Global Industries, Ltd. Peter S. Atkinson President

1. Global Industries, Ltd. Peter S. AtkinsonPresident IPAA New York April 19th, 2004

2. Safe Harbor Statement “This presentation contains statements that are not historical facts and such statements are “forward-looking statements” within the meaning of section 27A of the U.S. Securities act of 1933 and section 21E of the U.S. Securities exchange act of 1934. These forward-looking statements reflect the company’s current intentions, plans, assumptions and beliefs about future events and financial performance and are subject to risks, uncertainties and other factors, many of which are outside the company’s control. A discussion of these factors is included in the company’s periodic reports filed with the U.S. Securities and exchange commission. In light of the risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur at that these projections will be achieved, and actual results could differ materially from those projected as a result of certain factors. We undertake no obligation to update or revise our forward-looking statements because of new information, future events or any other reason. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy or an attempt to influence any voting of securities, by any person.”

3. Agenda • Assets & Facilities • Customers & Competitors • Industry Overview • Project Execution • Mexico Outlook • Going Forward • Questions and Answers

4. Assets & Facilities

5. In the Beginning, 1973 • Total Yard Personnel = 1: Joe Thornton • Total Office Personnel = 1: Kathryn Legendre • Company Vehicles = 1: Truck • Age of Owner = 30 years old • Office Building = Trailer • Price per gallon of gas = $.40 • Price per MCF natural gas = $.22 • Global gross revenues = $200,000 • Net Earnings = {$40,000} • Vessels Owned = 0 • Total Employees = 2 Divers: Byron Gray, Roland Bouchard

6. Present Day, 2004 • Total Employees = 2,000 • Office Building = 15 Locations • Global gross revenues = $500 M • Vessels Owned = 68

7. Worldwide Operations in 27 CountriesMajor Combination Derrick/Pipelay Barges ChinaThailandSingaporeIndonesiaBruneiMalaysiaAustralia CarlyssHoustonNew Iberia Sharjah China GOM Inter/Deep West Africa India Latin America/Mexico NigeriaAngolaGhana Asia Pacific GOM Inter/Deepwater 5 vessels Latin America/Mexico 2 vessels Mediterranean 2 vessels West Africa3 vessels Asia Pacific 3 vessels Total 15 vessels * Excludes liftboats, DSV, OSV, cargo/launch barges and crew boats * Includes MSV Pioneer

8. Two Operating Segments Global Industries LTD Offshore Construction Division (OCD) Global Divers & Marine Contractors (GDMC)

9. Global Divers Marine ContractorsDiving Services Worldwide • Subsea completions • Wet and hyperbaric welding Technology and Experience • Saturation diving to 1,500 feet • Nuclear power plant maintenance

10. Gulf of Mexico (22) Abandonment support Diving support Water depths up to 180 feet Installation/repair Pipeline installation Global Divers Marine ContractorsLiftboat Services

11. Global Divers Marine Contractors Coastal Vessels Pipeliner 5 Length: 180 ft. Sea Constructor Length: 250 ft.

12. Offshore Construction Division Deepwater Projects Large Diameter Pipelines Salvage Projects

13. Offshore Construction Division (OCD)Hercules Hercules Length: 513 ft. Lift (tons): 2000

14. Offshore Construction Division (OCD) Titan 2 Titan 2 Length: 457 ft. Lift (tons): 880

15. Cheyenne Length: 350 ft. Lift (tons): 800 s.t. Comanche Length: 400 ft. Lift (tons): 1,000 s.t. Navajo Length: 240 ft. Lift (tons): 150 s.t. West AfricaOCD Vessels

16. Mediterranean & Middle EastOCD Vessels Tonkawa Length: 250 ft. Lift (tons): 175 s.t. Iroquois Length: 400 ft. Lift (tons): 250 s.t.

17. Asia PacificOCD Vessels DLB 264 Length: 400 ft. Lift (tons): 1,100 s.t. Seminole Length: 424 ft. Lift (tons): 800 s.t. DLB 332 Length: 352 ft. Lift (tons): 750 s.t.

