UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): October 11, 2002
____________________
GLOBAL INDUSTRIES, LTD.
(Exact name of registrant as specified in its charter)
Louisiana 2-56600 72-1212563
(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation or Number) Identification No.)
organization)
8000 Global Drive 70665
P.O. Box 442, Sulphur, LA 70664-0442
(Address of principal (Zip code)
executive offices)
Registrant's telephone number, including area code: (337) 583-5000
__________________________________________________________________________
Item 9. REGULATION FD DISCLOSURE
On October 11, 2002, Global Industries, Ltd. issued a press
release revising its annual earnings guidance and setting a date
for the third quarter earnings release and conference call, a
copy of which is attached as Exhibit 99.1 and incorporated herein
by reference.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS.
99.1-Press Release dated October 11, 2002.
__________________________________________________________________________
SIGNATURES
__________
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
GLOBAL INDUSTRIES, LTD.
By: /s/ TIMOTHY W. MICIOTTO
______________________________
Timothy W. Miciotto
Senior Vice President/
Chief Financial Officer
Dated: October 14, 2002
EXHIBIT INDEX
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
_______ ___________________
99.1 Press Release dated October 11, 2002
__________________________________________________________________________
EXHIBIT 99.1
[GLOBAL INDUSTRIES, LTD. LOGO]
FOR IMMEDIATE RELEASE
PRESS RELEASE CONTACT: WILLIAM J. DORE', JR.
________________________________________________________
Global Industries Revises Annual Earnings Guidance and Sets Date
for Third Quarter Earnings Release and Conference Call
Carlyss, Louisiana, (October 11, 2002) Global Industries, Ltd.
(Nasdaq: GLBL) announced that it anticipates that it will report
net income of $0.05 per share for the quarter ended September 30,
2002. In addition, Global now anticipates that its net income
for the fiscal year ended 2002 will be in the range of $0.10 to
$0.15 per share. These results are lower than previously
anticipated and are due to the following: lower activity levels
and competitive pricing in our domestic operations coupled with
inclement weather downtime, lower than anticipated margins on
certain fixed price projects and contract award delays.
William J. Dore', Global's Chairman and Chief Executive Officer
stated: "While our earnings for 2002 have improved from 2001, I
am disappointed that we will not meet or exceed our targets. Our
current operating environment has been difficult, however, we
still have been able to sustain positive earnings. Bid activity
remains strong and we are anticipating a much-improved fiscal
2003."
Global announced that it will release third quarter earnings
after the close of the market on October 29, 2002. A conference
call will be held at 9:00 a.m. Central Standard Time on
Wednesday, October 30, 2002. Anyone wishing to listen to the
conference call should dial (800) 288-9626 or (612) 332-0636 and
ask for the "Global Industries Third Quarter Earnings" call.
Phone lines will open ten minutes prior to the start of the call.
The call will also be webcast in real-time on the Company's web
site at www.globalind.com, where it will also be archived for
anytime reference until November 14, 2002.
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 with Global's
express written consent.
Global Industries provides pipeline construction, platform
installation and removal, diving services, and other marine
support to the oil and gas industry in the Gulf of Mexico, West
Africa, Asia pacific, Middle East/India, South America, and
Mexico's Bay of Campeche. The Company's shares are traded on the
NASDAQ National Market System under the symbol "GLBL".
This press release contains 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. Additional factors are included
in the Company's 10-K. 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.
For more information, contact Investor Relations, Global
Industries, Ltd., 5151 San Felipe, Suite 900, Houston, Texas
77056. Tel (713) 479-7979 or www.globalind.com.