March 10, 1998



Mr. Gary Kott
Sr. V.P., CFO
Global Marine Inc.
Houston, Texas

By Courier

    Re:  Resolution of Arbitration Proceedings between Transocean ASA
         and Global Marine Inc.

Dear Mr. Kott:

This will confirm the agreement reached between Global Marine
Inc. ("Global") and Transocean ASA ("Transocean") (together with
their Associated Companies referred to hereinafter as "party" or
"parties") with respect to the resolution of the pending
arbitration proceedings between Global and Transocean.

The proceedings involve certain disputes under the Purchase and
Sale Agreement dated August 24, 1993, the Owner's Operating
Principles dated August 24, 1993 and other agreements including
but not limited to the Tax Partnership Agreements between the
parties (all such agreements being defined hereinafter as the
"Agreements") relating to the ownership, management and operation
of four drilling rigs (collectively the "Rigs" or individually
the "Rig"), one of which was sold by Global to Transocean
("Transocean Nordic") and three of which were sold by Transocean 
to Global ("Glomar Adriatic V, Glomar Adriatic VI and Glomar
Adriatic VII) pursuant to such Agreements.

The parties wish to resolve all pending disputes and terminate
the Agreements on the following terms.

In consideration of the mutual promises contained herein and
other good and valuable consideration, Transocean and Global
agree as follows:

1.  Within six (6) business days after execution of this
    agreement, Global shall pay Transocean by wire transfer
    to an account to be designated by Transocean:

     1.1. The sum of U.S. $18,000,000 (Eighteen million U.S.
          dollars).
<PAGE>
     1.2. The further sum of U.S. $9,796,981 (Nine million seven
          hundred ninety six thousand nine hundred eighty one
          U.S. dollars) which represents the balance of the
          undisputed Equalisation payments due Transocean under
          the Agreements for operations up to February 1, 1998.

     1.3. The yet further sum of U.S. $1,984,613 (One million
          nine hundred eighty four thousand six hundred thirteen
          U.S. dollars) which represents the resolution of the
          "disputed amounts" as to the periodic survey and
          upgrade for the Transocean Nordic.

2.   Following receipt by Transocean of the sums payable under
     Clause 1 hereof:

     2.1. The Agreements shall be terminated with effect from
          February 1, 1998 and thereafter neither party shall
          have any further obligations or responsibilities to the
          other under the Agreements save for the purpose of
          giving effect to and enforcing this agreement.

     2.2. The London arbitration proceedings presently pending
          between Transocean and Global shall be discontinued
          forthwith with no order as to costs and each party
          agrees:

          2.2.1  that all claims and counterclaims made in the
                 London arbitration proceedings are thereby
                 settled, and the parties shall be under no
                 further liability whatsoever to each other 
                 in respect of the Agreements and/or the
                 ownership, management or operation of the
                 Rigs, except as provided for herein.

          2.2.2. To notify the arbitration tribunal of the
                 fact of this agreement and to pay the costs
                 of the arbitrator selected by that party and
                 one half of the costs of the third arbitrator;

          2.2.3. To pay their own legal costs and disbursements 
                 incurred in connection with the said arbitration 
                 proceedings; and

          2.2.4. To provide wriften joint instructions to the
                 NatWest Bank, 135 Bishopsgate to pay to
                 Global the principal amount of the funds
                 deposited by Global and currently held in the
                 Joint Account established pursuant to the
                 Agreement between the parties dated 12 December 1997
                 and to pay to Transocean the interest accrued on such 
                 deposited funds.

<PAGE>
3.   For a period of three years from February 1, 1998, if either
     Transocean or Global should decide to sell or transfer its
     ownership in any of the Rigs to any entity that is not an
     Associated Company, the other party shall have the right of
     first refusal. Such right of first refusal shall be valid
     for forty-five (45) days after receipt by the non-selling
     party of written notice of the selling party's intent to
     sell which notice shall set forth all material terms of the  
     bona fide offer to purchase the Rig(s) which the selling
     party is willing to accept. If the Rig(s) is/are sold or
     transferred to the non-selling party or a third party, then
     any gain above the values set forth in Clause 4 shall be
     divided between Transocean and Global with 56.59% of such
     amount belonging to Global and 43.41% belonging to Transocean.


4.   For the purposes of Clause 3 above the values above which
     the gain is to be divided between Transocean and Global as
     set forth above are as follows:

              Transocean Nordic -             $56,000,000

              Glomar Adriatic V -             $21,000,000

              Glomar Adriatic VI -            $25,500,000

              Glomar Adriatic VII -           $26,500,000

     provided, however, that in the event that either Transocean
     or Global makes aggregate capital expenditures in a Rig
     which total over U.S. $5,000,000, then the value listed
     above shall. be increased by the amount of such capital
     expenditures for that Rig. In addition, the "gain" shall 
     be that amount determined after deducting reasonable
     selling expenses (i.e. Commission, etc.).

5.   For the avoidance of doubt, the right of refusal set out in
     Clause 3 above shall not arise by reason of (a) a merger of
     Transocean or Global with another entity (b) any change in
     the ownership of any of the shares of Transocean or Global
     or of any Holding Company thereof from time to time in
     issue; or (c) any sale or transfer of the ownership of any
     of the Rigs to an Associated Company provided that the right
     of first refusal set out in Clause 3 above shall arise if
     such Associated Company ceases to be an Associated Company
     and prior to such cessation the relevant Rigs(s) has not
     been transferred to Transocean or Global (as the case may
     be) or to another Associated Company thereof.

6.   In   this agreement, "Holding Company" and "subsidiary" have
     the meanings given in S.736 Companies Act 1985; and "Associated
<PAGE>
     Company" means any subsidiary or holding company of Transocean or 
     Global (as the case may be) and any subsidiary of such holding company.

7.   This agreement shall be governed by and construed in accordance with 
     English law and any disputes arising out of or in connection with this 
     agreement shall be referred to the exclusive jurisdiction of the English
     courts in London, England.

If this correctly sets forth our agreement, please execute and
return one original to us for our files.

Very truly yours,


/s/ Michael Talbert
Michael Talbert

Transocean ASA




Agreed and accepted this 18 day of March 1998
Global Marine Inc.

By:       /s/ Gary L. Kott
Name:     Gary L. Kott
Title:    Senior Vice President/
          Chief Financial Officer