8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2006

GLOBAL INDUSTRIES, LTD.

(Exact name of registrant as specified in its charters)

Louisiana	0-21086	72-1212563
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)
8000 Global Drive		70665
P.O. Box 442, Sulphur, LA		70664-0442
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, including Area Code: (337) 583-5000

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
	Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
EXHIBIT INDEX
Press Release

Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 1, 2006, Global Industries, Ltd. issued a press release announcing its operating results for the third quarter and nine months ended September 30, 2006, a copy of which is attached as Exhibit 99.1 to this Report and incorporated into this Item 2.02.

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(a)	Financial statements of business acquired.
	Not Applicable.
(b)	Pro forma financial information.
	Not Applicable.
(c)	Shell company transactions.
	Not applicable.
(d)	Exhibits.
	99.1 Global Industries, Ltd. press release dated November 1, 2006.

SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

		GLOBAL INDUSTRIES, LTD.
Date: November 1, 2006	By:	/s/ Peter S. Atkinson
		Name:	Peter S. Atkinson
		Title:	President and Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Exhibit Description
99.1	Global Industries, Ltd. press release dated November 1, 2006.

EX-99.1

	For Immediate Release
PRESS RELEASE	Contact: James Gallagher
	Tel: 281.529.7979

GLOBAL INDUSTRIES, LTD. ANNOUNCES CONSECUTIVE RECORD OPERATING
RESULTS FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2006

Carlyss, Louisiana, November 1, 2006 — Global Industries, Ltd. (Nasdaq: GLBL) announced results for the third quarter ended September 30, 2006. Revenues were $316.9 million for the third quarter of 2006, an improvement of $148.8 million, or 89%, over the same period a year ago. Gross profit was $104.8 million for the quarter, an improvement of $79.3 million, or 310%, compared to last year’s third quarter. Net income for the third quarter of 2006 increased by $58.8 million to $63.7 million, or $0.54 per diluted share, as compared to net income of $4.8 million, or $0.04 per diluted share, for the same period last year.

The improvement in net income was primarily due to the increase in gross profit which was partially offset by a $5.3 million increase in selling, general, and administrative expenses. Gross profit increased between comparable quarters primarily due to improved results in the company’s Latin America, West Africa, and Gulf of Mexico segments. The gross profit of Global Industries’ Latin America segment increased between comparable quarters primarily due to improved productivity, higher margins, and an increased amount of higher value subcontract services in projects. The company also generated a higher gross profit in its Gulf of Mexico OCD, Gulf of Mexico Diving, and West Africa segments driven primarily by an increase in activity and higher margins. These improvements were partially offset by lower activity in the company’s Asia Pacific and Middle East segments.

Selling, general, and administrative expenses increased in the third quarter of 2006 primarily due to higher non-cash stock-based compensation expense and higher labor expenses. The increase in stock based compensation expense included $1.7 million related to the planned retirement of Global Industries’ founder and Chairman of the Board and $0.9 million related to the adoption of SFAS 123R.

The company’s effective tax rate decreased to 32% for the nine months ended September 30, 2006 from 51% in the same period last year. The company’s effective tax rate for the nine months ended September 30, 2005 was substantially higher than the U.S. Federal statutory rate of 35% due to low earnings and/or losses in jurisdictions which are taxed on a deemed profits (i.e., percentage of revenue) basis, losses in jurisdictions where the company did not record a tax benefit, and permanent book to tax differences.

During the third quarter of 2006, the company booked $236.6 million of new work resulting in a backlog of $613.2 million as of September 30, 2006 compared to a backlog of $607.3 million as of September 30, 2005. Approximately 45% of our current backlog is expected to be worked off in 2007 compared to 66% of our September 2005 backlog that was expected to be worked off in 2006.

William J. Doré, Global Industries’ founder and Chairman of the Board, said, “I am very pleased to announce another quarter of outstanding results in my last quarter as CEO of the company. Solid project execution in our Latin America and Gulf of Mexico segments allowed us to capitalize on the strong demand for our services in those regions during the second and third quarters of 2006. We are especially proud of our Latin America group, which has overcome a number of challenges to deliver outstanding performance this year.”

B.K. Chin, Chief Executive Officer of Global Industries, stated, “Global Industries’ strong results this quarter are a testament to the talent and commitment of our employees, whose high-quality work continues to reinforce the company’s reputation as a preeminent provider of marine construction services around the world. Since joining the company last month, I have had the opportunity to get to know many of our talented employees and am impressed by their enthusiasm and dedication to the company. I have also spoken with several customers and investors and am encouraged by their support and the confidence they have expressed in Global’s capabilities. Despite the anticipated softening of prices in the Gulf of Mexico and lack of visibility on new projects in Mexico, there are many opportunities for additional projects in other regions of the world, and although we are confident about our long-term outlook, our visibility for 2007 workload is not as clear as it was for 2006 at this time last year.”

