Exhibit 99.1

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

CORRECTED

GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS
FOR THE FOURTH QUARTER AND YEAR END 2010
(Corrected for Income Tax Valuation Allowance)

Houston, Texas, February 23, 2011 — Global Industries, Ltd. (NASDAQ: GLBL) today announced results for the fourth quarter and year ended December 31, 2010. Revenues were $150.0 million for the fourth quarter of 2010 compared to $146.3 million for the fourth quarter of 2009. Net loss was $47.9 million, or $0.42 per diluted share, for the fourth quarter of 2010 compared to a net loss of $5.3 million, or $0.05 per diluted share, for the fourth quarter of 2009.

Included in the fourth quarter results are $37.5 million of net losses on asset disposals/impairments predominately in our Asia Pacific/Middle East and North America OCD segments, a $7.9 million impairment of the leasehold improvements and deferred dry-dock costs related to the decision to terminate the lease of a chartered vessel, and $2.3 million of startup costs associated with preparing the Global 1200 for use. Also included in the fourth quarter results is a charge to income taxes of $12.9 million for a valuation allowance on a net operating loss carry forward related to our Mexico operations. Excluding these items, net income was $0.9 million or $0.01 per diluted share.

For fiscal year 2010, the Company reported revenues, net loss and loss per diluted share of $568.1 million, $95.7 million and $0.84, respectively, as compared to revenue, net income and earnings per diluted share of $914.3 million, $73.7 million and $0.64, respectively, for fiscal year 2009.

Included in the 2010 results is a $37.4 million goodwill impairment, $25.0 million of net losses on asset disposals/impairments, a $7.9 million impairment of the leasehold improvements and deferred dry-dock costs related to the lease cancellation of a chartered vessel, $2.3 million of Global 1200 start up costs, $1.0 million of relocation and severance costs, and a charge to income taxes of $12.9 million for a valuation allowance on a net operating loss carry forward related to our Mexico operations. Excluding these items, net loss was $30.8 million or $0.27 per diluted share.

Project awards for the fourth quarter of 2010 were $46.3 million resulting in a backlog at December 31, 2010 of $170.8 million, an increase of $67.0 million from the December 31, 2009 backlog.

Commenting on the fourth quarter results, Chief Executive Officer John B. Reed stated, “During the quarter, we completed a project in Malaysia, a project in Indonesia, and our DSV charter project in Brazil with positive results. Work continued on the two projects in Mexico as planned. However, idle vessel costs associated with the low level of project activity worldwide as well as the winter seasonal downturn have offset these project improvements.”

A conference call will be held at 9:00 a.m. Central Standard Time on February 24, 2011. 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 17, 2011.

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.

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,
		2010				2009				2010				2009
Results of Operations
Revenues		$	150,028			$	146,338			$	568,108			$	914,348
Cost of operations			129,912				137,692				535,264				755,301
Gross profit (loss)			20,116				8,646				32,844				159,047
Goodwill impairment			—				—				37,388				—
Loss on other asset impairments			52,662				228				64,143				1,186
Net gain on asset disposal			(7,289	)			856				(31,253	)			(8,351	)
Selling, general and administrative expenses			17,923				13,530				70,333				69,165
Operating income (loss)			(43,180	)			(5,968	)			(107,767	)			97,047
Interest income			239				426				1,488				2,020
Interest expense			(2,363	)			(3,083	)			(9,671	)			(13,061	)
Other income (expense), net			(824	)			723				(555	)			7,302
Income (loss) before taxes			(46,128	)			(7,902	)			(116,505	)			93,308
Income tax (benefit) expense			1,282				(2,651	)			(21,424	)			19,577
Net income (loss)			(47,410	)			(5,251	)			(95,081	)			73,731
Less: Net income attributable to noncontrolling interest			442				—				581				—
Net income (loss) attributable to Global Industries, Ltd.		$	(47,852	)		$	(5,251	)		$	(95,662	)		$	73,731
Earnings (Loss) Per Common Share
Basic		$	(0.42	)		$	(0.05	)		$	(0.84	)		$	0.65
Diluted		$	(0.42	)		$	(0.05	)		$	(0.84	)		$	0.64
Weighted Average Common Shares Outstanding
Basic			114,077				112,872				113,832				112,631
Diluted			114,077				112,872				113,832				113,125
Other Data
Depreciation and amortization		$	13,360			$	13,413			$	55,487			$	66,047
Backlog at End of Period										$	170,809			$	103,758

