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CABLE & WIRELESS MARINE INVESTMENT IN GENERAL OFFSHORE CORPORATION

CABLE & WIRELESS MARINE INVESTMENT IN GENERAL OFFSHORE CORPORATION
 LONDON, Sept. 17 /PRNewswire/ -- Cable & Wireless Marine Ltd., the world's largest independent cableship operator and submarine cable maintenance provider, announced today that it has acquired 40 percent of the common stock of General Offshore Corporation, a marine operations and telecom services company based in Fort Lauderdale, Fla.
 To complement this strategic alignment between the two principal companies, General Offshore Corporation has also announced the acquisition of Vibro Einspultechnik Duker und Wasserbau GmbH and its subsidiary companies.
 Cable & Wireless Marine completed the investment through its wholly owned subsidiary, Marine Investments Ltd. The new alliance will produce expanded capabilities in serving the marine cable installation market and in particular, the growing market for shallow water installations.
 Established in 1977, General Offshore Corporation operates and maintains a variety of both shallow and deep water vessels. The company provides a range of quality professional marine and ocean engineering services including sub-sea telecom cable installation, marine surveys, test and evaluation, maintenance technology and other in-water services to an international client base and to the U.S. government. Through its subsidiary, CSTI Service Company, General Offshore also installs and maintains land based telecom systems including switching and end user equipment.
 Vibro Einspultechnik Duker und Wasserbau GmbH is a world leader in deep embedment of cables, conduits and flexible pipelines. It specializes in installations where safe and reliable protection is important, such as coastal areas, rivers and estuaries. It will bring to General Offshore added expertise, patented technology and specialized equipment for deep burial in difficult underwater terrain including solid rock. Vibro's marine assets include two custom built 180-foot barges equipped with underwater trenching devices and rocksaw equipment. Frequently known as the Harmstorf companies, the organization has offices in Hamburg, Germany, New York and Singapore.
 Commenting on the new business venture, Richard Pitt, chief executive officer of Cable & Wireless Marine, said: "This opportunity has evolved from extremely good business relationships developed between the respective companies during the course of jointly working on several prestigious international submarine cable projects. It is a natural growth step for both Cable & Wireless Marine and General Offshore. It gives Cable & Wireless Marine an enhanced total capability as a submarine system installer in undersea markets worldwide and a strategic position in the United States market."
 R. Jon Armstrong, chairman of General Offshore, said: "Securing a strategic partnership with Cable & Wireless Marine and the acquisition of proprietary Harmstorf technologies will greatly enhance General Offshore's position in the telecommunication services community and the Harmstorf Singapore office will provide a base for further General Offshore expansion in the Asian and Pacific Rim markets. We see the growing demand for fiber optic cable and the developing use of its capabilities as a factor which will continue to make this an attractive long term market for General Offshore."
 -0- 9/17/92
 /CONTACT: Sharon Burke of Offshore Scientific Corporation, 703-548-9500/ CO: Cable & Wireless Marine, Ltd.; General Offshore Corporation;
 Vibro Einspultechnik Duker und Wasserbau GmbH ST: IN: TLS MAR SU:


IH -- DC016 -- 0608 09/17/92 11:33 EDT
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Publication:PR Newswire
Date:Sep 17, 1992
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