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GLOBAL MARINE FILES OFFERING OF 15 MILLION COMMON SHARES

 HOUSTON, June 30 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM) announced today that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 15 million shares of its common stock. The company will use approximately $25 million of the proceeds to retire long-term indebtedness, up to $34 million to finance the previously announced transaction with Transocean Drilling A.S., and the remainder for capital improvements to its drilling rigs, mobilization of acquired rigs and general working capital purposes.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 The offering will be made only by means of a prospectus. To obtain a prospectus, contact Goldman, Sachs & Co., 85 Broad St., New York, N.Y. 10004; PaineWebber Incorporated, 1285 Avenue of the Americas, New York, N.Y. 10019; Salomon Brothers Inc., Seven World Trade Center, New York, N.Y. 10048; or Howard, Weil, LaBouisse, Friedrichs, Inc., 1100 Poydras St., Suite 900, New Orleans, La. 70163.
 Houston-based Global Marine is one of the industry's largest international offshore drilling contractors, with 23 mobile rigs deployed worldwide. In addition, the company offers turnkey drilling services and participates in oil and gas exploration and production in the United States.
 -0- 6/30/93
 /CONTACT: David A. Herasimchuk of Global Marine, 713-596-5809/
 (GLM)


CO: Global Marine Inc. ST: Texas IN: OIL SU: OFR

SM-OS -- NY014 -- 7046 06/30/93 10:02 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
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