Effective January 1, 2010, we combined our Middle East and Asia Pacific/India segments into the Asia Pacific/Middle East segment. 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
		2010				2009				2010				2009
Total segment revenues
North America OCD		$	14,434			$	15,788			$	60,280			$	124,749
North America Subsea			32,110				46,836				134,983				158,929
Latin America			84,159				43,739				232,621				229,273
West Africa			(943	)			3,261				(943	)			104,300
Asia Pacific/Middle East			32,167				43,766				165,010				329,543
Subtotal			161,927				153,390				591,951				946,794
Intersegment eliminations
North America OCD			(5,510	)			(978	)			(11,412	)			(978	)
North America Subsea			(6,389	)			(6,074	)			(12,431	)			(31,468	)
Subtotal			(11,899	)			(7,052	)			(23,843	)			(32,446	)
Consolidated revenues		$	150,028			$	146,338			$	568,108			$	914,348
Income (loss) before taxes
North America OCD		$	(41,819	)		$	(6,260	)		$	(52,422	)		$	(1,336	)
North America Subsea			84				8,907				4,004				34,879
Latin America			(60	)			(3,609	)			(62,498	)			8,216
West Africa			(1,008	)			(2,682	)			6,162				27,468
Asia Pacific/Middle East			9,454				(44	)			25,088				50,220
Corporate			(12,779	)			(4,214	)			(36,839	)			(26,139	)
Consolidated income (loss) before taxes		$	(46,128	)		$	(7,902	)		$	(116,505	)		$	93,308

CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

		December 31,
		2010				2009
ASSETS
Current Assets
Cash and cash equivalents		$	349,609			$	344,855
Restricted cash			4,297				1,139
Marketable securities			—				30,750
Accounts receivable — net of allowance of $2,767 for 2010 and $2,765 for 2009			40,693				160,273
Unbilled work on uncompleted contracts			56,152				92,569
Contract costs incurred not yet recognized			15,052				489
Deferred income taxes			4,610				2,945
Assets held for sale			16,719				16,152
Prepaid expenses and other			34,099				31,596
Total current assets			521,231				680,768
Property and Equipment, net			784,719				722,819
Other Assets
Marketable securities — long-term			—				11,097
Accounts receivable — long-term			8,679				12,294
Deferred charges, net			20,429				49,866
Goodwill			—				37,388
Other			8,683				9,961
Total other assets			37,791				120,606
Total		$	1,343,741			$	1,524,193
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Current maturities of long term debt		$	3,960			$	3,960
Accounts payable			109,394				192,008
Employee-related liabilities			17,935				18,079
Income taxes payable			26,618				45,301
Accrued anticipated contract losses			5,782				322
Other accrued liabilities			31,721				15,489
Total current liabilities			195,410				275,159
Long-Term Debt			299,405				294,366
Deferred Income Taxes			49,995				69,998
TOther Liabilities			18,242				15,171
Commitments and Contingencies			—				—
Shareholders’ Equity
Common stock, $0.01 par value, 250,000 authorized, and 115,504 and 119,989 shares issued at December 31, 2010 and 2009, respectively			1,155				1,200
Additional paid-in capital			414,895				513,353
Retained earnings			372,768				468,430
Treasury stock at cost, 6,130 shares at December 31, 2009			—				(105,038	)
Accumulated other comprehensive loss			(8,770	)			(8,446	)
Shareholders’ equity—Global Industries, Ltd.			780,048				869,499
Noncontrolling interest			641				—
Total equity			780,689				869,499
Total		$	1,343,741			$	1,524,193

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