(Exact name of registrant as specified in its charter)

Revenues for the nine months ended September 30, 2004 decreased $109.1 million, or 27%, to $292.1 million from the same period last year. Gross profit was $21.2 million, an improvement of $4.1 million compared to last year. Income from continuing operations, net of taxes, was $1.1 million, an improvement of $17.3 million. Diluted earnings per share from continuing operations were $0.01 compared to a diluted loss per share of $0.16 for the same period last year. Earnings per diluted share from discontinued operations  were ($0.00) compared to $0.03 for the same period last year.

On November 2, 2004, Global was notified by the International Arbitration Tribunal of an adverse judgment regarding a legal dispute with one of its customers related to offshore pipeline work  performed in West Africa in 2003.  As a result of the arbitration judgment, Global must repay approximately $9.2 million to its customer and write-off a $1.6 million related accounts receivable balance.  This decision reduced revenues and income from continuing operations, net of taxes, for the third quarter and nine months ended September 30, 2004 by $10.8 million.

The adverse judgment has caused an event of default under the Company's revolving and long-term debt arrangements.  We have notified our bank syndication of this event and are actively seeking a waiver/amendment, which we expect to be granted.

On September 2, 2004, Global announced its plans to sell its Liftboat Division. As a result, the Company's Liftboat Division's third quarter and nine months ended September 30, 2004 and 2003 operating results have been reclassified as discontinued operations. Global closed the sale of the Liftboat Division in October 2004 for $53.5 million and will recognize a gain on the sale of approximately $29.5 million within its discontinued operations in the fourth quarter of 2004.

Mr. William J. Dore', Global's Chairman and Chief Executive Officer, stated, "I am very pleased to announce our return to profitability this quarter. Both our quarterly revenues and earnings increased over the same period last year. Our operations group has done a tremendous job executing projects this quarter as our gross profit increased by over $20.0 million this quarter compared to the same period last year. We are starting to realize the benefits from our efforts to streamline operations, enhance project execution, and realign our business strategies. This quarter we sold certain non-strategic vessels and an office facility, and in October 2004 we completed the sale of our Liftboat Division. We are using these proceeds to reduce our debt, to strategically invest in appropriate high growth opportunities as they arise, and for general corporate purposes. In addition, this quarter we continued our reduction of selling, general and administrative labor and associated costs, although these savings have been partially offset by additional legal and external accounting fees. Unfortunately, this quarter was impacted by an adverse legal judgment relating to a 2003 customer dispute. We plan to comply with this judgment and move forward."

Mr. Dore' further stated, "We are experiencing a strengthening in our Latin America segments and an increase in activity in our U.S. Gulf of Mexico segments due to additional hurricane-related work. During the third quarter, we booked $51.1 million of new work and we have subsequently been awarded another $77.0 million in new work in Latin America. Our backlog at September 30, 2004 was $179.1 million of which $133.9 million related to Latin America. Our bids outstanding at September 30, 2004 were approximately $1.6 billion."

The Company has conformed its segment reporting this quarter to changes in its operating management structure that became effective June 2004. The Company's Global Divers and Marine Contractors Gulf of Mexico segment has been restated for the quarter and nine months ended September 30, 2004 and 2003 to reflect the reclassification of the Liftboat Division as discontinued operations.

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 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, the Mediterranean, 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 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.