Rule 424(b)(5)
File No. 33-53691
PROSPECTUS SUPPLEMENT
(To Prospectus dated July 1, 1994)
500,000 SHARES
GLOBAL MARINE INC.
COMMON STOCK
$.10 PAR VALUE PER SHARE
All of the shares of Common Stock, $.10 par value per share
(the "Common Stock"), of Global Marine Inc. (the "Company") offered
by the Prospectus, as supplemented by this Prospectus Supplement,
are for the account of Clifford Services Ltd. (the "Selling
Stockholder"). The Company will not receive any proceeds from
sales of said shares. Sales will be effected by the Selling
Stockholder from time to time on the open market in ordinary
brokerage transactions on the New York Stock Exchange at the
prevailing market price at the time of sale. The Selling
Stockholder will pay customary brokerage commissions on each such
sale.
AN INVESTMENT IN THE COMMON STOCK INVOLVES A HIGH DEGREE OF
RISK. PROSPECTIVE INVESTORS SHOULD CAREFULLY CONSIDER THE MATTERS
SET FORTH IN THE PROSPECTUS UNDER THE CAPTION "RISK FACTORS," AS
SUPPLEMENTED BY THE INFORMATION CONTAINED IN THIS PROSPECTUS
SUPPLEMENT UNDER THE CAPTION "SUPPLEMENTAL RISK FACTORS."
The Company's common stock is traded on the New York Stock
Exchange under the symbol "GLM." On November 9, 1994, the last
reported sales price as reported on the New York Stock Exchange
Composite Transactions Tape was $4.75.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
The date of this Prospectus Supplement is November 10, 1994
SUPPLEMENTAL HISTORICAL OPERATING INFORMATION
The following table sets forth certain data regarding rig
utilization for the industry and the Company's fleet. Industry data,
which is derived from data published in the Offshore Rig Locator, is
based upon all competitive rigs of the types indicated for the
periods indicated and includes many rigs that are dissimilar to the
Company's rigs in many respects, including performance and
environmental capabilities, operational criteria and age.
Furthermore, the industry data, among other things, reports
statistics on rig utilization based on both the "contract method,"
which measures the number of days under contract compared to the
total days the rigs were owned, and the "operating method," which
measures utilization in terms of the number of days the rigs are
earning revenues to the total days the rigs were owned.
Consequently, the available industry data set forth below may not be
directly comparable to the Company's data, which, among other things,
calculates utilization based on the contract method.
<TABLE>
<CAPTION>
Averages for
As of Nine Months Averages for
September 30, Ended September 30, Years Ended December 31,
1994 1994 1993 1993 1992 1991 1990 1989
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Company:
Jackups
Total Rigs 21<F1> 21<F1> 19.2<F2> 19.6<F2> 19.1<F3> 20 20 20
Utilization Rate 95% 98% 90% 92% 83% 93% 92% 80%
Semisubmersibles
Total Rigs 2 2 2.2<F4> 2.1<F4> 4 4 4 4
Utilization Rate 100% 60% 87% 90% 73% 85% 85% 70%
Drillships
Total Rigs 1 1 1.3<F4> 1.2<F4> 2 2 2 3.8<F5>
Utilization Rate 100% 87% 70% 77% 77% 57% 84% 22%
Industry:
Jackups
Total Rigs 319 320 323 322 331 340 345 356
Utilization Rate 78% 78% 81% 82% 72% 76% 79% 70%
Semisubmersibles
Total Rigs 133 134 134 134 141 147 145 148
Utilization Rate 71% 74% 75% 76% 72% 80% 78% 69%
Drillships
Total Rigs 19 19 23 22 28 26 25 29
Utilization Rate 58% 64% 57% 59% 52% 64% 74% 54%
<FN>
<F1> Data excludes two rigs not currently in service which were
acquired in the first quarter of 1994.
<F2> Reflects the acquisition of three rigs and sale of one rig
in the third quarter of 1993.
<F3> Reflects the sale of one rig in the first quarter of 1992.
<F4> Reflects the sale of one rig in the first quarter of 1993.
<F5> Reflects the sale of three rigs in the third quarter of
1989.
</TABLE>
SUPPLEMENTAL RISK FACTORS
In addition to the information contained in the Prospectus and
incorporated herein by reference, prospective investors should
carefully consider the matter set forth below before purchasing any
shares of the Common Stock.
U.S. Oil Pollution Act of 1990 Update
On July 1, 1994, the U.S. Coast Guard, which is responsible for
promulgating regulations implementing the new financial
responsibility requirements with respect to offshore drilling units
under the U.S. Oil Pollution Act of 1990, issued an interim final
rule which essentially adopted the provisions on certificates of
financial responsibility ("COFR") contained in the Notice of
Proposed Rulemaking promulgated in August 1991. The interim final
rule provides that the Company may use its current COFR until June
30, 1995, after which time a COFR complying with the new rule must
be obtained. Reportably, at least one insurance facility which
would satisfy the COFR requirements of the new rule has been
approved by the U.S. Coast Guard. However, no determination has
been made whether this insurance facility would be made available
to the Company on satisfactory terms, if at all. Thus, no
assurance can be made that the Company will be able to satisfy the
financial responsibility requirements of the rule as promulgated.
The Company's inability to comply with the rule might have a
material adverse effect on its operations and financial condition.
SELLING STOCKHOLDER
The 500,000 shares of Common Stock being offered by the
Prospectus, as supplemented by this Prospectus Supplement, are
owned by Clifford Services Ltd., and represent less than 1% of the
aggregate number of shares of Common Stock outstanding at November
9, 1994. Following the sale of said shares, the Selling
Stockholder will not own any shares of Common Stock.
All proceeds from the sales of shares of Common Stock offered by
the Prospectus, as supplemented by the Prospectus Supplement, will
go to the Selling Stockholder. The Company will not receive any
consideration for the sale of said shares.
PLAN OF DISTRIBUTION
The Selling Stockholder contemplates selling the 500,000 shares
of Common Stock offered by the Prospectus, as supplemented by the
Prospectus Supplement, on the open market through Merrill Lynch,
Pierce, Fenner & Smith Incorporated in ordinary brokerage
transactions on the New York Stock Exchange at the prevailing
market price at the time of sale.