A conference call will be held at 9:00 a.m. Central Standard Time on Thursday, November 2, 2006. Anyone wishing to listen to the conference call may dial 888.790.9477 or 210.234.9633 and ask for 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 the Company’s website at www.globalind.com, where it will also be archived for anytime reference until November 17, 2006.

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 provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico’s Bay of Campeche. The Company’s shares are traded on The NASDAQ 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 and selected
	balance sheet amounts for the periods indicated
	Unaudited
	(in thousands, except per share amounts)
	Quarter Ended						Nine Months Ended
	September 30						September 30
	2006			2005			2006			2005
Results of Operations
Revenues	$	316,865		$	168,043		$	930,763		$	514,658
Cost of operations		212,027			142,489			676,658			427,273
Gross profit		104,838			25,554			254,105			87,385
Loss on asset impairments		—			—			4,485			—
Reduction in litigation provision		—			—			(13,699	)		—
Net gain on asset disposal		(2,618	)		(2,685	)		(3,125	)		(5,300	)
Selling, general and administrative expenses		17,570			12,237			48,566			36,912
Operating income		89,886			16,002			217,878			55,773
Other expense (income):
Interest expense		3,372			3,278			7,868			8,142
Other income		(2,920	)		(1,194	)		(4,013	)		(2,740	)
Income before taxes		89,434			13,918			214,023			50,371
Income taxes		25,765			9,085			69,207			25,689
Net income	$	63,669		$	4,833		$	144,816		$	24,682
Earnings Per Common Share
Basic earnings per share	$	0.55		$	0.04		$	1.25		$	0.22
Diluted earnings per share		0.54			0.04			1.24			0.21
Weighted Average Common Shares Outstanding
Basic		115,988			113,052			115,418			112,828
Diluted		117,673			116,006			117,167			115,381
Other Data
Depreciation and Amortization	$	16,585		$	15,936		$	48,526		$	42,204
Backlog at end of period								613,249			607,275

	As of		As of
	September 30, 2006		December 31, 2005
Selected Balance Sheet Amounts
Cash	$	188,487	$	127,138
Working Capital (including cash)		386,712		232,050
Total Assets		984,515		844,662
Debt (including current portion)		73,260		77,220
Shareholders’ Equity		658,363		496,805

	Set forth are the Company’s results of operation
	for the periods indicated
	Unaudited
	(In thousands)
	Quarter Ended						Nine Months Ended
	September 30						September 30
Reportable Segments	2006			2005(1)			2006			2005(1)
Total segment revenues
Gulf of Mexico OCD	$	61,449		$	45,341		$	173,881		$	91,331
Gulf of Mexico Diving		40,204			14,452			97,339			38,150
Latin America		163,009			69,223			369,477			231,684
West Africa		46,348			35			135,717			9,355
Middle East		1,635			3,778			134,096			57,546
Asia Pacific		21,600			42,320			71,917			101,239
		334,245			175,149			982,427			529,305
Intersegment eliminations
Gulf of Mexico Diving		(14,149	)		(7,037	)		(39,493	)		(13,937	)
Latin America		—			—			(1,218	)		—
Middle East		(3,231	)		—			(7,854	)		(414	)
Asia Pacific		—			(69	)		(3,099	)		(296	)
		(17,380	)		(7,106	)		(51,664	)		(14,647	)
Consolidated revenues	$	316,865		$	168,043		$	930,763		$	514,658
Income (loss) before taxes
Gulf of Mexico OCD	$	18,463		$	10,950		$	44,728		$	27,626
Gulf of Mexico Diving		23,045			6,058			38,574			14,449
Latin America		50,094			3,836			77,526			5,486
West Africa		5,147			(5,953	)		22,852			(13,528	)
Middle East		(3,475	)		(1,664	)		17,714			15,990
Asia Pacific		(5,054	)		588			(1,897	)		(500	)
Corporate litigation provision		—			—			13,699			—
Over (under) allocated corporate expenses		1,214			103			827			848
Consolidated income before taxes	$	89,434		$	13,918		$	214,023		$	50,371

(1) Results for the third quarter and nine months ended September 30, 2005 have been restated to conform to the new presentation of segments which was adopted in the first quarter of 2006.