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GLOBAL MARINE FILES OFFERING OF $210 MILLION OF SENIOR SECURED NOTES

GLOBAL MARINE FILES OFFERING OF $210 MILLION OF SENIOR SECURED NOTES
 HOUSTON, Nov. 9 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM) announced today that it filed a registration statement with the Securities and Exchange Commission for a public offering of $210,000,000 principal amount of senior secured notes. In addition, the company has increased the size of its previously announced public offering of common stock from 20,000,000 shares to 25,000,000 shares. The company intends to use the proceeds of both offerings, plus available cash, to repay approximately $330,000,000 of long-term indebtedness, including the debt that would be purchased under previously announced agreements with debt holders.
 Houston-based Global Maine is an international offshore drilling contractor, offers turnkey drilling services, and has interests in oil and gas production.
 Registration statements relating to the senior secured notes and the common stock have been filed with the Securities and Exchange Commission but have not yet become effective. These securities may not be sold nor may offers to buy such securities be accepted prior to the time respective registration statements become effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy such securities nor shall there be any sale of these securities in any state in which such offer, solicitation of sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 11/9/92
 /CONTACT: John G. Ryan, 713-596-5100 or David A. Herasimchuk, 713-596-5809, both of Global Marine Inc./
 (GLM) CO: Global Marine Inc. ST: Texas IN: OIL SU: OFR


LR-WB -- NY031 -- 8592 11/09/92 10:09 EST
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Publication:PR Newswire
Date:Nov 9, 1992
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