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."


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

 
 
Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.0681 sec (15 req/sec)