August 17, 2004

Cable ship giant sold

Agreement has been reached for the sale of Global Marine Systems Limited (Global Marine), a subsidiary of Global Crossing Inc, to Bridgehouse Marine Ltd.

Global Marine is the world's largest submarine cable maintenance and installation company. Its fleet of cable ships and subsea  vehiclesconsists of 14 cable ships, 1 installation barge and 34 submersible vehicles not including joint venture facilities.

Bridgehouse Marine is a specialized business which acquires and manages companies providing marine services to the telecommunications and energy industries.

U.K. propery entrepreneur Andy Ruhan, managing director of Bridgehouse Capital 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.  

Bridgehouse Capital is a leading London-based, private equity investment advisory firm with a successful track record of investing in and managing a wide-range of asset-intensive and capital-intensive businesses.

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."  

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