Harland and Wolff Receives Final Payment From Global Marine

Harland and Wolff welcomes the confirmation that it is to receive the amounts associated with the final delivery installment in relation to the deepwater drillship, Glomar Jack Ryan.

By close of business on June 20, 2001, Harland and Wolff will receive the amounts of US$27M and £3.3M, plus interest accrued from September 28, 2000, from the special purpose company BMBF (No 12) Ltd, the registered owner of the vessel, which is leased and operated by Global Marine. Payment of these funds will allow Harland and Wolff to repay the remainder of its bank debt.