 

81,070

   $    8.247

3,596,290

   $  10.671

There were 4.2 million shares exercisable at December 31, 2004 and 2003.

            The followingtable summarizes information about stock options outstanding at December 31, 2005:

**OPTIONS OUTSTANDING**

**OPTIONS EXERCISABLE**

**Range of  Exercise Prices**

**Number  Outstanding**

**Weighted    Average  Remaining  Contractual  Life (Years)**

**Weighted  Average  Exercise Price**

**Number  Exercisable**

**Weighted  Average  Exercise Price**

      $3.61  -       5.30

289,600

7.7

    $       4.34

117,400

    $      4.38

        5.43  -       8.11

595,800

3.8

6.79

522,210

6.87

        8.23  -     12.06

2,826,550

4.9

9.79

2,347,350

10.03

      12.38  -     18.25

472,800

4.2

14.13

416,100

14.11

      19.94  -     20.19

274,300

1.7

20.19

274,300

20.19

      $3.61  -     20.19

4,459,050

4.7

    $     10.14

3,677,360

    $    10.62

***            Non-Employee Director Compensation******Plan***- Effective August 5, 2003, the Board of Directors terminated the GlobalIndustries, Ltd. Non-Employee Directors' Compensation Plan and adopted acompensation policy whereby each non-employee director must receive $35,000 ofhis or her annual retainer in the form of a restricted stock award with a oneyear forfeiture period to be issued under our 1998 Equity Incentive Plan.  Eachdirector may elect to receive the remainder of his or her retainer and anymeeting fees or other compensation in cash or in the form of a restricted stockaward.  The number of shares awarded is based upon the closing price of thestock on the date immediately preceding the date the compensation is due.  Theforfeiture restrictions automatically renew on the earlier of the date of theAnnual Shareholders' Meeting or June 1 of each year, unless prior to December31 of the preceding year, the director elects not to have his restrictionsautomatically renew.  During the year ended December 31, 2005, an aggregate of51,690 restricted shares were issued to directors under the new compensationpolicy.  

***            1995 Employee Stock Purchase Plan*** - TheGlobal Industries, Ltd. 1995 Employee Stock Purchase Plan ("Purchase Plan")provides a method for substantially all employees to voluntarily purchase amaximum of 2,400,000 shares of our common stock at favorable terms.  Under thePurchase Plan, eligible employees may authorize payroll deductions that areused at the end of the Option Period to acquire shares of common stock at 85%of the fair market value on the first or last day of the Option Period,whichever is lower.  In August 1997, shareholders approved an amendment to theplan whereby the plan has a twelve-month and a six-month Option Period in eachyear.  In October 1998, the Board of Directors further amended the plan effectiveDecember 31, 1998, to, among other items, change the twelve-month Option Periodto begin January 1 of each year and the six-month Option Period to begin July 1of each year.  For the year ended December 31, 2005, 98 employees purchased 94,961shares at a weighted average cost of $8.322 per share.  For the year endedDecember 31, 2004, 82 employees purchased 120,898 shares at a weighted averagecost of $4.393 per share.  For the year ended December 31, 2003, 134 employeespurchased 167,873 shares at a weighted average cost of $3.655 per share. Underthe terms of the plan, the 1995 Employee Stock Purchase Plan expired onDecember 31, 2005.

***            Basic and Diluted Net Income (Loss) Per Share FromContinuing Operations*** - The following table presents the reconciliationbetween basic shares and diluted shares (in thousands, except per share data):

** **

**Net  Income**

**(Loss)**

** **

**Weighted-Average Shares**

** **

**Income (Loss) Per Share**

** **

**Basic**

** **

**Incremental**

** **

**Diluted**

** **

**Basic**

** **

**Diluted**

Year ended 2005  

 $     34,758

113,959

1,113

115,072

    $    0.31

    $    0.30

Year  ended 2004

6,522

108,746

790

109,536

0.06

0.06

Year  ended 2003

(71,126)

100,743

--

100,743

(0.71)

(0.71)

            During the years ended 2005, 2004 and 2003, 2.0 million,4.9 million and 6.7 million shares, respectively, were excluded from thecomputation of diluted EPS because the effect of their inclusion isantidilutive.

**8.         IndustrySegment and Geographic Information**

            Weoperate primarily in the offshore oil and gas construction industry.  We haveused a combination of factors to identify our reportable segments as requiredby Statement of Financial Accounting Standards No. 131, *"Disclosures aboutSegments of an Enterprise and Related**Information"* ("SFAS 131"). The overriding determination of our segments is based on how the chiefoperating decision-maker of our company evaluates our results of operations. The underlying factors include types of service and type of assets used toperform such services, operational management, physical locations, degree ofintegration, and underlying economic characteristics of the various types ofwork we perform. 

            We haveconformed all periods presented for changes in our operating managementstructure that became effective June 2004.  We still conduct our operationsthrough two divisions, Offshore Construction Division (OCD) and Global Diversand Marine Contractors (GDMC). However, GDMC's Asia Pacific segment has beencombined into OCD's Asia Pacific segment, and our Gulf of Mexico shallow waterpipelay has been removed from GDMC's Gulf of Mexico segment and combined withOCD's Gulf of Mexico segment.  OCD now 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.  As a result of our decision to sell our Liftboat Division, our GDMCGulf of Mexico segment has been restated for the years ended 2004 and 2003 toreflect the reclassification of the Liftboat Division as discontinuedoperations.  We have identified nine reportable segments as required by SFAS131.

