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GLOBAL MARINE REPORTS FIRST QUARTER RESULTS

 HOUSTON, April 15 /PRNewswire/ -- Global Marine Inc. (NYSE: GLM) today reported a net loss of $9 million, or $0.06 per share, on revenues of $61 million for the quarter ended March 31, 1993. This compares with net income of $1 million, or $0.01 per share, on revenues of $68 million for the corresponding quarter of 1992, which includes an $11 million gain on the sale of an offshore drilling rig.
 C. Russell Luigs, Global Marine's chairman and chief executive officer, said, "Results for the first quarter of 1993 reflect weakening North Sea and West African offshore drilling markets, offset in part by continuing strength in the U.S. Gulf of Mexico. The Gulf's strength is the result of higher domestic natural gas prices and is evidenced by increased drilling activity and higher rig dayrates. During the first quarter, the company began its previously announced redeployment of three cantilever jackup drilling rigs from West Africa and the North Sea to the Gulf of Mexico. All three rigs have arrived and are committed to begin work. As a result, all nine of our Gulf of Mexico rigs are committed to contracts at profitable rates."
 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.
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Operations
 (In millions, except per share amounts)
 Three months ended March 31 1993 1992
 Revenues
 Marine drilling $58.2 $63.8
 Oil and gas 2.8 4.5
 Total revenues 61.0 68.3
 Expenses:
 Marine drilling 48.4 51.5
 Oil and gas 1.0 1.6
 Depreciation, depletion and amortization 9.2 11.8
 Gain on sale of offshore drilling rig -- (11.0)
 General and administrative 3.2 3.2
 Total operating expenses 61.8 57.1
 Operating income (loss) (.8) 11.2
 Other income (expense):
 Interest expense (8.2) (11.3)
 Interest income .6 .6
 Total other income (expense) (7.6) (10.7)
 Income (loss) before income taxes (8.4) .5
 Income tax expense .9 1.0
 Loss before cumulative effect of
 changes in accounting principles (9.3) (0.5)
 Cumulative effect of change in
 accounting for income taxes -- 3.3
 Cumulative effect of change in
 accounting for postretirement health
 care and life insurance benefits -- (1.9)
 Net income (loss) (9.3) .9
 Net income (loss) per common share:
 Before cumulative effect of
 changes in accounting principles (0.06) (0.01)
 Cumulative effect of change in
 accounting for income taxes -- 0.03
 Cumulative effect of change in
 accounting for postretirement health
 Average common shares outstanding 143.7 113.7
 Previously reported net income of $2.8 million for the quarter ended March 31, 1992 has been restated to include a charge of $1.9 million, representing the cumulative effect on prior years of the adoption of the new accounting standard relating to postretirement health care and life insurance benefits.
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheet
 (In millions)
 3/31/93 12/31/92
 Current Assets:
 Cash and cash equivalents $ 25.8 $ 23.3
 Marketable securities 14.8 10.3
 Accounts receivable 48.9 46.3
 Note receivable 5.3 2.7
 Other current assets 10.3 8.7
 Total current assets 105.1 91.3
 Net properties 311.5 318.0
 Funds in escrow for operating lease 17.0 19.7
 Note receivable 15.0 17.5
 Investment, at cost 15.0 15.0
 Other assets 19.6 18.4
 Total assets $483.2 $479.9
 Current Liabilities:
 Current maturities of
 long-term debt $ 24.0 $ 24.0
 Accounts payable 13.9 15.2
 Accrued liabilities 27.6 21.4
 Total current liabilities 65.5 60.6
 Long-term debt 225.0 225.0
 Reserve for loss on operating lease 16.9 19.6
 Other long-term liabilities 20.8 20.2
 Shareholders' Equity:
 Common stock and additional
 paid-in capital 203.4 193.6
 Accumulated deficit (48.4) (39.1)
 Total shareholders' equity 155.0 154.5
 Total liabilities and shareholders'
 equity $483.2 $479.9
 GLOBAL MARINE INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Cash Flows
 (In millions)
 Three months ended March 31 1993 1992
 Cash Flows From Operating Activities:
 Net income (loss) $(9.3) $ .9
 Adjustments to reconcile net income
 (loss) to net cash provided by
 operating activities:
 Depreciation, depletion and
 amortization 9.2 11.8
 Deferred interest -- 7.4
 Cumulative effect of changes in
 accounting principles, net -- (1.4)
 Gain on sale of offshore drilling rig -- (11.0)
 Increase in accounts receivable (2.5) (3.9)
 Increase in other current assets (2.2) (2.2)
 Increase (decrease) in accounts payable (1.3) 4.1
 Increase (decrease) in accrued liabilities 7.7 (.1)
 Other, net (2.7) 1.8
 Net cash flow provided by (used in)
 operating activities (1.1) 7.4
 Cash Flows From Investing Activities:
 Capital expenditures (5.2) (5.3)
 Disposals of properties 4.6 18.6
 Purchase of marketable securities (5.3) (6.3)
 Proceeds from sales or maturities
 of marketable securities .7 15.6
 Other .8 (.1)
 Net cash flow provided by (used in)
 investing activities (4.4) 22.5
 Cash Flow From Financing Activities:
 Common stock offering, net of expenses 7.7 --
 Payments on long-term debt (.2) (26.5)
 Other .5 .8
 Net cash flow provided by
 (used in) financing activities 8.0 (25.7)
 Increase in cash and cash equivalents 2.5 4.2
 Cash and cash equivalents at
 beginning of period 23.3 25.5
 Cash and cash equivalents at end of period $25.8 $29.7
 -0- 4/15/92
 /CONTACT: David A. Herasimchuk of Global Marine Inc., 713-596-5809/
 (GLM)


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

TS-OS -- NY013 -- 6079 04/15/93 09:44 EDT
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Date:Apr 15, 1993
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