Global Industries to Sell Liftboat Fleet

Global Industries entered into a definitive agreement on September 2, 2004 to sell the assets of its liftboat division to Mercury Offshore Assets LLC. The transaction, which is subject to certain conditions precedent, is valued at approximately $53 million and is expected to be completed within the next 45 days.

William J. Doré, Chairman of the Board and Chief Executive Officer, stated: "Since 1994 the liftboat division has provided vessels to serve our customers who perform well abandonment and wireline services as well as other offshore field development and maintenance services. However, the market is transitioning into a turnkey, fully integrated well services environment and that market is not part of our corporate strategy."

Global Industries provides pipeline construction, platform installation and removal, diving services, and other marine support to the oil and gas industry in the Gulf of Mexico, West Africa, Asia Pacific, the Mediterranean, Middle East/India, South America, and Mexico's Bay of Campeche. The Company's shares are traded on the Nasdaq National Market System under the symbol "GLBL."