            The Offshore Construction Division principally performs servicesusing our construction barges, including pipelay and derrick services.  Many ofour services are integrated, and thus, are performed for other of our segments,typically at rates charged to external customers.

            The following tables show information about the profitor loss and assets of each of our reportable segments for the years ended 2005,2004, and 2003.  The information contains certain allocations of corporateexpenses that we deem reasonable and appropriate for the evaluation of resultsof operations.  Segment assets do not include intersegment receivable balancesas we feel that such inclusion would be misleading or not meaningful.  Segmentassets are determined by where they are situated at period-end.  Because weoffer an integrated range of services, some assets are used by more than onesegment.  However, we feel that allocating the value of those assets amongsegments is impractical.

 
**Year Ended December 31,**

**2005**

** **

**2004**

** **

**2003**

**(In thousands)**

**Total segment revenues:**

** **

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico

$    160,591   
$       65,076 6
$   135,249
West Africa

30,360
   7,469
100,039
Latin America

255,784238,986
19,046
Asia Pacific

132,25876,702
95,159
Middle East

36,25129,600
72,842
Subtotal

$      615,2444

$     417,833
$     422,335
Global Divers and Marine Contractors

Gulf of Mexico  

$        64,9433

$      38,1699

$        33,2899

West Africa

1,909
6177

8,6020

Latin America

21,909
13,8544
1,303
Middle East

46,140
24,9133
19,200
Subtotal

134,9011

77,5533
62,394
Total

$      750,1455

$      495,3866

$      484,7299

**Intersegment eliminations:**

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico

$                -   
$          4,7777

               $           909   

Asia Pacific  

5666

----

--

Subtotal

$             5665

$          4,7777

$            909 5

** **

** **

** **

** **

** **

** **

Global Divers and Marine Contractors

Gulf of Mexico

$        29,8803

$          9,0869

$        10,6299

West Africa

1,909
6177

8,6020

Latin America

21,909
13,8544
1,093
Middle East

7,266
3,7213
4,467
Subtotal

60,9641

27,2783
24,791
Total

$        61,5305

$        32 0556

$      25,7009

**Total segment revenues from external  customers**

$      688,6155

$      463,3316

$      459,0299

** **

**Year Ended December 31,**

** **

**2005**

**2004**

**2003**

** **

**(In thousands)**

**Interest expense:**

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico

$            536      
$      1,3379

$          3,848      
West Africa

672

1,8557

1,475
Latin America

3,379
6,6814

3,002
Asia Pacific

4,012
3,0183

2,928
Middle East

610
9233

510
Subtotal

$          9,2094

$      13,8146

$         11,7634

** **

** **

** **

** **

** **

** **

Global Divers and Marine Contractors

Gulf of Mexico

$        2523

$      2219

$        5403

West Africa

--
--7

--
Latin America  

--
--4

--
Middle East  

156
423

41
Subtotal  

4081

2633

5811

Total

$      9,6175

$      14,0776

$      12,3445

**Depreciation and amortization:**

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico  

$    12,674   
$      17,9319

$    15,805
West Africa  

3,618

3,1927

6,146

Latin America  

7,070
4,3904

5,612
Asia Pacific  

19,607
10,6873

11,384
Middle East

1,255
3,4863

942
Subtotal

$      44,2244

$     39,6866

$      39,8894
                  
Global Divers and Marine Contractors

Gulf of Mexico  

$        2,4543

$  2,498   ,

$        2,2783

West Africa  

--
(55)7

15
Latin America

5
--4

--
Middle East

616
3463

253
Subtotal

3,0751

2,7893

2,5461

Total

$      47,2995

$      42,4756

$      42,4355

** **

** **

** **

** **

** **
**Income (loss) before income taxes:**
Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of  Mexico(1)(2)  

$      41,541   
       $      13,214 4

$    (2,203)   
West Africa(3)(4)

(12,003)
(22,655)

(26,405)

Latin America(5)  

(3,548)
26,430

(16,720)
Asia Pacific  

(3,350)
(2,010)

(829)
Middle East(6)  

4,889
(5,716)

2,440
Subtotal

$        27,5294

       $        9,2634

$      (43,717)4

Global Divers and Marine Contractors

Gulf of Mexico  

$      24,107   
       $    4,613 4

$   1,072   
West Africa

724
(94)

1,906

Latin America

4,9855

3,641
(337)
Middle East

9,659      

4,086
3,022
Subtotal

39,4755

12,246
5,6631

  Other  

(990)))