18. Customers & Competitors

19. Traditional Customers

20. Growing Significance of National Oil Co. (NOC’s)RESERVES NOC (equity access) Russian companies Full IOC access 113 / 6% 140 / 7% 324 / 17% 1,354 / 70% NOC (no equity access) Source: PFC Upstream Competition Service & BP; reserve figures are conventional billion boe, 2001

21. Competitors

22. Industry Overview

23. Industry Considerations — 2001 - 2003 • Over capacity • Industry continued to maintain construction fleet despite soft market • Extremely competitive industry; driving down margins and driving up project risk • Very poor results • Under-bidding • First-of-kind development (high-risk) • Poor execution • Onerous Terms: EPIC fixed-price contracts • Risks were rising, not falling • Larger, deeper, more complex projects • Project insurance difficult to obtain/expensive • Variation orders, litigation, receivable claims and collection difficulties • Consistent delays for deepwater projects despite increase in number of projects

24. Industry Considerations — The Good News • Several new management teams • Improving coordination, best practices • Refusal of onerous contract terms • Drive towards teaming on projects • Deepwater projects only delayed, not canceled (1) • 150 deepwater field developments 2003-2007 (twice the previous five years) for $58 billion (+125%) • 116 floating productions systems (60% more than previous five years) for $32 billion (+87%) • 51,000 km offshore pipeline installations 2004-2007 for $54 billion (+30%); 30% will be deepwater with international markets leading the way • The sector has learned its lessons • Poised for better margins and improved contract terms due to increased bidding discipline, better projects execution and improving market conditions 1. Douglas – Westwood ltd., Infield Systems Ltd.

25. Project Execution

26. Shifted focus from EPIC projects to primarily pipeline projects -- being more selective Non-performers have been replaced Project teams are being strengthened Recent addition of a Commercial Manager to support change order and claim management with clients and subcontractors On-line reporting systems are now fully operable Project Execution

27. Operations Planning and Execution (OPE) • Worldwide Resource Planning (Quarterly) • Regional Planning (Monthly) • Project Level Planning (Weekly) • Competitors Barge Schedule Commitments (as information is received) • Project Personnel Assignments (Upon Award/As Revised)

28. Project Controls

29. Global Website Global Website Projects Project Updates for Clients singpem ••••••

30. Customer Customer Customer VSAT Communication Barge Global Office Desktop Laptop PDA

31. Global Sky - Internal Improves administrative efficiency allowing Barge Superintendent to focus on work in progress. Gives us data from which we can create various analyses Provides Vessel Activity and dailyproductivity reports.Reports online replacing ship to shore fax and email communications.

32. Combines Estimating and Project Management Processes. An online review Application.

33. Bidding Process

34. Estimating Organization CORPORATE Area VP Asia Pacific Area VP GOM Area VP Mexico President GDMC Director, EPMS ME,WA,SA Houston, TX Estimating Manager Asia Pacific Bangkok, Thailand Estimating Manager Gulf of Mexico Carlyss, LA Estimating Manager Mexico Ciud Del Carmen, MX Estimating Manager Coastal New Iberia, LA

35. Risk Evaluation Cost Probability Finish Date Maximum Cost: $1,669,703 Latest Date: 01Apr 04 Expected Cost: $1,461,709 Expected Date: 20Mar04 Minimum Cost: $1,257,345 Earliest Date: 01Mar04 Target Cost: $1,416,475 Target Date: 16Mar04 Monte Carlo Risk Analysis on major projects. Commercial and third party risks. Cash flow analysis to obtain positive or neutral cash flow.

36. Management Review Process

37. Competitor Analysis Regional Presence Equipment & Availability Risk Profile Competitive Rating

38. Global Star - COO PageMexico - 3 Pipeline Repair Project

39. 2500 Cumulative Plans 2250 Cumulative Actuals 2000 WDT Weather Downtime 1750 WDT 1500 WDT 1250 2300 Pipe Joints 1000 Final Productivity Factor = 0 .86 WDT 750 Ramp Up 500 WDT 250 WDT Source: Global 0 PEMEX 18 mile 24” PipelineDLB Shawnee 7-Jan-04 9-Jan-04 2-Feb-04 4-Feb-04 6-Feb-04 8-Feb-04 1-Mar-04 3-Mar-04 5-Mar-04 7-Mar-04 9-Mar-04 11-Jan-04 13-Jan-04 15-Jan-04 17-Jan-04 19-Jan-04 21-Jan-04 23-Jan-04 25-Jan-04 27-Jan-04 29-Jan-04 31-Jan-04 11-Mar-04 10-Feb-04 12-Feb-04 14-Feb-04 16-Feb-04 18-Feb-04 20-Feb-04 22-Feb-04 24-Feb-04 26-Feb-04 28-Feb-04 13-Mar-04 15-Mar-04

