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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT: MICHAEL J. POLLOCK
(318) 989-0000
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GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS FOR THIRD QUARTER OF FISCAL 1997.
LAFAYETTE, LOUISIANA, (January 27, 1997). Global Industries, Ltd. (Nasdaq:
GLBL) reported net income of $8.1 million, or $0.20 per share, for the third
fiscal quarter ended December 31, 1996. This represents an 88% increase over
the same quarter a year earlier, when Global reported net income of $4.3
million, or $0.11 per share, adjusted for the two-for-one common stock splits
effected in January and August 1996. Net income for the nine months ended
December 31, 1996, was $27.2 million, or $0.69 per share, a 64% increase over
the $16.6 million, or $0.43 per share, for the same period a year earlier.
Contract revenues for the third quarter totaled $56.8 million, an increase of
75% when compared with $32.4 million for the same quarter a year earlier. For
the nine month period ended December 31, 1996 contract revenues increased 64%
to $179.5 million from $109.6 million for the same period a year earlier.
Overall operating activity, measured by barge, liftboat DSV and diver days, was
higher when compared to the same quarter and nine month periods a year earlier.
Chairman and CEO Mr. William J. Dore said, "The results of our current quarter
reflect very active domestic and West Africa markets. Domestic diving,
liftboats, and coastal pipeline operations continued to be busy throughout the
quarter, and our assets in West Africa continued to have high utilization."
Mr. Dore added, "During the quarter several important events occurred -- we
completed the acquisition of a 49% ownership interest in CCC Fabricaciones y
Construcciones, S.A. de C.V. ("CCC"), a leading provider of offshore
construction services in Mexico, as well as the acquisition of substantially
all of the assets of Divcon International Pty. Ltd., a diving and ROV services
company headquartered in Perth, Australia with operations in Australia,
Malaysia, Indonesia, Singapore, Brunei and other areas of Southesast Asia.
Concurrent with the acquisition of the ownership interest in CCC, we also
acquired one large pipelay and derrick barge, the DB-21 located in West Africa,
an option to purchase the DB-15, another large pipelay and derrick barge
currently under charter to CCC, and other assets. In addition, the PIONEER and
the first of two new 200 class liftboats completed sea trials and began
operations, and the HERCULES entered drydock to begin an upgrade which will add
dynamic positioning and pipelay capability."
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Global Industries, Ltd. Press Release
January 27, 1997
Global Industries, Ltd., whose shares are traded on the NASDAQ National Market
System under the symbol "GLBL," provides construction services, including
pipeline construction, platform installation and removal, and diving services,
primarily to the offshore oil and gas industry.
STATISTICS - Global Industries, Ltd. (GLBL)
(Unaudited, in thousands, except per share data and days)
1996 1995
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Quarter ended December 31,
Contract revenues $ 56,776 $ 32,431
Operating income $ 11,247 $ 6,414
Net income $ 8,072 $ 4,275
Average shares (a) 39,634 38,676
Net income per share (a) $ 0.20 $ 0.11
Barge days 486 337
Liftboat and DSV days 1,351 1,204
Diver days 4,410 3,372
Nine Months ended December 31,
Contract revenues $ 179,539 $ 109,588
Operating income $ 38,820 $ 24,876
Net income $ 27,232 $ 16,603
Average shares (a) 39,516 38,418
Net income per share (a) $ 0.69 $ 0.43
Barge days 1,393 951
Liftboat and DSV days 4,023 3,280
Diver days 12,900 8,791
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(a) After giving effect to the two-for-one common stock splits effected
in January 1996 and August 1996.
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