ROVworld Subsea Information

Administration adjustment to forge a leaner Global Marine
Date: Thursday, October 07, 2004 @ 10:25:48 EDT
Topic: SUBSEA TELECOMS NEWS


Global Marine Systems Limited (Global Marine) has entered into a period of Administration under the Enterprise Act, 2003 (UK). Douglas MacDonald of the MacDonald Partnership was appointed as Administrator on 28th September 2004.

This decision was not taken lightly, however it will allow the company to complete a restructure of both the organisation and the debt arrangements to ensure that the creditors value is maximised. We expect the process to be very short (in comparative terms) to ensure that the impact is minimised; and we are hopeful that Global Marine will emerge by month-end a leaner, fitter more dynamic company.

Global Marine will continue to provide an exemplary service to our customers, our improved working capital and reduction in costs will ensure better delivery. More importantly, we have protected our Intellectual Property and have retained our core skills within the reduced workforce.



Further Information:

Deborah Bartlett, Marketing & Communications
Global Marine Systems Limited
Tel: +44 1245 702105
deborah.bartlett@globalmarinesystems.com

Lisa Jenkins
For and on behalf of Douglas MacDonald
Tel: +44 20 7539 7754

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Source: Global Marine Systems
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