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GLOBAL MARINE CONCLUDES FOUR-RIG OWNERSHIP ARRANGEMENT WITH TRANSOCEAN

 HOUSTON, Aug. 26 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM) announced today that it has entered into a definitive agreement with Transocean Drilling A.S. of Norway concerning their previously announced exchange of interests in drilling rigs.
 Under the agreement, Global Marine will acquire a 100 percent ownership interest in three Transocean 300-foot jackup drilling rigs in exchange for a 100 percent ownership interest in the heavy-weather jackup drilling rig Glomar Moray Firth, plus a $17 million cash payment. Under the arrangement, the aggregate cash flow generated by all four rigs will be shared in proportion to each party's investment, with 57 percent going to Global Marine and 43 percent to Transocean.
 The three Transocean Drilling rigs, known as the Transocean 5, 6 and 7 are Marathon LeTourneau 116-C cantilever jackups capable of drilling in 300-foot water depths. Two of the rigs are currently under contract in the Gulf of Mexico and the third is under contract in the Persian Gulf. All have top drives and two are zero discharge. The heavy- weather Glomar Moray Firth is top drive equipped and is currently being outfitted with a third mud pump and upgraded to comply with Norwegian regulations prior to mobilizing to a one-well contract in Denmark.
 Global Marine's Chairman and Chief Executive Officer C. Russell Luigs commented, "We are pleased to have concluded our agreement with Transocean and look forward to a productive and mutually beneficial relationship. This agreement improves our access to the high-potential Norwegian North Sea market and gives us additional exposure in the expanding Gulf of Mexico. It further reflects our commitment to the premium, deep water, cantilever jackup market, in which we pursue expansion opportunities."
 Houston-based Global Marine is one of the industry's largest international offshore drilling contractors, offers turnkey drilling services and has interests in oil and gas production.
 -0- 8/26/93
 /CONTACT: David A. Herasimchuk of Global Marine, 713-596-5809/
 (GM)


CO: Global Marine Inc.; Transocean Drilling A.S. ST: Texas IN: MAR SU:

CC -- NYON1 -- 5954 08/26/93 01:59 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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