Global Industries 8K , LTD. Announces Results for the 4THQUARTER and Year End 2007 | SEC 22 Feb 08

Exhibit 99.1


		For Immediate Release
PRESS RELEASE		Contact: James Gallagher
		Tel: 281.529.7979
022108.02

GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS
FOR THE 4^THQUARTER AND YEAR END 2007

Carlyss, Louisiana, February 21, 2008 — Global Industries, Ltd. (Nasdaq: GLBL) announced revenues of $263.0 million for the fourth quarter of 2007 compared to $304.1 million in the fourth quarter of 2006. Net income was $32.9 million, or $0.28 per diluted share, for the fourth quarter of 2007 compared to $54.9 million, or $0.47 per diluted share, in the fourth quarter of 2006.

Revenues were $1.0 billion in fiscal year 2007 compared to $1.2 billion in fiscal year 2006. Gross profit was $272.7 million in fiscal year 2007 compared to $347.8 million in fiscal year 2006. Net income was $160.0 million in fiscal year 2007 compared to $199.7 in fiscal year 2006.

The decline in year-over-year results primarily arises from 2006 activities not continuing into 2007: post-hurricane construction work in the US Gulf of Mexico, two large Mexican projects and a $13.7 million pre-tax reduction in a litigation provision.

Higher revenues and income before taxes for the quarter and fiscal year ended December 31, 2007, resulting from the increased demand for our services in the Middle East, were more than offset by the non-availability of vessels in Asia Pacific and the delayed start up of a Nigerian project due to logistical and security issues. Income before taxes for the quarter and fiscal year ended December 31, 2007 also benefited from increased interest income on higher cash and cash equivalent balances.

Selling, general and administrative expenses for the quarter and fiscal year ended December 31, 2007 increased as we incurred additional administrative costs (approximately $6.0 million during the year) and incurred higher legal fees ($4.4 million during the year with respect to the previously disclosed internal investigation in West Africa), as we strengthened our systems and tools for future growth. During 2007, we added new or expanded offices and increased our presence in Brazil, West Africa, Saudi Arabia, U.A.E. and Singapore.

Net income for the quarter and fiscal year ended December 31, 2007 benefited from favorable tax settlements and a 5% decrease in our annual effective tax rate to 25.2%, resulting in a cumulative catch-up during the quarter.

During the fourth quarter of 2007, we booked $281.6 million of new work. Our record backlog of $713.6 million at December 31, 2007 represents a 56% increase over our backlog of $457.9 million at December 31, 2006.

During 2007 we committed approximately $300 million to implement our strategic initiatives and growth strategy of which approximately $61.8 million was spent on capital projects in 2007.

B.K. Chin, Chief Executive Officer of Global Industries, stated, “I am pleased with the overall financial results for the fourth quarter and year end 2007, especially the outstanding performance from Latin America, Middle East, and US Gulf of Mexico Subsea. I am also encouraged by our high backlog level, bidding activity and growth opportunities in all of the regions in which we participate. We are making good progress in the implementation of our growth strategy, and our visibility for 2008 and beyond continues to improve as we achieve high customer satisfaction”.

A conference call will be held at 9:00 a.m. Central Standard Time on February 21, 2008. Anyone wishing to listen to the conference call may dial 888.455.8368 (domestic) or 210.839.8890 (international) and request connection to the “Global Fourth Quarter Earnings” call. Phone lines will open fifteen minutes prior to the start of the call. The call will also be webcast in real time on the Company’s website atwww.globalind.com, where it will also be archived for anytime reference until March 6, 2008.

All individuals listening to the conference call or the replay are reminded that all conference call material is copyrighted by Global and cannot be recorded or rebroadcast without Global’s express written consent.

Global Industries, Ltd. provides offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, SURF installation, IRM, and diving to the oil and gas industry worldwide. The Company’s shares are traded on The NASDAQ Global Select Market under the symbol “GLBL.”

This press release may contain forward-looking information based on current information and expectations of the Company that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: industry conditions, prices of crude oil and natural gas, the Company’s ability to obtain and the timing of new projects, and changes in competitive factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual outcomes could vary materially from those indicated.


