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GLOBAL MARINE REPORTS NET INCOME FOR 1991

 GLOBAL MARINE REPORTS NET INCOME FOR 1991
 HOUSTON, Jan. 20 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM)


today reported net income of $7 million, or $0.06 per share, for the fourth quarter of 1991. For the year ended Dec. 31, 1991, the company reported net income of $1 million, or $0.01 per share. In the corresponding periods of 1990, the company reported a net loss of $3 million, or $0.03 per share, for the quarter and a net loss of $36 million, or $0.35 per share, for the year. Cash and marketable securities totaled $57 million at Dec. 31, 1991, compared to $51 million at Sept. 30, 1991.
 C. Russell Luigs, chairman, president and chief executive officer, stated, "The year 1991 yielded the first full year net profit for the company since 1983. Although the profit was modest, it was notable under the circumstances. The offshore rig market, which had been improving steadily over the last three years, turned down sharply during 1991. Primarily as a result of exceptionally weak domestic gas prices, demand for drilling services in the Gulf of Mexico declined by 34 percent over the course of the year, and domestic dayrates fell to cash negative levels by year-end. Dayrates also fell sharply in the company's important North Sea market. In large part, the 1991 results reflect our success in contracting many of our larger drilling units during the latter part of 1990 at rates significantly higher than current market rates. Looking forward, we do not expect any meaningful recovery in our markets during 1992 and, as a result, believe that results in 1992 will be markedly less favorable than those in 1991."
 In a separate development, Global Marine also announced that it has entered into a letter of intent for the sale of one of its 250-foot High Island class jackup drilling rigs. The sale, which is subject to a number of conditions, would result in a 1992 gain of approximately $12 million, and sale proceeds would be applied to reduce debt. In a related transaction, the company will also enter into a two-year charter of another of its High Island class rigs for operation offshore Saudi Arabia. Both of these rigs are currently located in the U.S. Gulf of Mexico. Luigs commented further, "The sale and charter of these two rigs is part of a continuing strategy to move our remaining Gulf of Mexico rigs into more favorable international markets. We also intend to review on an ongoing basis the advisability of selling selected equipment as a means of reducing both our debt and our exposure to unfavorable market conditions."
 Global Marine is a major international offshore drilling contractor with 27 mobile rigs deployed worldwide and interests in oil and gas production.
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Operating Highlights
 (In millions, except per share amounts)
 Periods ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 (Unaudited) (Unaudited)
 Total revenues $87.8 $82.5 $315.2 $281.8
 Net income (loss) $ 6.9 $(3.4) $ 1.0 $(35.8)
 Net income (loss)
 per common share $.06 $(.03) $.01 $(.35)
 Average shares outstanding 113.3 105.2 109.2 102.6
 -0- 1/20/92
 /CONTACT: David A. Herasimchuk of Global Marine, 713-596-5809/
 (GLM) CO: Global Marine Inc. ST: Texas IN: OIL SU: ERN


GK-OS -- NY022 -- 1368 01/20/92 11:00 EST
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Date:Jan 20, 1992
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