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Global Industries, Ltd. Peter S. Atkinson President IPAA New York April 19 th, 2004 Global Industries, Ltd. Peter S. Atkinson President IPAA New York April 19 th, 2004

Safe Harbor Statement “This presentation contains statements that are not historical facts and such Safe Harbor Statement “This presentation contains statements that are not historical facts and such statements are “forward-looking statements” within the meaning of section 27 A of the U. S. Securities act of 1933 and section 21 E 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 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

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

Assets & Facilities Assets & Facilities

In the Beginning, 1973 l l l Price per gallon of gas = $. In the Beginning, 1973 l l l 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 l l l 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

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

Worldwide Operations in 27 Countries Major Combination Derrick/Pipelay Barges Carlyss Houston New Iberia Sharjah Worldwide Operations in 27 Countries Major Combination Derrick/Pipelay Barges Carlyss Houston New Iberia Sharjah GOM Inter/Deep West Africa Latin America/Mexico Nigeria Angola Ghana China India Asia Pacific GOM Inter/Deepwater Latin America/Mexico Mediterranean West Africa Asia Pacific Total * Excludes 5 vessels 2 vessels 3 vessels 15 vessels liftboats, DSV, OSV, cargo/launch barges and crew boats * Includes MSV Pioneer China Thailand Singapore Indonesia Brunei Malaysia Australia

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

Global Divers Marine Contractors Diving Services Worldwide l Subsea completions l Wet and hyperbaric Global Divers Marine Contractors Diving Services Worldwide l Subsea completions l Wet and hyperbaric welding Technology and Experience l l Saturation diving to 1, 500 Nuclear power plant maintenance feet

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

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

Offshore Construction Division Deepwater Projects l Large Diameter Pipelines l Salvage Projects l Offshore Construction Division Deepwater Projects l Large Diameter Pipelines l Salvage Projects l

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

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

West Africa OCD Vessels Cheyenne Length: 350 ft. Lift (tons): 800 s. t. Comanche West Africa OCD Vessels 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.

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

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

Customers & Competitors Customers & Competitors

Traditional Customers Traditional Customers

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

Competitors Competitors

Industry Overview Industry Overview

Industry Considerations — 2001 - 2003 l Over capacity m m l Very poor Industry Considerations — 2001 - 2003 l Over capacity m m l Very poor results m m l Industry continued to maintain construction fleet despite soft market Extremely competitive industry; driving down margins and driving up project risk Under-bidding First-of-kind development (high-risk) Poor execution Onerous Terms: EPIC fixed-price contracts Risks were rising, not falling m m 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

Industry Considerations — The Good News l Several new management teams m m m Industry Considerations — The Good News l Several new management teams m m m l Deepwater projects only delayed, not canceled (1) m m m l Improving coordination, best practices Refusal of onerous contract terms Drive towards teaming on projects 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 m 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.

Project Execution Project Execution

Project Execution l Shifted focus from EPIC projects to primarily pipeline projects -being more Project Execution l Shifted focus from EPIC projects to primarily pipeline projects -being more selective l Non-performers have been replaced l Project teams are being strengthened l l 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

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

Project Controls Project Controls

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

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

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

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

Bidding Process Bidding Process

Estimating Organization CORPORATE Area VP Asia Pacific Area VP GOM Area VP Mexico President 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

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

Management Review Process Management Review Process

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

Global Star - COO Page Mexico - 3 Pipeline Repair Project Global Star - COO Page Mexico - 3 Pipeline Repair Project

PEMEX 18 mile 24” Pipeline DLB Shawnee 2500 2250 2000 1750 Cumulative Plans Cumulative PEMEX 18 mile 24” Pipeline DLB Shawnee 2500 2250 2000 1750 Cumulative Plans Cumulative Actuals WDT Weather Downtime WDT 1500 WDT 1250 2300 Pipe Joints 1000 750 WDT Ramp Up 500 250 Final Productivity Factor = 0. 86 WDT Source: Global 0 7 -Jan-04 9 -Jan-04 11 -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

Productivity Bonus Program Update 2004 Chickasaw W&T Offshore 4” and 6” P/L Paid Spool Productivity Bonus Program Update 2004 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 Pioneer Zia Energy 5” and 5” PIP 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 41

Mexico Outlook Mexico Outlook

Mexico Economic Environment ACTUAL PROJECTED 2002 2004 2005 0. 9% ECONOMIC GROWTH (Pct) 2003 Mexico Economic Environment ACTUAL PROJECTED 2002 2004 2005 0. 9% ECONOMIC GROWTH (Pct) 2003 1. 6% 3. 8% 4. 5% - 5% $ 161 $ 166 $ 176 $ 183 $ 14 $ 17 N/A $ 169 $ 172 $ 185 $ 194 EXPORTS (Billions $) Total Petroleum IMPORTS (Billions $) Source: Banco de México

