Exhibit 99.1

		For Immediate Release
PRESS RELEASE		Contact: Investor Relations
		Tel: 281.529.7799

GLOBAL INDUSTRIES, LTD. ANNOUNCES
NEW CHIEF EXECUTIVE OFFICER AND RESULTS
FOR THE FOURTH QUARTER AND YEAR END 2009

Carlyss, Louisiana, February 24, 2010 — Global Industries, Ltd. (Nasdaq: GLBL) today announced the appointment of a new Chief Executive Officer and results for the fourth quarter and year ended December 31, 2009.

The Company announced that John B. Reed, Jr. has been named Chief Executive Officer of the Company, effective March 2, 2010. Mr. Reed will also become a Director of the Company effective on the same date. John A. Clerico will continue to serve as Chairman of the Board to ensure a smooth transition.

Mr. Clerico stated, “On behalf of our entire Board of Directors, I am very pleased to welcome John Reed to Global Industries. His industry knowledge, operating experience and proven leadership capabilities make him an ideal candidate to lead the Company. In addition to improving Global’s position in our traditional offshore marine services markets, John has the vision and skills to lead Global in the deepwater market with our new Global 1200 and Global 1201. I know he will receive strong support from the entire Global team.”

John Reed joins Global with more than thirty years experience in the offshore construction industry. Most recently, he served as Chief Executive Officer of Heerema Marine Contractors after holding a number of other senior roles with the Heerema Group including Chief Executive Officer of INTEC Engineering, Inc. He previously held a number of other management roles at Heerema in project management, business development and engineering capacities. He holds a Bachelors degree in Engineering from the University of Mississippi and an MBA from Delta State University. Mr. Reed previously served as a member of the Board of Directors of the National Ocean Industries Association, is a past President of the International Pipeline and Marine Contractors Association and past Chairman of the International Marine Contractors Association, America’s Deepwater Division.

With respect to the results for the fourth quarter of 2009, revenues were $146.3 million compared to $250.4 million for the fourth quarter of 2008. Net loss was $5.3 million, or $0.05 per diluted share, for the fourth quarter of 2009 compared to a net loss of $28.1 million, or $0.25 per diluted share, for the fourth quarter of 2008.

Revenues were $914.3 million in fiscal year 2009 compared to $1.07 billion in fiscal year 2008. Net income was $73.7 million, or $0.64 per diluted share, in fiscal year 2009. This compares to a net loss of $119.2 million, or $1.05 per diluted share, in fiscal year 2008.

Commenting on the fourth quarter results, Chairman and Chief Executive Officer John A. Clerico stated, “The winter seasonal downturn, as well as continued delays and postponements of new offshore oil and gas projects, have impacted our fourth quarter results. We have taken proactive steps to cut costs in an effort to better align the cost of our operations with our revenues, which include stacking idle vessels and seasonal layoffs. We are committed to winning business, increasing our project backlog and successfully

executing projects for our customers. While our order backlog declined from last year’s level of $519.7 million to $103.8 million at the end of 2009, we were successful in booking an additional $91.4 million of new work during January, 2010. Our plan for 2010 is to aggressively and strategically pursue new projects in our niche markets. While we have substantially completed our cost cutting activities, we shall continue to proactively implement cost control measures to appropriately size our operations, as needed.

Mr. Clerico further stated, “We are pleased to also announce that our and the Government’s investigation of our activities in West Africa have concluded without any fines or penalties being imposed upon the Company. Both the DOJ and SEC have concluded their investigations and are not recommending any enforcement actions against the Company. We remain committed to conducting our operations in an ethical fashion and in compliance with applicable laws.”

A conference call will be held at 9:00 a.m. Central Standard Time on February 25, 2010. Anyone wishing to listen to the conference call may dial 888-677-0183 (domestic) or 1-773-756-0451 (international) and request connection to the “Global Fourth Quarter Earnings” call. Phone lines will open fifteen minutes prior to the start of the call. The call will also be webcast in real time on the Company’s website at www.globalind.com, where it will also be archived for anytime reference until March 18, 2010.

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, Ltd. is a leading offshore solutions provider of offshore construction, engineering, project management, and support services including pipeline construction, platform installation and removal, deepwater/SURF installations, IRM, and diving to the oil and gas industry worldwide. The Company’s shares are traded on The NASDAQ Global Select Market 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.

New guidance regarding accounting for convertible debt instruments that may be settled in cash upon conversion became effective for our Company beginning January 1, 2009 and is applied retrospectively to all periods presented in this news release.

Set forth are the Company’s results of operations for the periods indicated.

