It was announced today that an agreement for the sale of Global Marine Systems Limited
(Global Marine), a subsidiary of Global Crossing Inc, has been reached. Global Marine, the
world’s leading provider of subsea engineering solutions, has been sold to Bridgehouse
Marine Ltd as Global Crossing look to concentrate on their IP strategy.
Bridgehouse Marine is a specialised business which acquires and manages companies
providing marine services to the telecommunications and energy industries. Andy Ruhan,
Bridgehouse Capital’s Managing Director 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.
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.”
16 August 2004
Andy Ruhan, Bridgehouse Capital’s Managing Director and an investor in Bridgehouse
Marine said: “The decision to invest in Global Marine is a good one for Bridgehouse. Global Marine have unparalleled experience in their field, and have a strong business base from
which to expand and diversify into new businesses and complimentary markets. We look
forward to working with them and growing the business.”
Global Marine is also pleased to announce that Global Crossing has agreed to extend its
commercial agreement with Global Marine for the maintenance of Global Crossing’s
network for an additional five years.
Bridgehouse Marine's CEO, Larry Schwartz, commented: "We are particularly pleased that
Global Crossing has agreed to extend its commercial agreement with Global Marine
through 2012. We look forward to a long-term, mutually successful commercial
relationship with Global Crossing.
16 August 2004
~~~~~~~~~~~~~~~~Global Marine Systems