	Set forth are the Company’s results of operations and selected
	balance sheet amounts for the periods indicated
	Unaudited
	(in thousands, except earnings per share)
	Quarter Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Revenues	$	263,028		$	304,086		$	992,513		$	1,234,849
Cost of operations		214,712			210,345			719,768			887,003

Gross profit		48,316			93,741			272,745			347,846
Loss on asset impairments		141			4,446			141			8,931
Reduction in litigation provision		—			—			—			(13,699	)
Net gain on asset disposal		(2,903	)		(3,270	)		(4,220	)		(6,395	)
Selling, general and administrative expenses		22,498			22,543			81,275			71,109

Operating income		28,580			70,022			195,549			287,900

Other expense (income):
Interest expense		4,948			2,919			13,439			10,787
Other, net		(9,599	)		(4,861	)		(31,792	)		(8,874	)

Income before taxes		33,231			71,964			213,902			285,987
Income taxes		331			17,035			53,942			86,242

Net income	$	32,900		$	54,929		$	159,960		$	199,745


Earnings Per Common Share
Basic	$	0.29		$	0.47		$	1.38		$	1.73
Diluted		0.28			0.47			1.36			1.70

Weighted Average Common Shares Outstanding
Basic		115,044			116,186			116,137			115,632
Diluted		116,634			117,659			117,819			117,307

Other Data
Depreciation and amortization	$	16,658		$	17,915		$	61,839		$	66,363
Backlog at December 31, 2007 and 2006								713,555			457,856


	As of December 31,
	2007		2006
Selected Balance Sheet Amounts
Cash and cash equivalents	$	723,450	$	352,178
Working capital (including cash)		843,017		460,126
Total assets		1,589,798		1,070,997
Debt (including current portion)		394,300		73,260
Shareholders’ equity		853,592		725,565


	Set forth are the Company’s results of operations
	for the periods indicated
	Unaudited
	(in thousands)
	Quarter Ended						Twelve Months Ended
	December 31						December 31
Reportable Segments	2007			2006⁽¹⁾			2007⁽¹⁾			2006⁽¹⁾
Total segment revenues
Gulf of Mexico OCD	$	26,403		$	41,023		$	106,478		$	189,778
Gulf of Mexico Subsea		32,683			35,334			150,407			152,169
Latin America		52,730			130,847			226,999			500,324
West Africa		30,775			55,672			184,651			191,363
Middle East		101,362			1,183			186,317			2,699
Asia Pacific/India		24,253			41,750			181,187			235,320

		268,206			305,809			1,036,039			1,271,653


Intersegment eliminations
Gulf of Mexico OCD		—			(1,457	)		(7,726	)		(10,792	)
Gulf of Mexico Subsea		(4,356	)		(266	)		(17,867	)		(24,794	)
Latin America		(322	)		—			(322	)		(1,218	)
West Africa		—			—			—			—
Middle East		(500	)		—			(17,466	)		—
Asia Pacific/India		—			—			(145	)		—

		(5,178	)		(1,723	)		(43,526	)		(36,804	)


Consolidated revenues	$	263,028		$	304,086		$	992,513		$	1,234,849


Income (loss) before taxes
Gulf of Mexico OCD	$	2,517		$	10,805		$	12,631		$	48,494
Gulf of Mexico Subsea		11,454			13,302			59,849			59,415
Latin America		22,503			54,093			97,604			131,993
West Africa		(10,095	)		503			(14,952	)		25,605
Middle East		14,541			(257	)		29,568			(4,125	)
Asia Pacific/India		(13,719	)		(5,943	)		11,473			13,405
Corporate litigation provision		—			—			—			13,699
Corporate interest income (expense)		6,030			(539	)		17,729			(2,499	)


Consolidated income before taxes	$	33,231		$	71,964		$	213,902		$	285,987


(1)		Financial information in the above table reflects reorganized reportable segments which were aligned to the Company’s growth strategy and renewed focus on diving and underwater services (“subsea services”). This reorganization principally consisted of a geographical shift of India operations from the Middle East to Asia Pacific/India and corporate interest income is no longer allocated to the reportable segments.

Global Industries Inactive 8-KGlobal Industries, LTD. Announces Results for the 4THQUARTER and Year End 2007