  (347)4

(34,231)5

Total  

       $     66,014 4

       $     21,162    

       $    (72,285)4

** **

**Year Ended December 31,**

** **

**2005**

**2004**

**2003**

** **

**(In thousands)**

**Segment assets at  period-end:**

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico

$          191,052    
$     211,5289

$         230,395   
West Africa

63,211

54,1037

83,098
Latin America

181,298
126,6214

76,876
Asia Pacific

228,088
118,3773

129,657
Middle East

12,712
41,5463

40,114
Subtotal

$          676,3614

$      552,1756

$         560,1404

** **

** **

** **

** **

** **

** **

Global Divers and Marine Contractors

Gulf of Mexico

$        32,0223

$     18,1049

$       41,5453

West Africa

--
--7

--
Latin America  

--
--4

--
Middle East  

21,207
5,1543

3,605
Subtotal  

53,2291

23,2583

45,1501

Total

$     729,5905

$      575,4336

$      605,2905
                  
**Expenditures  for long-lived assets****:**

Offshore  Construction Division

** **

** **

** **

** **

** **

Gulf of Mexico  

$         391   
$         6839

$    8,764
West Africa  

1,433

1217

1,689

Latin America  

554
6794

174
Asia Pacific  

10,209
2933

1,536
Middle East

442
3743

96
Subtotal

$      13,0294

$      2,1506

$      12,2594
                  
Global Divers and Marine Contractors

Gulf of Mexico  

$        4,9793

$    1,054   ,

$           5883

West Africa  

16
637

--
Latin America

--
--4

--
Middle East

1,068
793

--
Subtotal

$        6,0633

$      1,196  ,

$           5883

Total

$      19,0925

$      3,3466

$      12,8475

** **

** **

** **

** **

** **

(1)           Includes a gain of approximately $16.8million in 2004 from the sale of one construction vessel.(2)           Includes an impairment charge of $3.0 millionin 2004.(3)           Includes a charge ofapproximately $10.8 million in 2004 related to an adverse legal judgment.(4)           Includes an impairment charge of $2.5 millionin 2004.(5)           Includes a gain of approximately $5.6 millionin 2003 from the sale of two construction vessels.(6)           Includes an impairment charge of $1.3 millionin 2004.

            The following table reconciles the reportable segments'revenues, income (loss) before income taxes, assets, and other items presentedabove, to our consolidated totals.

Year Ended December  31,
200520042003
(In thousands)
   
Revenues
   
Total for  reportable segments
     $    750,145     $    495,386     $    484,729
Elimination  of intersegment revenues
(61,530)(32,055)(25,700)
Total  consolidated revenues
     $    688,615     $    463,331     $    459,029   
Income (loss) before income  taxes
   
Total for  reportable segments
     $      67,004     $      21,509     $    (38,054)
Unallocated corp. (expenses) income 
(990)(347)(34,231)
Total consolidated  income (loss) before tax
     $      66,014     $      21,162     $    (72,285)   
Segment assets at period end
   
Total for  reportable segments
     $    729,590     $    575,433     $    605,290
Corporate  assets
127,724167,80715,541
Total  consolidated assets
     $    857,314     $    743,240     $    620,831   
Other items:
   
Interest Expense
   
Total for  reportable segments
     $       9,617     $      14,077     $      12,344
Unallocated  (over allocated) corp. interest expense
575720(910)
Total  consolidated interest expense
     $      10,192     $      14,797     $      11,434   
Depreciation and amortization
   
Total for  reportable segments
     $      47,299     $      42,475     $      42,435
Unallocated  corporation depreciation
5,5255,1124,807
Total  consolidated depreciation and amortization
     $      52,824     $      47,587     $      47,242   
Expenditures for long-lived  assets
   
Total for  reportable segments
     $      19,092     $       3,346     $      12,847
Corporate  expenditures
7,5211,1352,710
Total  consolidated expenditures
     $      26,613     $       4,481     $      15,557
            The following table presents our revenues from externalcustomers attributed to operations in the United States and foreign areas andlong-lived assets in the United States and foreign areas.

Year Ended December  31,
200520042003
(In thousands)

Revenues from external  customers
   
United States
     $    139,418     $      84,319     $    144,155
Foreign areas
549,197379,012314,874     $    688,615     $    463,331     $    459,029   
Long lived assets at period end
   
United States
     $    117,600     $    192,906     $    207,334
Foreign areas
212,802151,013172,755     $    330,402         $    343,919         $    380,089    
**9.         MajorCustomers**

            Sales to various customers for 2005, 2004 and 2003 thatamount to 10% or more of our revenues, follows:

**Year Ended  December 31,**

**2005**

**2004**

**2003**

** **

** **

**(In thousands)**

**Amount**

** **

**%**

**Amount**

** **

**%**

**Amount**

** **

**%**

Customer A 

     245,598

36%

     238,986

52%

              --

--

Customer B

       78,363

11%

              --

--

              --

--

Customer C

              --

--

              --

--

       69,547

14%

            Sales to Customer A were reported by our OCD LatinAmerica segment.  Sales to Customer B were reported by our OCD Asia Pacific segment. Sales to Customer C were reported by our OCD Middle East segment.  Ouraccounts receivable balances as of December 31, 2005 and 2004 included $46.8million and $21.8 million, respectively, which was due from Customer A.
**10.       Losses on AssetImpairment**
            In the fourth quarter of 2004, due to future trendinformation that became available and recent events regarding some of ourgeographic locations and assets, we examined each asset extensively todetermine expected profitability and utilization.  Each asset was analyzed andvalued using either third party appraisals, comparable vessel sales, andprobability weighted undiscounted cash flow analysis.  In conjunction with theanalysis, we recorded a pretax non-cash impairment charge of $7.2 millionrelating to certain of our marine assets and a support facility.  The assetswere valued at their respective fair market values.
*Pretax non-cash charge by segment (in thousands):** *Asset DescriptionAmount (000's)
**Offshore Construction  Division**