Pemex Statements 2000 $ (Mils) Income Statement Revenue Operating Cost Income Before Taxes Net Pemex Statements 2000 $ (Mils) Income Statement Revenue Operating Cost Income Before Taxes Net Income 2001 $ (Mils) 2002 $ (Mils) 50, 505 46, 986 50, 795 21, 633 21, 832 21, 619 28, 872 25, 153 29, 176 30, 995 27, 797 (3, 597) 58, 755 73, 579 43, 560 45, 792 62, 955 16, 840 12, 963 10, 624 6, 809 6, 599 3, 344 5, 542 5, 469 2, 362 730 685 776 Gas and basic Petrochemicals 389 306 205 Petrochemical 109 94 N. A. Staffs 40 45 N. A. 9. 48 9. 34 $42 Billion (3, 217) 60, 400 2004 30, 976 (2, 123) 2003 9. 74 Balance Sheet Assets Liabilities Net Worth Investments Total Exploration & Production Refinery Exchange Rate (Pesos per USD) $10. 1 Billion Source: Poder Magazine & *Pemex

Mexico Oil Reserves National oil reserves have declined at a rate of 1. 8% 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

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

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

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

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

Mexico Pipeline Market 2004 -2005 Global Offshore Mexico Global Projects Bid Process PIPELINES: Competitors Mexico Pipeline Market 2004 -2005 Global Offshore Mexico Global Projects Bid Process PIPELINES: Competitors Projects Procurement Prospective Work / February 2004' Bids in House Region Active or Project Description Bid Start Norte SO Abk 8"Ø X 12. 5 Kms PTB to Batab-A 31 -Jul-03 Abk 24"Ø X 29 Kms Enlace to Uech-A 07 -Ago-03 SO NE 24" X 25 Km Lankahuasa Cantarell 36"Ø X 53 Km Pol-A to PR-1 Dic-02 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 Construction 2003 2004 2005 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. E F M A M J J A S O N D

Mexico Pipeline Market 2004 -2005 Global Offshore Mexico PIPELINES: Global Projects Bid Process Prospective Mexico Pipeline Market 2004 -2005 Global Offshore Mexico PIPELINES: Global Projects Bid Process Prospective Work / February 2004' Competitors Projects Procurement Active Bids in Home Active Region or Description Project Bid 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: Construction 2003 2004 2005 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. E F M A M J J A S O N D

Going Forward Going Forward

Strategy Maintain leadership position in mature shallow water domestic market while selectively targeting Gulf Strategy Maintain leadership position in mature shallow water domestic market while selectively targeting Gulf of Mexico deepwater opportunities. Pursue growth through International expansion by: l Leveraging our position in Mexico to become Pemex’s contractor of choice, l Focus on developing new markets in Mediterranean and India. l l l Expand our niche underwater welding technology and pipe-in-pipe expertise into India, China and other select areas. Pursue opportunities in Brazil and deepwater West Africa. Continue to focus on “Transportation and Installation” rather than EPIC, “turnkey” type contracting philosophies. Divest under-performing assets and resources. Develop our employees into the most professional, best-organized in our industry.

Actions Taken l l We have strengthened the Organization We have improved our reporting Actions Taken l l We have strengthened the Organization We have improved our reporting & Management Systems We are just starting to see the benefits of Global Star and the barge productivity programs Increasing Backlog

Improved Position l l Our market does exist and is getting stronger particularly in Improved Position l l Our market does exist and is getting stronger particularly in Mexico, the Mediterranean and Offshore India We are beginning to see a ground swell among major contractors unwilling to continue accepting the current T&C’s. We continue to enjoy a great reputation among the London Underwriters for our contracting philosophy, employee safety and Assets preservation. We have one of the best safety records in the industry.

Worldwide Projections Worldwide Projections

Market Conditions Annual E&P Spending Surveys l l l 2003 E&P spending exceeded original Market Conditions Annual E&P Spending Surveys l l l 2003 E&P spending exceeded original projections by 10%. Worldwide E&P spending forecast to rise 4% to $145 Billion in 2004. North American Spending to remain flat, International to increase 6%. Solomon, Smith Barney, Lehman Brothers

Worldwide Projects - by Region Start Date 04 Projects Include: Prospects & Bids ³ Worldwide Projects - by Region Start Date 04 Projects Include: Prospects & Bids ³ 50% Project Probability 2004 $1. 6 Billion Middle East India $280 M Latin America MED $40 M $95 M West Africa $95 M Asia Pacific $50 M GOM $270 M Mexico $890 M Source: Global Analysis

Worldwide Projects - by Region Start Date 05 2005 $2. 9 Billion Middle East Worldwide Projects - by Region Start Date 05 2005 $2. 9 Billion Middle East Latin America MED India $100 M $140 M $110 M West Africa $260 M Projects Include: Prospects & Bids ³ 50% Project Probability Asia Pacific $700 M Mexico $990 M GOM $600 M Source: Global Analysis

WW Bid Activity - by Value 2003 vs 2004 Start date: West Africa 2003 WW Bid Activity - by Value 2003 vs 2004 Start date: West Africa 2003 $250 M 2004 $65 M Latin America Gulf of Mexico Asia Pacific Mexico Med Middle East / India Total $130 M $105 M $150 M $65 M $10 M $20 M $315 M $370 M $240 M $280 M $55 M $730 M $1. 4 B A 90% Increase Change Source: Global

Forecasted Worldwide Pipelines Miles Pipeline miles 8000 6000 4000 2000 0 2004 2005 2006 Forecasted Worldwide Pipelines Miles Pipeline miles 8000 6000 4000 2000 0 2004 2005 2006 6, 000 - 8, 000 miles per year, for next 4 -5 years 2007 2008 Source: Infield Systems, Global

Questions & Answers Questions & Answers