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Peter S. Atkinson President

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1 Peter S. Atkinson President
Global Industries, Ltd. Peter S. Atkinson President 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 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 Countries Major Combination Derrick/Pipelay Barges
China Thailand Singapore Indonesia Brunei Malaysia Australia Carlyss Houston New Iberia Sharjah China GOM Inter/Deep Latin America/Mexico West Africa India Nigeria Angola Ghana Asia Pacific GOM Inter/Deepwater 5 vessels Latin America/Mexico 2 vessels Mediterranean 2 vessels West Africa 3 vessels Asia Pacific 3 vessels Total 15 vessels Latin America/Mexico Mohawk Shawnee Titan 2 West Africa Cheyenne Comanche Navajo Asia Pacific DLB 264 DLB 332 Seminole GOM Cherokee Sea Constructor Chickasaw Pipeliner 5 Hercules Iroquois Pioneer Tonkawa * 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 Contractors Diving Services
Worldwide Subsea completions Wet and hyperbaric welding Technology and Experience Saturation diving to 1,500 feet Nuclear power plant maintenance

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

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
Length: 513 ft. Lift (tons): 2000

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

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

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

17 Asia Pacific OCD 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% HIGH VISIBILITY SUPER MAJORS HAVE LIMITED GROWTH POTENTIAL. THIS EXPLAINS JVS WITH RUSSIAN OIL COMPANIES NOCS LIKE PEMEX, PETROBRAS, PEDVSA, ADNOC, NIOC, SONANGAL ETC. CONTROL OVER 70% OF RESERVES. 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 (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 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 Project Execution 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

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 singpem •••••• Projects
Project Updates for Clients singpem ••••••

30 VSAT Communication Barge Global Office Customer PDA Laptop Desktop

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

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 carried out at five locations. All areas use common policies and procedures for the bidding process. Houston is responsible for the development and update of these policies and procedures. 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 Estimating Policies and Procedures
Bid Approval Authority by Price Two documented policies and one procedure are supplemented by various checklists. The Management approval requirement for bids based on Sell price, type of work, and contractual issues is documented in Bid Approval authority policy. There is a pre-determined matrix for the significant contractual risks which identifies the risk and the sign-off authority limits.

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

37 Management Review Process
Formal Review addresses all aspects of the Project. Price Summary in form of Project Contribution Analysis signed by Estimator, Vice President, COO and CEO indicating an approval for submission to Client. Any changes in the price, contractual or commercial position must be approved by the relevant Delegation of Authority.

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

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

40 PEMEX 18 mile 24” Pipeline DLB Shawnee
250 500 750 1000 1250 1500 1750 2000 2250 2500 Cumulative Plans Cumulative Actuals WDT 2300 Pipe Joints Ramp Up WDT Weather Downtime Final Productivity Factor = 0 .86 Source: Global 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 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 11-Mar-04 13-Mar-04 15-Mar-04

41 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 ” and 5” PIP Paid Pioneer Zia Energy ” and 5” PIP Paid Arapaho Mariner Energy Pile Project Paid Arapaho Apache Corp Salvage 3 platforms Paid Titan Pemex 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

42 Mexico Outlook

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

44 Pemex Statements Source: Poder Magazine & *Pemex 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

45 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

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

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

48 Mexico Offshore Construction Activity
Type of platforms Region . Recover Wells Recover Wells Trunk Pipes Production Drilling Compression Living quarter Riser Total Kms Marina Noreste North Marina Suroeste Total 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

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

50 Mexico Pipeline Market 2004-2005
Global Offshore Mexico Global Projects Bid Process PIPELINES: Competitors Projects Procurement Prospective Work / February 2004' Bids in House Construction Active 2003 2004 2005 Region Bid or Description 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Project Start 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 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

51 Mexico Pipeline Market 2004-2005
Global Offshore Mexico PIPELINES: Global Projects Bid Process Prospective Work / February 2004' Competitors Projects Procurement Active Bids in Home Construction Active Bid 2003 2004 2005 Region or Description 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. 1 Qtr. 2 Qtr. 3 Qtr. 4 Qtr. Project Start 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 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:

52 Going Forward

53 Strategy Maintain leadership position in mature shallow water domestic market while selectively targeting Gulf of Mexico deepwater opportunities. Pursue growth through International expansion by: Leveraging our position in Mexico to become Pemex’s contractor of choice, Focus on developing new markets in Mediterranean and India. 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.

