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Global Marine Significantly Extends Its Deepwater Capabilities With Two Newbuilds

Belfast's Harland and Wolff I (H&W) recently won a $300 million order to build an oil and gas I drillship for Houston-based Global [Marine Inc., with Global holding I an option to build a second similar [vessel at the yard. The first drilljship is scheduled for delivery in I the fourth quarter of 1999, and will [be chartered by Global Marine to [Australia's BHP Petroleum for oil I exploration in the Gulf of Mexico. [The second drillship is scheduled [for delivery in the first quarter of 12000, if the option is exercised. [H&W's chief executive said the Icontract represents a break- Ithrough for the yard into a new [sector of the offshore market. It is also the first contract awarded by a U.S. company to the yard since it switched its focus from normal shipbuilding to the specialized offshore oil and gas market, he said.

H&W is now part of offshore group Fred Olsen Energy.

GLM Contracts For Rig Global Marine Inc. (GLM) will build a second, new ultra-deepwater oil rig, which is expected to bring in $208 million over three years. The second Glomar 456 class dynamically-positioned drillship was commissioned by Exxon Exploration Group and brings Global Marine's deep-water fleet to 10 rigs. Until the end of June 1998, Exxon could elect to reduce the contract term to two years, in which case Global Marine would have the right to market the new rig for a one year during the threeyear term. The second new Glomar 456 class drillship is scheduled to be delivered in the first quarter of 2000 and will initially be outfitted to work in up to 8,000 ft. of water.

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