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GLOBAL MARINE REPORTS FIRST QUARTER NET INCOME

 GLOBAL MARINE REPORTS FIRST QUARTER NET INCOME
 HOUSTON, April 15 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM)


today reported net income of $3 million, or $0.02 a share, on revenues of $68 million for the quarter ended March 31, 1992. This compares with a net loss of $3 million, or $0.02 per share, on revenues of $75 million for the corresponding quarter of 1991. Results for the first quarter of 1992 include an $11 million gain on the previously reported sale of a 250-foot jackup drilling rig and a $3 million gain from the adoption of the Statement of Financial Accounting Standards No. 109 related to income taxes. Cash and short-term investments totaled $52 million at March 31, 1992, down from $57 million at year-end 1991.
 C. Russell Luigs, Global Marine's chairman and chief executive officer, commented, "Our first quarter results reflect a continuing weakness in the offshore drilling business. Our offshore contract drilling subsidiary, Global Marine Drilling Company, reported both a lower rig utilization rate and a lower fleet average dayrate for the quarter, due to continuing weaknesses in its worldwide markets. The average rig utilization rate for the company's fleet was 78 percent in the first quarter of 1992, compared with 88 percent in the prior quarter. In addition, our turnkey drilling subsidiary, Applied Drilling Technology, reported a 1992 first quarter loss resulting from mechanical problems in drilling a well in the Gulf of Mexico. This turnkey contract was nevertheless completed successfully."
 Luigs continued, "Although the timing of a market recovery is uncertain, we remain optimistic that increasing international activity will eventually bring our markets into balance."
 Houston-based Global Marine is one of the industry's largest international offshore drilling contractors, with 26 mobile rigs deployed worldwide. In addition, the company offers turnkey drilling services and has interests in oil and gas production.
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Operating Highlights
 (In millions, except per share amounts, unaudited)
 Three months ended March 31 1992 1991
 Total revenues $68.3 $ 74.5
 Loss before cumulative effect of
 change in accounting principle (0.5) (2.6)
 Cumulative effect of change in
 accounting for income taxes 3.3 --
 Net income (loss) 2.8 (2.6)
 Net income (loss) per common share:
 Before cumulative effect of
 change in accounting principle (0.01) (0.02)
 Cumulative effect of change in
 accounting for income taxes 0.03 --
 Net income (loss) 0.02 (0.02)
 Average shares outstanding 113.7 105.5
 Note: Results for the first quarter of 1992 include an $11.0 million gain on the sale of an offshore drilling rig.
 -0- 4/15/92
 /CONTACT: David A. Herasimchuk of Global Marine, 713-596-5809/
 (GLM) CO: Global Marine, Inc. ST: Texas IN: OIL SU: ERN


AH-OS -- NY080 -- 8756 04/15/92 13:28 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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