** **

** **

Gulf of Mexico

Portion of 1 facility

   $               3,011

West Africa

1 Construction Barge

                   2,506

Latin America

1 Launch Barge

                        99

Asia Pacific

--

                         --

Middle East

1 Launch Barge

                   1,289

Subtotal

                   6,905

**Global Divers and Marine  Contractors**

--

                         --

**Other**

Other

                      268

Total

   $               7,173

**11.    Discontinued Operations**- The Liftboat Division was historically included in our GDMC Gulf of Mexicosegment.  In accordance with SFAS No. 144, *"Accounting for theImpairment or Disposal of Long-Lived Assets,"*the Liftboat Division's results ofoperations, financial position and cash flows have been reflected in theconsolidated financial statements and notes as a discontinued operation for allperiods presented.  In September, 2004, we entered into a definitive assetpurchase agreement with Mercury Offshore Assets, LLC ("Mercury").  We completedthe sales transaction with Mercury in October 2004 and recognized a gain on thesale of approximately $29.7 million within discontinued operations in thefourth quarter of 2004.

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

Year Ended December  31,

2005

 

2004

 

2003

(In thousands)

Revenues
  $        --  $     20,347   $  29,689
Income before income taxes(1)
 --    29,335     4,303
Income tax expense  
--    13,425    1,506
Net income from discontinued operations
  $        --  $     15,910   $    2,797
(1)                   Includes a gain of $29.7 millionin 2004 from the gain on the sale of the Liftboat Division.

Year Ended December  31,
200520042003
(In thousands)

Supplemental  Cash Flow Information
   
Cash Flows  From Operating Activities:
   
Net income from discontinued operations 
  $        --  $     15,910   $    2,797
Adjustments to  reconcile net income to net cash 
   
provided by  operating activities:
     
Depreciation and  amortization
--        6,362    7,120
Gain on sale of assets
--    (29,666) --
Losses on asset  impairment
-- -- --
Net cash (used  in) provided by discontinued
   
Operations
--    (7,394)9,917   
Cash Flows  From Investing Activities:
   
Proceeds from  sale of assets
--  $     53,583   $         --
Additions to property and equipment
--          (123)   (439)
Additions to deferred charges
--      (4,572) (4,921)
Net cash  provided by (used in) discontinued operations 
  $            --  $     48,888   $ (5,360)
**12.       Asset Sales** - Inthe second quarter of 2005, we recorded a $1.9 million gain on the dispositionof a cargo barge in our OCD Middle East segment.  In the third quarter of 2005,we recorded a $2.7 million gain on the sale of two dive support vessels in ourOCD Asia Pacific segment.  In the third quarter of 2004, we sold the derrickbarge, ***Arapaho***, and recorded a gain, in our OCD Gulf of Mexicosegment, of approximately $16.8 million and sold our Lafayette, Louisiana property and recorded a gain, in our Other segment, of $1.2 million.

**13.       SupplementalDisclosures of Cash Flow Information**

            Supplemental cash flow information for 2005, 2004, and2003 are as follows:

Year Ended December  31,
200520042003
(In thousands)

Cash paid for:
   
Interest, net  of amount capitalized
     $       9,282     $      14,235     $      11,079
Income taxes
     8,286       3,608         (614)
Other Non-Cash Transactions:

            During 2005, 2004, and 2003 the tax effect of theexercise of stock options resulted in an increase in additional paid-in capitaland reductions to income taxes payable of $0.8 million, $0.3 million, and $0.0million, respectively.

**14.       InterimFinancial Information From Continuing Operations (Unaudited)**

The following is a summary of consolidated interimfinancial information for 2005 and 2004:

**First  Quarter**

** **

**Second  Quarter**

**Third  Quarter**

**Fourth  Quarter**

**Total  Year**

** **

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

**2005**

Revenues.

 $     137,256

 $     209,359

 $     168,043

 $     173,957

 $       688,615

Gross profit

24,297

37,534

25,554

29,462

116,847

(Loss) income from continuing 

operations per share 

7,496

12,353

4,833

10,076

34,758

Net (loss) income 

7,496

12,353

4,833

10,076

34,758

Net (loss) income from continuing  

operations per share 

Basic

 $          0.07

 $          0.11

 $          0.04

 $          0.09

 $            0.31

Diluted

 $          0.07

 $          0.11

 $          0.04

 $          0.09

 $            0.30

Net (loss) income per  share 

Basic

 $          0.07

 $          0.11

 $          0.04

 $          0.09

 $            0.31

Diluted

 $          0.07

 $          0.11

 $          0.04

 $          0.09

 $            0.30

** **

**First  Quarter**

** **

**Second  Quarter**

**Third  Quarter**

**Fourth  Quarter**

**Total  Year**

** **

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

**2004**

                 

Revenues

 $       79,392

 $       82,335

 $     130,389

 $     171,215

 $     463,331

Gross profit

3,189

893

17,220

43,154

64,456

(Loss) income from continuing 

operations (1) (2)

(7,378)

(9,541)

18,026

5,415

6,522

Net income (loss) (1) (2)

(8,338)

(9,632)

18,880

21,522

22,432

Net income (loss) from  continuing 

operations per share (1) (2)

Basic  

 $         (0.07)

 $         (0.09)

 $          0.16

 $          0.05

 $          0.06

Diluted

 $         (0.07)

 $         (0.09)

 $          0.16

 $          0.05

 $          0.06

Net (loss) income per  share (1) (2)

Basic

 $         (0.08)

 $         (0.09)

 $          0.17

 $          0.19

 $          0.21

Diluted

 $         (0.08)

