Global Marine Systems Limited (Global Marine), a subsidiary of Global Crossing Inc
, and a provider of subsea engineering solutions
, has been sold to Bridgehouse Marine Ltd.
Bridgehouse Marine is a specialised business that acquires and manages companies providing marine services
to the telecommunications and energy industries
. Andy Ruhan, Bridgehouse Capital's Managing Director and an investor in Bridgehouse Marine, will become the Chairman of Global Marine. Peter Ford will take over as acting CEO, and both appointments are made with immediate effect.
Phil Metcalf, Global Marine's outgoing CEO, said: "The investment represents a great deal both for Global Marine and Global Crossing. Bridgehouse Marine and its investors from Bridgehouse Capital have
tremendous experience in revitalising companies in difficult market sectors. As we weather the turbulent telecom storm and pursue diverse markets such as oil and gas, the Bridgehouse team will undoubtedly provide valuable strategic counsel and new resources to Global Marine."
Global Crossing will also transfer its current 49% ownership of S.B. Submarine Systems Company Ltd (SBSS) to Global Marine, subject only to Chinese regulatory review and approval by China Telecom (CHA)
Phil Metcalf continued
: "As Global Marine looks to expand its expertise into broader business markets, Bridgehouse can provide the necessary support to allow Global Marine to retain its position as the world's leading subsea engineering solution provider. We are now looking forward to moving ahead to the next chapter for Global Marine."