Global Marine to Fund Belfast Shipyard

Global Marine Inc. has agreed to provide working capital for Harland and Wolff Shipbuilding and Heavy Industries Ltd so the Belfast, Northern Ireland, shipyard can complete two ultra-deepwater drillships under construction for Global Marine. The Houston-based offshore drilling contractor said the planned advance to Harland and Wolff is not expected to impact its future earnings, adding the pact could result in an increase of no more than 11 percent in the projected $660 million cost for the drillships. Because Global Marine has been concerned about the shipyard's financial viability, the company explained, it has agreed to provide funding to ensure completion of the rigs ordered in February and March 1998. Originally due for completion in late 1999 and early 2000, they are now expected to be delivered in the first and third quarters of 2000.