 $         (0.09)

 $          0.17

 $          0.19

 $          0.20

(1)    Includes a pre-tax gain ofapproximately $16.8 million and $1.2 million in the third quarter from the saleof one construction vessel and one facility, respectively.(2)   Includes a pre-tax impairmentcharge of $7.2 million in the fourth quarter.
**ITEM 9.          CHANGESIN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE**
            None
ITEM 9A.       CONTROLS ANDPROCEDURES
**Evaluation ofDisclosure Controls and Procedures**

            Our management has established and maintains a system ofdisclosure controls and procedures to ensure that information required to bedisclosed by the issuer in the reports that it files or submits under the Act (15U.S.C. 78a et seq.) is recorded, processed, summarized and reported, within thetime periods specified in the Commission's rules and forms.  Disclosurecontrols and procedures include, without limitation, controls and proceduresdesigned to ensure that information required to be disclosed by an issuer inthe reports that it files or submits under the Act is accumulated andcommunicated to the issuer's management, including its principal executive andprincipal financial officers, or persons performing similar functions, asappropriate to allow timely decisions regarding required disclosure.  As ofDecember 31, 2005, our management, including our principal executive officerand principal financial officer, conducted an evaluation of our disclosurecontrols and procedures.  Based on this evaluation, our principal executiveofficer and our principal financial officer concluded that our disclosurecontrols and procedures as of December 31, 2005 are effective in ensuring thatthe material information required to be disclosed by us in reports filed underthe Exchange Act is recorded, processed, summarized and reported within thetime periods specified in the rules and forms of the SEC.

**Design and Evaluation ofInternal Control Over Financial Reporting**

            Pursuant to Section 404 of the Sarbanes-Oxley Act of2002, our management included a report of their assessment of the design andeffectiveness of our internal controls as part of this Annual Report on Form10-K for the fiscal year ended December 31, 2005.  Our management's assessmentof the effectiveness of our internal control over financial reporting as ofDecember 31, 2005 has been audited by Deloitte & Touche LLP, an independentregistered public accounting firm, as stated in their report which is includedherein.  Management's report and the independent registered public accountingfirm's attestation report are included in Item 8 under the captions entitled"Management's Report on Internal Control Over Financial Reporting" and "Reportof Independent Registered Public Accounting Firm" and are incorporated hereinby reference. 

**Changes in Internal ControlOver Financial Reporting**

            There has been no change in our internal control overfinancial reporting during the quarter ended December 31, 2005 that hasmaterially affected, or is reasonably likely to materially affect, our internalcontrol over financial reporting. 

**ITEM 9B.       OTHERINFORMATION**

**           Non-Employee Director Compensation Policy**

**           **All non-employee directors of the Company that were elected in 2005 receiveda retainer of $70,000 for the election cycle of which at least $35,000 wasin the form of restricted stock, the forfeiture restrictions on which terminatedone year after grant.  Each of the non-employee directors also receives a$1,500 meeting fee for each Board or committee meeting attended in person($2,500 in the case of the Audit Committee meetings) and a $750 fee for eachtelephonic meeting attended ($1,200 in the case of the Audit Committeemeetings).  In addition, the chairman of each Board committee and the leaddirector, who holds the position for a full-year, is entitled to receive a$7,500 stipend ($15,000 in the case of the Audit Committee Chairman). Non-Employee directors are entitled to be reimbursed for ordinary and necessaryexpenses incurred in attending Board or committee meetings.

           Recently the Compensation Committee of the Board of Directors amended thenon-employee directors' compensation policy.  Beginning upontheir election at the 2006 Annual Meeting of Shareholders in May 2006, allnon-employee directors will be entitled to receive an annual cash retainer of$50,000 for each election cycle, and 10,000 shares of restricted stock grantedon the date of their election.  Based on the closing price of the Company'scommon stock on February 13, 2006, the day the Compensation Committee approvedthe new policy, the value of 10,000 shares was $123,800.  The actual valueof the restricted stock granted to non-employee directors will depend on the valueof the Company's common stock on the date of grant in May.  The forfeiturerestrictions  on the non-employee director restricted stock awards willlapse on the earlier of the date of the 2007 annual shareholders' meeting orJune 1, 2007.  Under the revised policy, the chairman of each Boardcommittee and the lead director, who holds the position for a full electioncycle will be entitled to receive a $7,500 stipend ($15,000 in the case of theAudit Committee Chairman).  No meeting fees will be paid under the revisedcompensation policy but non-employee directors will be entitled to reimbursementfor ordinary and necessary expenses incurred in attending Board or committeemeeting.  In connection with adoption of the revised non-employee directorcompensation policy, the Board adopted a director stock ownership policy thatrequires each director to own shares of common stock of the Company valued atfive times the annual cash retainer paid to non-employee directors.  Underthe policy directors will be permitted to sell any shares they hold that exceedsuch ownership requirement.  Directors will have three years to attain therequired level of stock ownership.

