Global Industries, Ltd. Announces Results for the Second Quarter of 2010

CARLYSS, La., Aug. 4 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) today announced revenues of $121.8 million for the second quarter of 2010 compared to $294.8 million for the second quarter of 2009. Net income was $1.4 million, or $0.01 per diluted share, for the second quarter of 2010 compared to net income of $45.9 million, or $0.40 per diluted share, for the second quarter of 2009. Included in net income for the quarter are pre-tax impairment losses of $10.2 million in our North America OCD and Asia Pacific/Middle East segments.

For the six months ended June 30, 2010, the Company reported revenue, net loss and loss per diluted share of $228.6 million, $20.0 million and $0.18, respectively, as compared to revenue, net income and earnings per diluted share of $564.3 million, $65.0 million and $0.57, respectively, for the six months ended June 30, 2009.

Commenting on the second quarter results, Chief Executive Officer John Reed stated, "Our results continue to be adversely affected by the downturn in our industry and reflective of the low level of project activity worldwide. Also contributing to the quarter's negative result is the impact of the oil spill in the U.S. Gulf of Mexico as permitting delays and uncertainty in the market have resulted in project delays and cancellations."

Project awards for the second quarter of 2010 were $258.5 million and backlog at June 30, 2010 was $247.2 million, an increase of $136.8 million from the March 31, 2010 backlog. Significantly contributing to the increase is the award during the second quarter of 2010 of the L-59 project for Pemex which has an original contract value of $125 million.

Mr. Reed continued, "While market conditions are clearly difficult, we have made substantial progress toward our goals of rationalizing our fleet and organizing to best support our new-build vessels and larger more complex projects. Recent hires and organizational changes have improved our business acquisition capabilities and we remain focused on rebuilding our backlog. We have recently seen an increase in bids in house, and while pricing remains very tight, we expect conditions will continue to improve throughout the remainder of 2010 and into 2011."

A conference call will be held at 9:00 a.m. Central Time on August 5, 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 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 26, 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.

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

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 six months ended June 30, 2009 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.

SOURCE Global Industries, Ltd.