Global Marine Sold to Bridgehouse Marine Ltd.

Monday, August 16, 2004
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.

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."

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

West Africa's August Crude Exports to Asia to Slip

West African crude oil exports to Asia were expected to fall to 1.84 million barrels per day (bpd) in August, Reuters data and a survey of traders showed.     Slower

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

 
 
Maritime Standards Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1091 sec (9 req/sec)