RESULTS OF OPERATONS
(In thousands, except per share amounts)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2009				2008				2009				2008
Results of Operations
Revenues		$	146,338			$	250,429			$	914,348			$	1,070,988
Cost of operations			137,692				237,330				755,301				1,084,581
Gross profit (loss)			8,646				13,099				159,047				(13,593	)
Loss (gain) on asset disposals and impairments			1,084				1,228				(7,165	)			856
Selling, general and administrative expenses			13,530				21,925				69,165				95,364
Operating income (loss)			(5,968	)			(10,054	)			97,047				(109,813	)
Interest income			426				1,768				2,020				14,477
Interest expense			(3,083	)			(3,861	)			(13,061	)			(16,439	)
Other income (expense), net			723				1,225				7,302				(641	)
Income (loss) before taxes			(7,902	)			(10,922	)			93,308				(112,416	)
Income tax (benefit) expense			(2,651	)			17,139				19,577				6,775
Net income (loss)		$	(5,251	)		$	(28,061	)		$	73,731			$	(119,191	)
Earnings (Loss) Per Common Share
Basic		$	(0.05	)		$	(0.25	)		$	0.65			$	(1.05	)
Diluted		$	(0.05	)		$	(0.25	)		$	0.64			$	(1.05	)
Weighted Average Common Shares Outstanding
Basic			112,872				112,190				112,631				113,647
Diluted			112,872				112,190				113,125				113,647
Other Data
Depreciation and amortization		$	13,413			$	16,439			$	66,047			$	67,163
Backlog at End of Period										$	103,758			$	519,652

During the first quarter of 2009, we discontinued allocation of corporate stewardship costs to our reportable segments. This change has been reflected as a retrospective change to the financial information for the three months and twelve months ended December 31, 2009 presented below. This change did not affect our consolidated results of operations or tax reporting.

Set forth are the Company’s results of operations by reportable segment for the periods indicated.

RESULTS OF OPERATIONS BY REPORTABLE SEGMENT
(In thousands)
(Unaudited)

		Three Months Ended								Twelve Months Ended
		December 31								December 31
		2009				2008				2009				2008
Total segment revenues
North America OCD		$	15,788			$	22,697			$	124,749			$	81,137
North America Subsea			46,836				42,983				158,929				146,105
Latin America			43,739				81,715				229,273				266,974
West Africa			3,261				12,213				104,300				152,877
Middle East			6,205				49,438				88,372				237,523
Asia Pacific/India			37,561				51,133				244,441				223,450
Subtotal			153,390				260,179				950,064				1,108,066
Intersegment eliminations
North America OCD			(978	)			—				(978	)			—
North America Subsea			(6,074	)			(7,526	)			(31,468	)			(30,713	)
Latin America			—				(650	)			—				(2,724	)
Middle East			—				(1,574	)			(3,270	)			(3,641	)
Subtotal			(7,052	)			(9,750	)			(35,716	)			(37,078	)
Consolidated revenues		$	146,338			$	250,429			$	914,348			$	1,070,988
Income (loss) before taxes
North America OCD		$	(6,260	)		$	(3,090	)		$	(1,336	)		$	(14,963	)
North America Subsea			8,907				4,356				34,879				11,262
Latin America			(3,609	)			2,917				8,216				(9,215	)
West Africa			(2,682	)			(14,083	)			27,468				(33,470	)
Middle East			(7,012	)			(1,900	)			8,901				(75,668	)
Asia Pacific/India			6,968				11,370				41,319				46,687
Corporate			(4,214	)			(10,492	)			(26,139	)			(37,049	)
Consolidated income (loss) before taxes		$	(7,902	)		$	(10,922	)		$	93,308			$	(112,416	)

CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

		December 31,
		2009				2008
ASSETS
Current Assets
Cash and cash equivalents		$	344,855			$	287,669
Restricted cash			1,139				94,516
Marketable securities			30,750				—
Accounts receivable — net of allowance of $2,765 for 2009 and $12,070 for 2008			160,273				180,018
Unbilled work on uncompleted contracts			92,569				86,011
Contract costs incurred not yet recognized			489				11,982
Deferred income taxes			2,945				7,223
Assets held for sale			16,152				2,181
Prepaid expenses and other			31,596				44,585
Total current assets			680,768				714,185
Property and Equipment, net			722,819				599,078
Other Assets
Marketable securities — long-term			11,097				42,375
Accounts receivable — long-term			12,294				22,246
Deferred charges, net			49,866				70,573
Goodwill			37,388				37,388
Other			9,961				3,508
Total other assets			120,606				176,090
Total		$	1,524,193			$	1,489,353
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current maturities of long term debt		$	3,960			$	3,960
Accounts payable			192,008				207,239
Employee-related liabilities			18,079				26,113
Income taxes payable			45,301				38,649
Accrued anticipated contract losses			322				35,055
Other accrued liabilities			15,489				22,275
Total current liabilities			275,159				333,291
Long-Term Debt			294,366				289,966
Deferred Income Taxes			69,998				64,020
Other Liabilities			15,171				13,266
Commitments and Contingencies			—				—
Shareholders’ Equity
Common stock, $0.01 par value, 150,000 authorized, and 119,989 and 119,650 shares issued at December 31, 2009 and 2008, respectively			1,200				1,197
Additional paid-in capital			513,353				509,345
Retained earnings			468,430				394,699
Treasury stock at cost, 6,130 shares			(105,038	)			(105,038	)
Accumulated other comprehensive loss			(8,446	)			(11,393	)
Total shareholders’ equity			869,499				788,810
Total		$	1,524,193			$	1,489,353

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