**PART III**
ITEM 10.        DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
            The information required by this Item is incorporated byreference to our definitive Proxy Statement to be filed pursuant to Regulation14A under the Securities Exchange Act of 1934 in connection with our 2006Annual Meeting of Shareholders.  See also "Item (Unnumbered) ExecutiveOfficers of the Registrant" appearing in Part I of this Annual Report.
ITEM 11.        EXECUTIVE COMPENSATION
            The information required by the Item is incorporated byreference to our definitive Proxy Statement to be filed pursuant to Regulation14A under the Securities Exchange Act of 1934 in connection with our 2006Annual Meeting of Shareholders.
ITEM 12.        SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS ANDMANAGEMENT AND RELATED SHAREHOLDER MATTERS
            The information required by this Item is incorporated byreference to our definitive Proxy Statement to be filed pursuant to Regulation14A under the Securities Exchange Act of 1934 in connection with our 2006Annual Meeting of Shareholders.  For a description of certain information aboutcompensation plans, see Item 5 of this Annual Report.
ITEM 13.        CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
            The information required by this Item is incorporated byreference to our definitive Proxy Statement to be filed pursuant to Regulation14A under the Securities Exchange Act of 1934 in connection with our 2006Annual Meeting of Shareholders.
ITEM 14.        PRINCIPAL ACCOUNTANT FEES AND SERVICES
            The information required by this Item is incorporated byreference to our definitive Proxy Statement to be filed pursuant to Regulation14A under the Securities Exchange Act of 1934 in connection with our 2006Annual Meeting of Shareholders.

**PART IV**
ITEM 15.        EXHIBITS ANDFINANCIAL STATEMENT SCHEDULES
(a)

1.

Financial Statements.

Included in Part II of this report.

Independent Auditors' Report.

Consolidated Balance Sheets as  of December 31, 2005 and 2004

Consolidated  Statements of Operations for the years ended December 31, 2005, 2004, and 2003.

Consolidated  Statements of Shareholders' Equity for the years ended December 31, 2005,  2004, and 2003.

Consolidated  Statements of Cash Flows for the years ended December 31, 2005, 2004, and  2003.

Consolidated  Statements of Comprehensive Income (Loss) for the years ended December 31, 2005,  2004, and 2003.

Notes to Consolidated  Financial Statements.

2.

Financial Statement Schedules.

The following financial statement schedule is  included:

Schedule II - Valuation and Qualifying Accounts.

All other financial  statement schedules are omitted because the information is not required or  because the information required is in the financial statements or notes  thereto.

3.

Exhibits.

Pursuant to  Item 601(B)(4)(iii), the Registrant agrees to forward to the Commission, upon  request, a copy of any instrument with respect to long-term debt not  exceeding 10% of the total assets of the Registrant and its consolidated  subsidiaries.

The  following exhibits are filed as part of this Annual Report:

3.1

-

Amended and Restated Articles of Incorporation  of Registrant as amended, incorporated by reference to Exhibits 3.1 and 3.3  to the Form S-1 Registration Statement filed by the Registrant (Reg. No  33-56600).

3.2

-

Bylaws of Registrant, incorporated by reference to Exhibit 3.2 to the  Form S-1 filed by Registrant (Reg. No. 33‐56600).

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

-

Global Industries, Ltd. 1992 Stock Option Plan, incorporated by  reference to Exhibit 10.1 to the Form S-1 filed by Registrant (Reg. No. 33‐56600).

10.2

Global Industries, Ltd. Profit Sharing and Retirement Plan, as  amended, incorporated by reference to Exhibit 10.2 to the Form S-1 filed by  Registrant (Reg. No. 33-56600).

10.3

-

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).

10.4

-

Lease Extension and Amendment Agreement dated January 1, 1996, between  Global Industries, Ltd. and William J. Doré relating to the Lafayette office  and adjacent land, incorporated by reference to Exhibit 10.7 to the  Registrant's Annual Report on Form 10-K for the fiscal year ended March 31,  1996.

10.5

-

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).

10.6

-

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).

10.7

-

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).

10.8

-

Global Industries, Ltd. Restricted Stock Plan, incorporated by  reference to Exhibit 10.25 to the Form S-1 filed by Registrant (Reg. No. 33‐56600).

10.9

-

Second Amendment to the Global Industries, Ltd. Profit Sharing Plan,  incorporated by reference to Exhibit 10.19 to the Registrant's Registration  Statement on Form S-1 (Reg. No. 33-81322).

10.10

-

Global Industries, Ltd. 1995 Employee Stock Purchase Plan,  incorporated by reference to Exhibit 10.20 to the Registrant's Annual Report  on Form 10-K for the fiscal year ended March 31, 1995.

10.11

-

Trust Indenture relating to United States Government Guaranteed Ship  Financing Obligations between Global Industries, Ltd., shipowner, and  Hibernia National Bank, Indenture Trustee, dated as of September 27, 1994,  incorporated by reference to Exhibit 10.22 to the Registrant's Annual Report  on Form 10-K for the fiscal year ended March 31, 1995.

10.12

-

Amendment to Global Industries, Ltd. 1992 Stock Option Plan,  incorporated by reference to Exhibit 10.23 to the Registrant's Annual Report  on Form 10-K for the fiscal year ended March 31, 1996.

10.13

-

Amendment to Global Industries, Ltd. 1992 Stock Option Plan,  incorporated by reference to Exhibit 10.23 to the Registrant's Annual Report  on Form 10-K for the fiscal year ended March 31, 1996.

10.14

-

Trust Indenture relating to United States Government Guaranteed Ship  Financing Obligations between Global Industries, Ltd., shipowner, and First  National Bank of Commerce, Indenture Trustee, dated as of August 15, 1996,  incorporated by reference to Exhibit 10.21 to the Registrant's Annual Report  on Form 10-K for the fiscal year ended March 31, 1997.

