SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 3, 1996
(June 3, 1996)
GLOBAL MARINE INC.
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(Exact name or registrant as specified in charter)
Delaware 1-5471 95-1849298
_________________________ _____________ __________________
State or other jurisdiction (Commission (IRS employer
of incorporation) file number) identification no.)
77 N. Eldridge Road, Houston, Texas 77079
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 596-5100
ITEM 5. OTHER EVENTS.
On June 3, 1996, the Registrant announced that its wholly-owned
contract drilling subsidiary, Global Marine Drilling Company
("GMDC"), has received two unrelated long-term commitments from
major oil companies to drill in deep water in the US Gulf of
Mexico. One of these commitments is for a three-year program using
a semisubmersible rig to drill in water depths up to 5,000 feet.
In response to this commitment, GMDC has agreed to purchase a
semisubmersible, the Polycastle, from a third party. The other
commitment is for a 16-month drilling program using an Arctic class
semisubmersible already owned by one of the Registrant's wholly-owned
subsidiaries to drill in water depths up to 3,000 feet. In
total, the two contracts are expected to generate revenues of
approximately $210 million. The costs of acquiring the Polycastle
and upgrading both rigs are expected to total approximately $200
million. The Registrant intends to finance these investments from
internally generated funds.
The Polycastle was built in Japan by Mitsui Engineering in 1982.
The unit is equipped with dynamic-positioning and has been
operating as an accommodations unit in the Norwegian sector of the
North Sea for the past several years. GMDC expects to take
delivery of the Polycastle in the fourth quarter of 1996 and
reconfigure it for drilling operations commencing in the third
quarter of 1997.
The Arctic class semisubmersible to be used in the 16-month
drilling program is currently operating under contract in the UK
sector of the North Sea and will be modified to upgrade its water-depth
capability from 1,800 feet to 3,000 feet. It is expected to
mobilize to the Gulf of Mexico and commence operations during the
first quarter of 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
GLOBAL MARINE INC.
Date: June 3, 1996 By: s/Thomas R. Johnson
Thomas R. Johnson
Vice President
and Corporate Controller
