Nov. 4, 2009 (PR Newswire) --

CARLYSS, La., Nov. 4 /PRNewswire-FirstCall/ -- Global Industries, Ltd. (Nasdaq: GLBL) announced revenues of $203.7 million for the third quarter of 2009 compared to $218.6 million in the third quarter of 2008. Net income was $14.0 million, or $0.12 per diluted share, for the third quarter of 2009 compared to a loss of $103.1 million, or $0.90 per diluted share, in the third quarter of 2008.

Commenting on the third quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "Despite a significant reduction in revenue from the second quarter of 2009, we were able to generate positive results for the third quarter as we continued to focus on efficient project execution and cost management. Our cash position remains strong at $380 million. We are working hard to secure as many new projects as possible by developing effective and cost-competitive solutions for customers."

During the third quarter of 2009, our Company booked $135.7 million of new work resulting in a backlog of $147.6 million as of September 30, 2009. This compares to a backlog of $397.2 million at September 30, 2008. Commenting on the backlog results, John Clerico stated, "Due to continued delays and postponements of new offshore oil and gas development projects, especially in Latin America, our backlog is at its lowest level for some time. We expect industry conditions to remain difficult for the next several quarters. We are, however, beginning to see a number of potential projects emerge which will commence in late 2010 and beyond. Our new Global 1200, as well as several of our other vessels, position us to compete effectively for a number of these projects. In addition to our business development efforts, we will also continue to proactively implement cost control measures to appropriately size our operations."

Revenue for the third quarter of 2009 included the completion of the Berri and Qatif project in Saudi Arabia and the Camarupim project in Brazil, pipeline repairs in Mexico and Brazil, and pipeline installation projects in India, Indonesia and Thailand. An increase in activity in North America OCD and North America Subsea consisting of smaller projects and dive support services also contributed to revenues for the quarter.

Selling, general and administrative expenses of $19.1 million for the third quarter of 2009 decreased by $6.3 million over the same quarter last year, due to continuing company-wide cost control activities. Interest income of $0.4 million for the third quarter of 2009 decreased by $2.1 million over the same quarter last year primarily due to substantially lower interest rates.

A conference call will be held at 9:00 a.m. Central Time on November 5, 2009. 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 Third 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 our Company's website at www.globalind.com, where it will also be archived for anytime reference until November 26, 2009.

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 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. Our Company's shares are traded on The NASDAQ Global Select Market under the symbol "GLBL."

This press release may contain forward-looking statements within the meaning of the federal securities laws. These statements are based on current information and expectations of Global that involve a number of risks, uncertainties, and assumptions. Among the factors that could cause the actual results to differ materially are: Global's level of capital expenditures, worldwide economic conditions, various risks related to international operations, our ability to retain skilled workers, general industry conditions, prices of crude oil and natural gas, our ability to obtain and the timing of new projects and changes in competitive factors.