Global Marine - GLM- Profile

Global Marine Inc.. The principal activity of the Group is the provision of offshore contract drilling services on a dayrate basis and offshore drilling management services on a dayrate or fixed-price (turnkey) basis. The Group also participates in oil and gas exploration, development and production activities principally in the Gulf of Mexico. The Company conducts oil and gas exploration, development and production activities through its wholly-owned subsidiary, Challenger Minerals Inc. ("CMI"). 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 construction. The operations are conducted mainly in the United States, the United Kingdom, Nigeria, Canada and other foreign countries. Contract drilling accounted for 56% of 2000 revenues; drilling management services, 42% and oil and gas, 2%.