54 Actions Taken 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

55 Improved Position 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.

56 Worldwide Projections

57 Market Conditions Annual E&P Spending Surveys
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

58 Worldwide Projects - by Region Start Date 04
Projects Include: Prospects & Bids ³50% Project Probability 2004 West Africa $95M Asia Pacific $50M $1.6 Billion Latin America $40M MED $95M Middle East India $280M GOM $270M West Africa CABGOC - Angola - Area A Flare Elimination - 50M CABGOC - Angola - Takula Infrastructure Project - 20M Asia Pacific Malaysia Work Program - 33M GOM Taylor Energy - MC 20 to 21 PL Install - 23M LLOG - GB 378 #1 to 72A PL Install - 5M India Larsen & Toubro - (9) Wellhead Platform Installations (04 to 05) 40M ONGC G-1/GS-15 Project - 15M Latin America bp Trinidad - NOEL Pipeline Prj - 26M MED FMC - Sonatrach Loading System - Algeria - 58M PEI - Haifa Calm Buoy & PL Install - 15M Mexico PEMEX - Transport and Install (13) PF’s - 85M PEMEX - Sinan Fld (4) PL Package - 50M PEMEX - Akal MB (3) PL Package - 45M Middle East ADMA - Zakum UMM Schaif - UAE - 90M CPC - Mubarak Fld Expansion - UAE - 30M Mexico $890M Source: Global Analysis

59 Worldwide Projects - by Region Start Date 05
2005 Projects Include: Prospects & Bids ³50% Project Probability West Africa $260M Latin America $100M Middle East India $110M $2.9 Billion MED $140M Asia Pacific $700M Mexico $990M West Africa CABOC - Angola - Banzala B & C - 50M ExxonMobil - Nigeria - MPN Integrity Program - 50M ChevronTexaco - Nigeria - Escravos SOWIP - 32M Addax - Nigeroa - Shallow Water Pl/PF Installations - 30M ExxonMobil - Nigeria - Abang Satellite Dev - 30M Asia Pacific Hongkong Electric - LammaPower Station Export - 144M Allseas - Malaysia - Third Transmission PHS 1& M Malaysia Work Program - 76M Petechim - Vietnam - Condy to Rayong PL Project - 50M GOM AES - Ocean Express - 209M Gulfterra - Constitution - 43M Devon - ATW Valley Subsea Dev - 20M LLOG - Citrine - 20M India ONGC -C22,24,39 Project - 50M Latin America bp Trinidad - Cannonball - 32M Queiroz Galvao - Brazil - BCAM 40 to Shore - 32M MED EMG - Egyptian Gas Import - 100M Isaramco - Israel - UR Fld Dev - 40M Mexico PEMEX - Enlace to POL A 36” PL - 100M PEMEX - Transportantion & Installation Package (2) M ????????????? PEMEX - KU - A2 to Akal - J3 PL - 65M GOM $600M Source: Global Analysis

60 WW Bid Activity - by Value 2003 vs 2004
Start date: West Africa Latin America Gulf of Mexico Asia Pacific Mexico Med Middle East / India 2003 $250 M $130 M $105 M $150 M $65 M $10 M $20 M 2004 $65 M $30 M $315 M $370 M $240 M $280 M $55 M Change Total $730 M $1.4 B A 90% Increase Source: Global

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

62 Questions & Answers

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