This must be the GLM news: Dow Jones Newswires -- March 2, 1998
Global Marine Gets Deep-Water Pact From BHP
Petroleum
HOUSTON (Dow Jones)--Global Marine Inc. (GLM) received a
deep-water drilling letter of intent from Broken Hill Proprietary Co.'s
(BHP) BHP Petroleum unit to construct an ultra-deep water drillship.
In a press release Monday, Global Marine, which said BHP will use the
Glomar 456 Class drillship for 30 of 36 months following delivery with two
one-year options, expects revenues over the 36 month period will be about
$186 million.
Global Marine said the drillship, an ultra-deep water rig that can operate in
12,000 feet of water, has crude oil storage capacity of 130,000 barrels,
dual subsea-tree handling capability, independent mud and brine systems
and space to install well-testing equipment.
The drillship, which is scheduled to be delivered in the fourth quarter of
1999, will be built at Harland & Wolff Shipyard in Belfast, Northern
Ireland, for a total cost of more than $300 million.
Global Marine, an offshore contract drilling company, plans to finance the
construction with internally generated funds and funds available under
existing bank credit facilities.
Broken Hill Proprietary is an Australia-based energy, minerals and steel
company. |
