Global Marine (GLM) is a holding company that provides offshore contract drilling services on a dayrate basis and offshore drilling management services on a dayrate or fixed-price basis. The company has an active fleet of 31 mobile offshore drilling rigs and two ultra deep-water drillships under construction. The company also participates in offshore oil and gas exploration and development projects: operations conducted mainly in the U.S., the U.K., Nigeria, Canada and other countries abroad. Contract drilling accounted for 64 percent of 1999 revenues; drilling management services 35 percent and oil and gas, one percent. On January 18 the company reported net income for the year ended December 31, 2000, of $113.9 million on revenues of $1 billion.