Exhibit 99.1

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

GLOBAL INDUSTRIES, LTD. ANNOUNCES RESULTS
FOR THE SECOND QUARTER OF 2011

Houston, Texas, August 3, 2011 — Global Industries, Ltd. (NASDAQ: GLBL) today announced revenues of $132.9 million for the second quarter of 2011 compared to $121.8 million for the second quarter of 2010. Net loss was $27.2 million, or $0.24 per diluted share, for the second quarter of 2011 compared to net income of $1.4 million, or $0.01 per diluted share, for the second quarter of 2010.

For the six months ended June 30, 2011, the Company reported revenue, net loss and loss per diluted share of $202.9 million, $61.1 million and $0.54, respectively, as compared to revenue, net loss and loss per diluted share of $228.6 million, $20.0 million and $0.18, respectively, for the six months ended June 30, 2010.

Included in the net loss for both the 2011 second quarter and six months ended June 30, 2011 are tax valuation allowances related to foreign tax credits and various deferred tax assets of $15.1 million, or $0.13 cents per diluted share.

Project awards for the second quarter of 2011 were $85.7 million resulting in a backlog at June 30, 2011 of $201.3 million.

Commenting on the second quarter results, Chief Executive Officer John Reed stated, “Our results continue to be affected by the downturn in the marine construction industry and reflect the continued low level of project activity worldwide. We continue to focus on pursuing new project awards and the bidding activity has increased for projects in 2012 and beyond. During the second quarter, the Global 1200 completed its initial project in Dubai, performing above expectations, and is currently mobilized for the U.S. Gulf of Mexico, where we expect to put it to work later in the year. Also, in July, we booked a significant project in Mexico which will utilize the Global 1200, beginning in late 2011 and continuing into 2012.”

The Company also announced that subsequent to the quarter end, it sold a 40% interest in its two Malaysia operating entities to Puncak Oil and Gas Sdn. Bhd. for a combined consideration of $23.6 million, with a one year option to purchase the remaining 60% interest for additional consideration of $35.4 million. As a part of this transaction, the Company reacquired a 30% interest in its Malaysian vessel ownership company from its former Malaysian partner, which comprised a portion of the 40% interest acquired by Puncak Oil and Gas.

A conference call will be held at 9:00 a.m. Central Standard Time on August 4, 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 Second 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 August 25, 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, changes in competitive factors, and other factors described in the Company’s most recent annual and quarterly reports, including our Annual Report on Form 10-K. 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 our Company’s results of operations for the periods indicated.

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

		Three Months Ended								Six Months Ended
		June 30								June 30
		2011				2010				2011				2010
Revenues		$	132,904			$	121,768			$	202,921			$	228,579
Cost of operations			140,214				114,585				231,036				225,645
Gross profit			(7,310	)			7,183				(28,115	)			2,934
Loss (gain) on asset disposals and impairments			2,254				10,214				(7,025	)			10,788
Selling, general and administrative expenses			16,893				17,395				33,833				34,939
Operating income (loss)			(26,457	)			(20,426	)			(54,923	)			(42,793	)
Interest income			734				492				1,209				733
Interest expense			(2,448	)			(1,756	)			(4,983	)			(4,659	)
Other income (expense), net			223				(579	)			1,029				(1,006	)
Income (loss) before taxes			(27,948	)			(22,269	)			(57,668	)			(47,725	)
Income tax expense (benefits)			(1,102	)			(23,675	)			2,736				(27,773	)
Net income (loss)			(26,846	)			1,406				(60,404	)			(19,952	)
Less: Net income attributable to noncontrolling interest			346				—				714				—
Net income (loss) attributable to Global Industries, Ltd.		$	(27,192	)		$	1,406			$	(61,118	)		$	(19,952	)
Earnings (Loss) Per Common Share
Basic		$	(0.24	)		$	0.01			$	(0.54	)		$	(0.18	)
Diluted		$	(0.24	)		$	0.01			$	(0.54	)		$	(0.18	)
Weighted Average Common Shares Outstanding
Basic			114,289				113,831				114,230				113,595
Diluted			114,289				114,126				114,230				113,595
Other Data
Depreciation and Amortization		$	11,933			$	12,879			$	22,884			$	27,954
Backlog at end of period										$	201,252			$	247,166

In 2010, we began transitioning the operations of our company from a regional structure to a more centralized structure that focuses on global opportunities for our vessels. As a result, effective January 1, 2011, we have restructured our reporting segments from geographic regions to two new project segments: Construction and Installation and Other Offshore Services. This change has been reflected as a retrospective change to the financial information for the three months and six months ended June 30, 2010 presented below. This change did not affect our consolidated results of operations or tax reporting.

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

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

		Three Months Ended								Six Months Ended
		June 30								June 30
		2011				2010				2011				2010
		(In thousands)
Total segment revenues
Construction and Installation		$	106,889			$	77,961			$	161,141			$	153,065
Other Offshore Services			26,015				43,807				41,780				75,514
Consolidated revenues		$	132,904			$	121,768			$	202,921			$	228,579
Income (loss) before taxes
Construction and Installation		$	(18,290	)		$	(8,886	)		$	(32,006	)		$	(23,158	)
Other Offshore Services			(3,099	)			(6,455	)			(12,656	)			(8,267	)
Corporate			(6,559	)			(6,928	)			(13,006	)			(16,300	)
Consolidated income (loss) before taxes		$	(27,948	)		$	(22,269	)		$	(57,668	)		$	(47,725	)

CONSOLIDATED BALANCE SHEETS
(In thousands)

		June 30				December 31
		2011				2010
		(unaudited)
ASSETS
Current Assets
Cash and cash equivalents		$	186,675			$	349,609
Restricted cash			27,952				4,297
Marketable securities			22,763				—
Accounts receivable — net of allowance of $1,048 for 2011 and $2,767 for 2010			62,529				40,693
Unbilled work on uncompleted contracts			86,119				56,152
Contract costs incurred not yet recognized			14,959				15,052
Deferred income taxes			3,130				4,610
Assets held for sale			1,510				16,719
Prepaid expenses and other			27,950				34,099
Total current assets			433,587				521,231
Property and Equipment, net			822,929				784,719
Other Assets
Marketable securities — long-term			7,173				—
Accounts receivable — long-term			8,687				8,679
Deferred charges, net			22,761				20,429
Other			10,752				8,683
Total other assets			49,373				37,791
Total		$	1,305,889			$	1,343,741
LIABILITIES AND EQUITY
Current Liabilities
Current maturities of long term debt		$	3,960			$	3,960
Accounts payable			142,750				109,394
Employee-related liabilities			19,263				17,935
Income taxes payable			20,823				26,618
Accrued anticipated contract loss			292				5,782
Other accrued liabilities			21,456				31,721
Total current liabilities			208,544				195,410
Long-Term Debt			302,180				299,405
Deferred Income Taxes			52,517				49,995
Other Liabilities			21,322				18,242
Commitments and Contingencies			—				—
Equity
Common stock, $0.01 par value, 250,000 shares authorized, and 115,950 and 115,504 shares issued at June 30, 2011 and December 31, 2010, respectively			1,160				1,155
Additional paid-in capital			415,983				414,895
Retained earnings			311,650				372,768
Accumulated other comprehensive loss			(8,822	)			(8,770	)
Shareholders’ equity—Global Industries, Ltd.			719,971				780,048
Noncontrolling interest			1,355				641
Total equity			721,326				780,689
Total		$	1,305,889			$	1,343,741

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