Global Marine Reports Second Quarter 2001 Results

Global Marine Inc. reported its highest quarterly revenues ever and its highest quarterly earnings in three years. For the quarter ended June 30, 2001, net income was $84.3 million, or $0.46 per diluted share, on revenues of $376 million. Net income includes a one-time gain of $22.8 million, or $0.12 per diluted share, on the sale of a special-purpose rig. For the corresponding 2000 quarter, the company reported net income of $28.1 million, or $0.16 per diluted share, on revenues of $231 million.

For the six months ended June 30, 2001, the company reported net income of $125.0 million, or $0.69 per diluted share, on revenues of $651 million. Excluding the one-time gain, net income of $102.2 million, or $0.56 per diluted share, compares to net income of $40.7 million, or $0.23 per diluted share, on revenues of $435 million for the six months ended June 30, 2000.

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