40. Chickasaw W&T Offshore 4” and 6” P/L Paid Spool Base W&T Offshore 4” and 6” P/L Paid Welding Crew W&T Offshore 4” and 6” P/L Paid Chickasaw Zia Energy 5” and 5” PIP Paid Pioneer Zia Energy 5” and 5” PIP Paid Arapaho Mariner Energy 3 Pile Project Paid Arapaho Apache Corp. Salvage 3 platforms Paid Titan Pemex 3 Pipeline Repair Paid Cherokee ATP Salvage Re-install Paid Cherokee Unocal Salvage Tripod Paid Cherokee Spinaker Compressor Install Paid Cherokee BP Rig Move H&P Paid Productivity Bonus Program Update 2004 41

41. Mexico Outlook

42. ACTUAL PROJECTED 2002 2003 2004 2005 ECONOMIC GROWTH (Pct) 0.9% 1.6% 3.8% 4.5% - 5% EXPORTS (Billions $) Total $ 161 $ 166 $ 176 $ 183 Petroleum $ 13 $ 14 $ 17 N/A IMPORTS (Billions $) $ 169 $ 172 $ 185 $ 194 Mexico Economic Environment Source: Banco de México

43. Pemex Statements 2000 2001 2002 2003 2004 $ (Mils) $ (Mils) $ (Mils) Income Statement Revenue 50,505 46,986 50,795 Operating Cost 21,633 21,832 21,619 Income Before Tax 28,872 25,153 29,176 $42 Billion Taxes 30,995 27,797 30,976 Net Income (2,123) (3,597) (3,217) Balance Sheet Assets 60,400 58,755 73,579 Liabilities 43,560 45,792 62,955 Net Worth 16,840 12,963 10,624 Investments Total 6,809 6,599 3,344 Exploration & Production 5,542 5,469 2,362 $10.1 Billion Refinery 730 685 776 Gas and basic Petrochemicals 389 306 205 Petrochemical 109 94 N.A. Staffs 40 45 N.A. Exchange Rate (Pesos per USD) 9.48 9.34 9.74 Source: Poder Magazine & *Pemex

44. Mexico Oil Reserves National oil reserves have declined at a rate of 1.8% annualy due to the lack of investment in exploration. Source: Secretaria de Energía

45. 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1990 1992 1994 1996 1998 2000 2002 Mexico Oil Daily Production mbd Total Heavy Light Super Light Production for 2003’ was 3,370 mmb Source: Secretaria de Energía

46. 2000 1500 mbd 1000 500 0 North-East South-West North South Mexico Oil Production per Region Cantarell field of the North-East Region represents 60% of National production. Source: Secretaria de Energía

47. Mexico Offshore Construction Activity Type of platforms Region . Recover Wells Recover Wells Trunk Pipes Production Drilling Compression Living quarter Riser Total Kms Marina Noreste 5 11 1 4 1 0 22 36 167 North 0 2 0 0 0 2 4 4 92 Marina Suroeste 1 16 0 1 0 1 19 20 361 Total 6 29 1 5 1 3 45 60 620 1) 4) 2) 3) NOTES: 1) Three contracted drilling platforms 2) One contracted drilling platform 3) Four contracted drilling platforms 4) A contracted riser platform Twelve platforms have been contracted and three more are in bidding process nowadays. Source: PEMEX Drilling Division

48. New Installation Infrastructure Offshore in the Marine Zone Golfo de México Región Norte Región Marina Noreste TAMPICO Lobina Carpa TUXPAN Ku-Maloob-Zaap Lankahuasa Cantarell POZA RICA Ixtal-Manik Ayin-Alux Región Marina Suroeste Crudo Ligero Marino VERACRUZ Yaxché CD. DEL CARMEN DOS BOCAS FRONTERA Mexico Offshore Drilling Activity Source: PEMEX Drilling Division

