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GLOBAL INDUSTRIES, LTD. ANNOUNCES NINE MONTH EARNINGS AND COMPLETION OF INITIAL PUBLIC OFFERING

 LAFAYETTE, La., March 19 /PRNewswire/ -- Global Industries, Ltd. (NASDAQ-NMS: GLBL) reported net income of $10,126,000, equal to $1.73 per average common share outstanding, for the nine months ended Dec. 31, 1992, compared with $6,263,000, equal to $1.07 per common share, for the comparable period in 1991.
 Contract revenues for the nine months ended Dec. 31, 1992 totaled $57,086,000 compared with $44,190,000 for the same period in 1991.
 For the third quarters ended Dec. 31, 1992 and Dec. 31, 1991 net income was $5,862,000, equal to $1.00 per common share, and $2,927,000, equal to $0.50 per common share, respectively. Contract revenues for the third quarters were $28,709,000 and $18,008,000, respectively.
 The results for the three and nine month periods ended Dec. 31, 1992, include a charge to operations of $537,000 (net of income taxes of $302,000) because the company was unsuccessful in a lawsuit for recovery of damages to a vessel, the Western Narrows, from a fire in 1988, which severely damaged the vessel while it was being overhauled.
 Chairman and CEO William J. Dore' said: "The improved results for the first nine months of 1992 were the result of the purchase of the Teledyne Movible Offshore, Inc. offshore construction assets including three derrick barges effective June 2, 1992, improved cost control efforts, and increased demand for Global services during the quarter ended Dec. 31, 1992. These acquired assets, now operating as Global Movible Offshore, Inc., contributed approximately $19 million to contract revenues for the nine months ended Dec. 31, 1992."
 Global Industries, Ltd. completed its initial public offering in March 1993 when the underwriters exercised overallotment options on 136,250 common shares. Including overallotment shares, the company sold 2,011,250 common shares, increasing its common shares outstanding to 7,725,250, while Dore' sold 625,000 shares. The company's common stock is traded on the NASDAQ National Market System under the symbol GLBL. The offering, managed by Salomon Brothers Inc., PaineWebber Incorporated, and Morgan Keegan & Company, Inc., was priced at $14.50 a share.
 The company realized net proceeds of approximately $26,300,000 from the offering and utilized the proceeds to retire debt and add to working capital. The company, with approximately $25 million of working capital and $52 million of shareholders' equity, and only $2,182,000 of long- term debt outstanding, is financially prepared to pursue its business objectives, including foreign expansion opportunities.
 Global Industries, Ltd., provides pipeline construction, derrick and diving services to the offshore oil and gas industry, primarily in the United States Gulf of Mexico.
 GLOBAL INDUSTRIES, LTD. (GLBL)
 STATISTICS
 9 months ended Qtr. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Contract revenues $57,086,000 $44,190,000 $28,709,000 $18,008,000
 Net income(a) 10,126,000 6,263,000 5,862,000 2,927,000
 Average shares 5,879,271 5,879,271 --- ---
 Net income per shr.$ 1.73 $ 1.07 $ 1.00 $ .50
 (a) Includes loss of $537,000, equal to $0.09 per average common share, because the company was unsuccessful in a lawsuit for recovery of damages to the Western Narrows from a fire in 1988.
 -0- 3/19/93
 /CONTACT: Richard E. Roberson Jr., of Global Industries, 318-989-0000/
 (GLBL)


CO: Global Industries, Ltd. ST: Louisiana IN: OIL SU: ERN OFR

RA-BR -- AT008 -- 7961 03/19/93 14:56 EST
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Date:Mar 19, 1993
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