Hold on, do you want to update it or just try to compile 'as-is' with a new compiler? I am getting mixed signals from your short statement.
Needless to say, I would totally go through the code with a fine tooth comb and modernize the entire code...that's the best thing to do.
Back then, they would do some scary things, like saving strings into REALs, pass arrays to scalars into a subruotine, some other Hollerith character stuff that nobody does anymore, etc. etc. etc.
You (or somebody) really needs to go through this code and consciously modernize it. I have done it...it is not sooooo bad, you just need to keep an eye for certain things. Soon enough, you will get an idea of the habits of the original programer and start finding his/her design pattern over and over.
my 2 cents