10.15

-

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.

10.16

-

1996 Amendment to Global Industries, Ltd. 1995 Employee Stock Purchase  Plan, incorporated by reference to Exhibit 10.26 to the Registrant's Annual  Report on Form 10-K for the fiscal year ended March 31, 1997.

10.17

-

Amendment Assignment and Assumption of Authorization Agreement  relating to United States Government Ship Financing obligations between Global  Industries, Ltd., shipowner, and First National Bank of Commerce, Indenture  Trustee, dated as of October 23, 1996, incorporated by reference to Exhibit  10.27 to the Registrant's Annual Report on Form 10-K for the fiscal year  ended March 31, 1997.

10.18

-

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.

10.19

-

Facilities Agreement (related to Carlyss Facility) by and between the  Registrant and Lake Charles Harbor and Terminal District dated as of November  1, 1997, incorporated by reference to Exhibit 10.2 to Registrant's Quarterly  Report on Form 10-Q for the quarter ended December 31, 1997.

10.20

-

Ground Lease and Lease-Back Agreement (related to Carlyss Facility) by  and between the Registrant and Lake Charles Harbor and Terminal District  dated as of November 1, 1997, incorporated by reference to Exhibit 10.3 to  Registrant's Quarterly Report on Form 10-Q for the quarter ended December 31,  1997.

10.21

-

Pledge and Security Agreement (related to Carlyss Facility) by and  between Registrant and Bank One, Louisiana, National Association, dated as of  November 1, 1997, incorporated by reference to Exhibit 10.5 to Registrant's  Quarterly Report on Form 10-Q for the quarter ended December 31, 1997.

10.22

-

Global Industries, Ltd. Non-Employee Directors Compensation Plan,  incorporated by reference to Exhibit 4.1 to Registrant's Registration  Statement on Form S-8 (Reg. No. 333-69949).

10.23

-

Share Purchase Agreement between Global Industries, Ltd. and ETPM,  S.A., incorporated by reference to Exhibit 2.1 to Registrants' Quarterly  Report on Form 10-Q for the quarterly period ended June 30, 1999.

10.24

-

Trust Indenture relating to United States Government Guaranteed Ship  Financing Obligations between Global Industries, Ltd., shipowner, 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.

10.25

-

Asset Acquisition  Agreement by and between Global Industries, Ltd. and Oceaneering  International, Inc. dated as of September 30, 2000, incorporated by reference  to Exhibit 10.2 to Registrant's Quarterly Report on Form 10-Q for the quarter  ended September 30, 2000.

10.26

-

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.

10.27

-

Severance Agreement dated  February 22, 1995 between Global Industries, Ltd. and James J. Doré,  incorporated by reference to Exhibit 10.2 to Registrant's Quarterly Report  for the quarter ended March 31, 2001.

10.28

-

Second Amended and Restated Credit Agreement dated April 30, 2002  among Global Industries, Ltd. Offshore Mexico, S. DE R.L. DE C.V., the  Lenders and Bank One, NA, as administrative agent for the Lenders,  incorporated by reference to Exhibit 10.1 to Registrant's Quarterly Report  for the quarter ended March 31, 2002.

10.29

-

Credit Agreement Amendment dated January 10, 2003 among Global  Industries, Ltd. Offshore Mexico, S. DE R.L. DE C.V., the Lenders and Bank  One, NA, as administrative agent for the Lenders, incorporated by reference  to Exhibit 10.37 to registrants Annual Report on Form 10K for the year ended  December 31, 2002.

10.30

-

$48,000,000 Revolving B termination letter dated February 7, 2003 from  Global Industries, Ltd. to Bank One, N.A., incorporated by reference to  Exhibit 10.38 to registrants Annual Report on Form 10K for the year ended  December 31, 2002.

10.31

-

Amendment No. 3 and Consent date June 30, 2003 among Global  Industries, Ltd., and Global Offshore Mexico, S. DE R.L. DE C.V., the Lenders  and Bank One, NA, as administrative agent for the Lenders, incorporated by  reference to Exhibit 10.1 to Registrant's Quarterly Report for the quarter  ended June 30, 2003.

10.32

-

Credit Agreement Amendment dated December 29, 2003 among Global  Industries, Ltd. Offshore Mexico, S. DE R.L. DE C.V., the Lenders and Bank  One, NA, as administrative agent for the Lenders.

10.33

-

Credit Agreement dated March 9, 2004 among Global Industries, Ltd. and  Global Offshore Mexico, S. DE R.L. DE C.V., the Lenders and Credit Lyonnais  New York Branch as administrative agent for the Lenders.

10.34

-

Consent and Waiver dated  August 3, 2004 by Global Industries, Ltd., and Global Offshore Mexico, S. de  R.L. de C.V., the Lenders to the Credit Agreement and Calyon New York Branch,  as administrative agent for the Lender).

10.35

-

Amended and restated credit  agreement dated August 6, 2004 among Global Industries, Ltd., Global Offshore  Mexico, S. de R.L. de C.V., the Lenders to the Credit Agreement and Calyon  New York Branch, as administrative agent for the Lender).

10.36

-

Asset Purchase Agreement  dated September 2, 2004 by and between Mercury Offshore Assets, LLC and  Global Industries, Ltd. (incorporated by reference to Exhibit 2.1 to Form 8-K  filed September 8, 2004).

