Global Industries’ CEO Steps Down

Monday, October 20, 2008

The company also announced that they expect to report a third quarter 2008 net loss of approximately 45 cents to 50 cents per diluted share. The Company continued to experience significant adverse impacts on gross profits during the quarter on certain projects due to productivity and logistical issues. Lower than expected revenues also contributed to the third quarter earnings shortfall, as did lower than expected vessel utilization in .

John A. Clerico has been a member of Global's Board since February 2006 and is the Chairman of Chartmark Investments, Inc., a company he founded in 2001. Mr. Clerico previously served as Executive Vice President and Chief Financial Officer of Praxair, Inc. From 1999-2000, Mr. Clerico was a member of the Office of the Chairman at Praxair and also had leadership responsibility for the company's operations in Europe and . Prior to that, Mr. Clerico was an executive with Union Carbide Company where he served as Treasurer and Chief Financial Officer.

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