49. Mexico Pipeline Market 2004-2005 Global Offshore Mexico Global Projects Bid Process PIPELINES: Procurement Competitors Projects Construction Prospective Work / February 2004' Bids in House Active 2003 2004 2005 Bid Region Description or 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. E F M A M J J A S O N D E F M A M J J A S O N D E F M A M J J A S O N D Project Start Norte Norte 24" X 25 Km Lankahuasa Dic-02 SO Abk 8"Ø X 12.5 Kms PTB to Batab-A 31-Jul-03 SO Abk 24"Ø X 29 Kms Enlace to Uech-A 07-Ago-03 NE Cantarell 36"Ø X 53 Km Pol-A to PR-1 06-Nov-03 SO Litoral 12"Ø X 5.5 Kms Manik to Ixtal 06-Nov-03 SO Litoral 24"Ø X 18.2 Kms Ixtal to ABK-D 06-Nov-03 SO Litoral 24"Ø X 17 Kms May-A to Enlace 11-Nov-03 SO Litoral 10"Ø X 0.3 Kms May-1 to May-A 11-Nov-03 SO Litoral 20"Ø X 3 Kms May-B to May-A 11-Nov-03 SO Litoral 16"Ø X 10.3 Kms Costero to May-B 11-Nov-03 NE Cantarell 24"Ø X 2.9 Kms Akal-MB to Akal-B 18-Dic-03 NE Cantarell 24"Ø X 1.1 Kms Akal-MB to Akal-M 18-Dic-03 NE Cantarell 12"Ø X 0.4 Kms Anillo B.N. to Akal-MB 18-Dic-03 NE Cantarell EPC-77 (12 pipelines) 15-Ene-04 SO Litoral 16"Ø X 3.2 Kms Sinan-C to Sinan-D 23-Mar-04 SO Litoral 16"Ø X 0.7 Kms Sinan-B to L-16" 23-Mar-04 SO Litoral 20"Ø X 0.1 Kms Sinan-C to L-20" 23-Mar-04 SO Litoral 16"Ø X 0.9 Kms Sinan-A to L-16" 23-Mar-04 SO Litoral 16"Ø X 14 Km Yaxche-A to Puerto Ceiba 23-Mar-04 SO Litoral 12"Ø X 0.1 Km Bolontiku-A to L-24" X 29 Km 23-Mar-04 SO Litoral 16"Ø X 1.6 Km Citam-A to L-16" X 14 Km 23-Mar-04 SO Litoral 8"Ø X 11.5 Km Kab-101 to Enlace 23-Mar-04 SO Litoral 10"Ø X 21.3 Km Mison-A to Enlace 23-Mar-04 SO Litoral 10"Ø X 4 Km Mison-B to Line-10"Ø (Mison-A/Enl) 23-Mar-04

50. Mexico Pipeline Market 2004-2005 Global Offshore Mexico Global Projects Bid Process PIPELINES: Procurement Prospective Work / February 2004' Competitors Projects Active Construction Bids in Home Active 2003 2004 2005 Bid Region Description or 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. E F M A M J J A S O N D E F M A M J J A S O N D E F M A M J J A S O N D Project Start NE Ku-Ma-Za 24"Ø X 2.2 Kms PP-Ku-C to PP-Ku-S 24-May-05 NE Ku-Ma-Za 12"Ø X 2.6 Kms L-20 (ZP-C/MB-A) to PP-ZP-A 24-May-05 NE Ku-Ma-Za 12"Ø X 2.9 Kms L-20 (AK-L/Ku-A) to KU-S 24-May-05 NE Ku-Ma-Za 12"Ø X 0.8 Kms L-20 (Ku-A/ZP-C) to PP-ZP-B 24-May-05 NE Ku-Ma-Za 24"Ø X 1.6 Kms PP-ZP-D to PP-ZP-A 24-May-05 NE Ku-Ma-Za 12"Ø X 4.2 Kms L-07 to PP-ZP-D 24-May-05 *Total Pipelines: