West Africa Business Unit News

Global Industries, Ltd. (NASDAQ:GLBL) announced revenues of $269.5m for the first quarter of 2009 compared to $301.5m in the first quarter of 2008. Net income was $19m, or $0.17 per diluted share, for the first quarter of 2009 compared to $26.1m, or $0.22 per diluted share, in the first quarter of 2008. Commenting on the first quarter results, Chairman and Chief Executive Officer John A. Clerico stated, "We continue to make progress on our recovery plan at Global, and I am pleased to report that we returned to profitability in the first quarter. Although we experienced additional deterioration in our Camarupim project, this was more than offset by successful project execution elsewhere and the impact of our continuing cost reduction efforts.