Global Industries 8-K Results of Operations and Financial Condition

Reportable Segments

	Set forth are the Company’s results of operation
	for the periods indicated
	(In thousands)
	Three Months Ended September 30						Nine Months Ended September 30
		2007			2006			2007			2006
Reportable Segments(1)
Total segment revenues
Gulf of Mexico OCD	$	32,037		$	51,868		$	80,075		$	148,756
Gulf of Mexico Subsea		45,620			46,416			117,724			116,927
Latin America		39,404			163,009			174,269			369,477
West Africa		44,626			46,348			153,876			135,691
Middle East		41,530			630			84,955			1,516
Asia Pacific/India		8,977			19,374			156,934			193,569
Subtotal		212,194			327,645			767,833			965,936
Intersegment eliminations
Gulf of Mexico OCD		—			(2,311	)		(7,726	)		(9,335	)
Gulf of Mexico Subsea		(8,225	)		(8,469	)		(13,511	)		(24,620	)
Latin America		—			—			—			(1,218	)
Middle East		(401	)		—			(16,966	)		—
Asia Pacific/India		(32	)		—			(145	)		—
Subtotal		(8,658	)		(10,780	)		(38,348	)		(35,173	)
Consolidated revenues		203,536			316,865			729,485			930,763
Income (loss) before taxes
Gulf of Mexico OCD		4,888			15,490			10,115			37,631
Gulf of Mexico Subsea		21,974			25,978			48,395			46,088
Latin America		10,282			49,762			75,101			77,734
West Africa		2,924			5,620			(4,857	)		25,126
Middle East		2,489			(486	)		15,027			(3,961	)
Asia Pacific/India		(6,145	)		(8,378	)		25,192			19,232
Corporate (litigation provision)		—			—			—			13,699
Corporate net interest income (expense)		6,729			1,448			11,698			(1,526	)
Consolidated income before taxes	$	43,141		$	89,434		$	180,671		$	214,023

(1) On July 1, 2007, the Company reorganized its reportable segments to align them with the Company’s growth strategy and renewed focus on diving and underwater services (“subsea services”). This reorganization principally consisted of (i) a geographical shift of India operations from the Middle East segment to the Asia Pacific segment and (ii) corporate interest income and expense no longer being allocated to the reportable segments.