Global Industries 8-K Global Industries, LTD. Announces Results

Exhibit 99.1

	For Immediate Release
PRESS RELEASE	Contact: Investor Relations
	Tel: 281.529.7979
022509.06

GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS

FOR THE FOURTH QUARTER AND YEAR END 2008

Carlyss, Louisiana, February 25, 2009 — Global Industries, Ltd. (Nasdaq: GLBL) announced revenues of $250.4 million for the fourth quarter of 2008 compared to $263.0 million in the fourth quarter of 2007. Net loss was $27.9 million, or $0.25 per diluted share, for the fourth quarter of 2008. This compares to net income of $32.9 million, or $0.28 per diluted share, in the fourth quarter of 2007.

Revenues were $1.07 billion in fiscal year 2008 compared to $992.5 million in fiscal year 2007. Net loss was $117.4 million, or $1.03 per diluted share, in fiscal year 2008. This compares to net income of $160.0 million, or $1.36 per diluted share, in fiscal year 2007.

Commenting on the fourth quarter results, Chairman and Chief Executive Officer John A. Clerico stated, “Our recovery plan is underway at Global. During the fourth quarter, we took actions to reduce costs, conserve our cash and increase our project order backlog to $519.6 million. These actions produced positive impact during the quarter and will continue to do so in future quarters. However, the impact of these actions was more than offset during the quarter by idle vessel costs resulting from a decline in project revenues in North America OCD, West Africa and the Middle East together with added costs to complete the Camarupim project in Brazil caused by weather, mechanical downtime and the provision for anticipated additional costs as a result of future schedule delays.”

Clerico continued, “We have re-dedicated ourselves to winning business, increasing our project order backlog and executing projects well for our customers. Our plan for this year is to scale our costs to match a realistic forecast of our revenues. Despite the risks and uncertainties we face, we are confident that our recovery plan will restore Global to profitability and growth.”

Selling, general and administrative expenses of $21.9 million for the fourth quarter of 2008 decreased by $0.6 million over the same quarter last year, primarily due to company-wide cost control activities.

Interest income of $1.8 million for the fourth quarter of 2008 decreased by $6.9 million over the same quarter last year primarily due to decreased cash balances and lower interest rates.

The provision of $17.2 million income taxes expense on loss before taxes of $(10.7) million for the 2008 fourth quarter was primarily due to losses that could not be tax effected and lower margins in tax jurisdictions with a deemed profit tax regime where tax is calculated as a percentage of revenue.

During the fourth quarter of 2008, the Company booked $372.9 million of net new work resulting in a backlog of $519.6 million as of December 31, 2008.

A conference call will be held at 9:00 a.m. Central Standard Time on February 26, 2009. Anyone wishing to listen to the conference call may dial 888-677-0183 (domestic) or 1-773-756-0451 (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 at www.globalind.com, where it will also be archived for anytime reference until March 13, 2009.

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. is a leading offshore solutions provider of offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, 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 for the periods indicated.

	(In thousands, except earnings per share)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2008			2007			2008			2007
Results of Operations
Revenues	$	250,429		$	263,028		$	1,070,988		$	992,513
Cost of operations		237,330			214,712			1,084,581			719,768
Gross profit (loss)		13,099			48,316			(13,593	)		272,745
Loss (gain) on asset disposals and impairments		1,228			(2,762	)		856			(4,079	)
Selling, general and administrative expenses		21,925			22,498			95,364			81,275
Operating income (loss)		(10,054	)		28,580			(109,813	)		195,549
Interest income		1,768			8,706			14,477			27,966
Interest expense		(3,650	)		(4,948	)		(13,624	)		(13,439	)
Other income (expense), net		1,225			893			(641	)		3,826
Income (loss) before taxes		(10,711	)		33,231			(109,601	)		213,902
Income taxes		17,213			331			7,760			53,942
Net income (loss)	$	(27,924	)	$	32,900		$	(117,361	)	$	159,960
Earnings (Loss) Per Common Share
Basic	$	(0.25	)	$	0.29		$	(1.03	)	$	1.38
Diluted	$	(0.25	)	$	0.28		$	(1.03	)	$	1.36
Weighted Average Common Shares Outstanding
Basic		112,190			115,044			113,647			116,137
Diluted		112,190			116,634			113,647			117,819
Other Data
Depreciation and amortization	$	16,228		$	16,658		$	64,348		$	61,839
Backlog at End of Period							$	519,652		$	713,555

     Set forth are the Company’s results of operations by reportable segment for the periods indicated.

RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
(In thousands)

	Three Months Ended						Twelve Months Ended
	December 31						December 31
	2008			2007			2008			2007
Total segment revenues
North America OCD	$	22,697		$	26,403		$	81,137		$	106,478
North America Subsea		42,983			32,683			146,105			150,407
Latin America		81,715			52,730			266,974			226,999
West Africa		12,213			30,775			152,877			184,651
Middle East		49,438			101,362			237,523			186,317
Asia Pacific/India		51,133			24,253			223,450			181,187
Subtotal		260,179			268,206			1,108,066			1,036,039
Intersegment eliminations
North America OCD		—			—			—			(7,726	)
North America Subsea		(7,526	)		(4,356	)		(30,713	)		(17,867	)
Latin America		(650	)		(322	)		(2,724	)		(322	)
Middle East		(1,574	)		(500	)		(3,641	)		(17,466	)
Asia Pacific/India		—			—			—			(145	)
Subtotal		(9,750	)		(5,178	)		(37,078	)		(43,526	)
Consolidated revenues	$	250,429		$	263,028		$	1,070,988		$	992,513
Income (loss) before taxes
North America OCD	$	(3,803	)	$	2,517		$	(17,748	)	$	12,631
North America Subsea		3,365			11,454			7,377			59,849
Latin America		684			22,503			(17,938	)		97,604
West Africa		(16,271	)		(10,095	)		(42,035	)		(14,952	)
Middle East		(3,178	)		14,541			(81,633	)		29,568
Asia Pacific/India		9,654			(13,719	)		40,923			11,473
Corporate		(1,162	)		6,030			1,453			17,729
Consolidated income (loss) before taxes	$	(10,711	)	$	33,231		$	(109,601	)	$	213,902

CONSOLIDATED BALANCE SHEETS
(in thousands)

	December 31,
	2008			2007
ASSETS
Current Assets
Cash and cash equivalents	$	287,669		$	723,450
Restricted cash		94,516			1,121
Marketable securities		—			99,935
Accounts receivable — net of allowance of $12,070 for 2008 and $1,278 for 2007		180,018			167,469
Unbilled work on uncompleted contracts		86,011			106,716
Contract costs incurred not yet recognized		11,982			10,821
Deferred income taxes		7,223			3,827
Assets held for sale		2,181			1,002
Prepaid expenses and other		44,585			27,875
Total current assets		714,185			1,142,216
Property and Equipment, net		593,522			349,549
Other Assets
Marketable securities — long-term		42,375			—
Accounts receivable — long-term		22,246			9,315
Deferred charges, net		72,370			43,045
Goodwill		37,388			37,388
Other		3,508			8,285
Total other assets		177,887			98,033
Total	$	1,485,594		$	1,589,798
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current maturities of long term debt	$	3,960		$	3,960
Accounts payable		207,239			169,034
Employee-related liabilities		26,113			28,366
Income taxes payable		38,649			39,683
Accrued interest payable		5,613			5,827
Advance billings on uncompleted contracts		4,609			36,691
Accrued anticipated contract losses		35,055			—
Other accrued liabilities		12,053			15,638
Total current liabilities		333,291			299,199
Long-Term Debt		386,380			390,340
Deferred Income Taxes		28,941			35,617
Other Liabilities		13,266			11,050
Commitments and Contingencies		—			—
Shareholders’ Equity
Common stock, $0.01 par value, 150,000 authorized, and 119,650 and 118,001 shares issued at December 31, 2008 and 2007, respectively		1,197			1,180
Additional paid-in capital		441,105			418,366
Retained earnings		397,845			515,206
Treasury stock at cost, 6,130 in 2008 and 2,904 in 2007		(105,038	)		(77,257	)
Accumulated other comprehensive loss		(11,393	)		(3,903	)
Total shareholders’ equity		723,716			853,592
Total	$	1,485,594		$	1,589,798

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