10.37

-

Act of Cash Sale dated  September 22, 2004 by and between Global Movible Offshore, LLC and Doré  Partners, Ltd. (incorporated by reference to Exhibit 10.1 to Form 8-K filed  September 30, 2004).

10.38

-

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).

10.39

-

Credit Agreement Amendment  dated September 30, 2004 among Global Industries, Ltd. and Global Offshore  Mexico, S. DE R.L. DE C.V., the Lenders and Calyon New York Branch as  administrative agent for the lenders.

10.40

-

Global Industries, Ltd. 2005  Management Incentive Plan. (incorporated by reference to Exhibit 10.40 to  registrant's Annual Report on Form 10-K for the year ended December 31,  2004).

10.41

-

Amended and Restated Credit  Agreement Amendment dated March 14, 2005 among Global Industries, Ltd. and  Global Offshore Mexico, S. DE R.L. DE C.V., the Lenders and Calyon New York  Branch as administrative agent for the lenders. (incorporated by reference to  Exhibit 10.41 to registrant's Annual Report on Form 10-K for the year ended  December 31, 2004).

10.42

-

Global Industries, Ltd. 2005  Stock Incentive Plan. (incorporated by reference to Exhibit 10.42 to  registrant's Annual Report on Form 10-K for the year ended December 31,  2004).

10.43

-

Lease Agreement dated November  10, 2005 between the Company and Mr. William J. Doré to an office building,  warehouse, and land located in Lafayette, Louisiana. (incorporated by  reference to Exhibit 10.1 to registrant's Quarterly Report on Form 10-Q for  the quarter ended September 30, 2005).

10.44

-

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).

10.45
-
Letter Agreement between the  Company and Peter S. Atkinson dated November 16, 2005. (incorporated by  reference to Exhibit 10.1 of registrant's Form 8-K filed November 22, 2005).

10.46
-
Amendment No. 1 to Agreement between  the Company and Timothy W. Miciotto dated June 9, 2005. (incorporated by  reference to Exhibit 10.2 of registrant's Form 8-K filed November 22, 2005).

10.47
-
Resignation and Release  Agreement dated December 5, 2005. (incorporated by reference to Exhibit 10.1  of registrant's Form 8-K filed December 8, 2005).

*21.1

-

Subsidiaries of the Registrant.

*23.1

-

Consent of Deloitte & Touche LLP.

*31.1

-

Section 302 Certification of William J. Doré.

*31.2

-

Section 302 Certification of Peter S. Atkinson.

*32.1

-

Section 906 Certification of William J. Doré.

*32.2

-

Section 906 Certification of Peter S. Atkinson.

_______________

                * Included with this filing.                

**Global Industries, Ltd.Schedule II Valuation and Qualifying AccountsFor the Years Ended December 31, 2005, 2004, and2003(In thousands)**

** **

**Description**

** **

**Balance at  Beginning of  Period**

** **

**Additions**

** **

**Deductions**

** **

**Balance at  End of Period**

** **

** **

**Charged to  Costs and  Expenses**

** **

**Charged to Other  Accounts**

** **

Year ended December 31,  2005

Allowances for doubtful  accounts

   $      9,456

   $    6,327

   $         --

   $    8,026

   $    7,757

Year ended December 31,  2004

Allowances for doubtful  accounts

   $    11,043

   $  17,739

   $         --

   $  19,326(1)

   $    9,456

Year ended December 31,  2003

Allowances for doubtful  accounts

   $      7,167

   $  14,067

   $         --

   $  10,191

   $  11,043

            (1)  Amount representswrite-offs of accounts receivable balances that were fully reserved.
****
**SIGNATURES**

Pursuant to the requirements of Section 13 or 15 (d) ofthe Securities Exchange Act of 1934, the registrant has duly caused this reportto be signed on its behalf by the undersigned, thereunto duly authorized.

GLOBAL INDUSTRIES, LTD.
   
By:         /S/                PETER S. ATKINSON

Peter S. Atkinson

Chief Financial Officer

(Principal Financial and Accounting Officer)

March16, 2006

Pursuant to the requirements of the Securities ExchangeAct of 1934, this report has been signed below by the following persons onbehalf of the registrant and in the capacities and on the dates indicated.

/s/    WILLIAM J. DORÉ                         William J. Doré

Chairman of the Board,  Chief Executive Officer  and Director

March  16, 2006

 

/s/    PETER S. ATKINSON                   Peter S. Atkinson

President, and Chief Financial  Officer (Principal Financial and Accounting Officer)

March  16, 2006

 

/s/    JOHN A. CLERICO                       John A. Clerico

Director

March  16, 2006

 

/s/    JAMES C. DAY                             James C. Day

Director

March  16, 2006

 

/s/    EDWARD P. DJEREJIAN             Edward P. Djerejian

Director

March  16, 2006

 

/s/    LARRY E. FARMER                Larry E. Farmer

Director

March  16, 2006

 

/s/    EDGAR G. HOTARD                     Edgar G. Hotard

Director

March  16, 2006

 

/s/    RICHARD A. PATTAROZZI           Richard A. Pattarozzi

Director

March  16, 2006

 

/s/    JAMES L. PAYNE                        James L. Payne

Director

March  16, 2006

 

/s/    MICHAEL J. POLLOCK                Michael J. Pollock

Director

March  16, 2006

 

/s/    LUIS K. TELLEZ                           Luis K. Tellez

Director

March 16,  2006 |
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