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GLOBAL INDUSTRIES, LTD. HAS RECORD EARNINGS FOR FISCAL YEAR 1993

 LAFAYETTE, La., May 12 /PRNewswire/ -- Global Industries, Ltd. (NASDAQ-NMS: GLBL) today announced record net income of $9,643,000, or $1.58 per average common share outstanding, for the fiscal year ended March 31, compared with $4,023,000, or $0.69 per common share, for fiscal year 1992.
 Contract revenues for the fiscal year 1993, totaled $66,018,000 compared with $46,302,000 fiscal year 1992.
 For the quarters ended March 31, 1993 and 1992, the company had net losses of $483,000, or $0.07 per common share, and $2,240,000, or $0.38 per common share, respectively. Contract revenues for the quarters were $8,931,000 and $2,112,000, respectively.
 The results for the current fiscal year include a charge against net income of $537,000 (net of income taxes of $302,000), or $0.09 per common share, 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 year and the fourth quarter 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's services, particularly from late August through December 1992. The assets acquired, now operating as Global Movible Offshore, Inc., contributed approximately $23 million to contract revenues during the 10 months the operations were owned. Fiscal year 1994 appears to be off to a good start with the bidding activity for pipeline, derrick and diving services at leve than we have seen in the past three years. The activity level of Derrick and Diving operations are strong in the current quarter and, based upon bidding inquiries, we expect demand for these services to continue to be strong into the second fiscal quarter when we expect demand for pipeline services to increase. For fiscal year 1993 barge utilization averaged 28 percent."
 In addition, Dore' commented: "Global just recently acquired two additional support vessels at a cost of approximately $2 million in cash from the company's working capital. We anticipate using these vessels in our Diving Operations to reduce our need to hire third party vessels. We plan to convert the larger of the two vessels next winter to include a self-contained saturation diving system. As of March 31, 1993, Global's strong balance sheet -- working capital in excess of $20 million, long-term debt of approximately $2 million, over $52 million of shareholders' equity and total assets of approximately $63 million -- positions the company well for future growth."
 Global Industries, Ltd., whose shares are traded on the NASDAQ National Market System under the symbol "GLBL," 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.
 Statistics
 12 mos. ended March 31 Fiscal 1993 Fiscal 1992
 Contract revenues $66,018,000 $46,302,000
 Net income $ 9,643,000(a) $ 4,023,000
 Average shares 6,114,692 5,869,271
 Net income per share $ 1.58(a) $ 0.69
 Quarter ended March 31
 Contract revenues $ 8,931,000 $ 2,112,000
 Net income (loss) $ (483,000) $(2,240,000)
 Average shares 6,844,145 5,869,271
 Net income (loss) per share $ (.07) $ (.38)
 (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- 5/12/93
 /CONTACT: Richard E. Roberson Jr. of Global Industries, Ltd., 318-989-0000/
 (GLBL)


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

BR-BN -- AT005 -- 7442 05/12/93 09:49 EDT
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Date:May 12, 1993
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