Global Industries Announce an Executive Restructuring

Peter S. Atkinson, President of Global Industries, Ltd., will assume responsibilities for all administrative functions worldwide including accounting, human resources, information and communications, investor relations, legal, purchasing, risk, safety, and all other functions reporting to these groups. Atkinson joined the Company in September 1998 as Vice President and Chief Financial Officer. In June 2000, he was named President. Prior to joining Global, he served at the corporate level and in the North Sea, Middle East, West Africa, and Central and South America at J. Ray McDermott, S.A. and McDermott International, Inc. for over twenty-three years.

J. Michael Pearson has been appointed Chief Operating Officer (COO) and will continue to conduct strategic planning activities as well as oversee all project control functions. Pearson will also assume responsibilities for worldwide offshore construction, project management, diving, and special services operations. Pearson joined the Company in January 2002 as Senior Vice President - Strategic Planning. Prior to joining Global, he served as President of the CAByL joint venture company for Enron Engineering and Construction Company. Over the previous twenty-five years, he has held various engineering and construction management positions with McDermott International, Inc.

Nicholas A. Alvarado has been named Senior Vice President - Worldwide Business Development and will oversee all worldwide business development activities including those in the Gulf of Mexico, West Africa, Asia Pacific, Middle East/India, South America, and Mexico's Bay of Campeche. Alvarado joined the Company as Vice President, Worldwide Business Development in April 2000. In October 2000, he assumed additional responsibilities for the Company's Latin America operations. He was named Senior Vice President - Worldwide Business Development and Latin America in August 2001. Prior to joining the Company, he served as General Manager for Chevron in Venezuela. He has thirty years of experience in various domestic and international management positions with Chevron E&P including more than fifteen years resident experience in Venezuela, Australia, Canada, Indonesia, and Europe. Eduardo Borja has been named Area Vice President - Mexico and Latin America and will assume responsibilities for all Global Latin America operations. Borja joined the Company as Director of Business Development for Mexico in September 2001. Prior to joining Global, he served as Business Development Team Leader for ICA-Fluor McDaniel. He has over twenty-one years of domestic and international experience in business development and construction management for ICA.

Atkinson, Pearson, and Alvarado will report directly to William J. Dore, Chairman and Chief Executive Officer. Borja will report to Mike Pearson. Dore explained, "Global's strength is within its executive management team and it is our goal to use the talents these gentlemen have brought to the company to their best advantage."