SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549


                                 FORM 10-Q


          (Mark One)
          [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR
               15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
            
               For the quarterly period ended June 30, 1997

                                
                                     OR

         [  ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR
               15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number 1-5471

                             GLOBAL MARINE INC.
          (Exact name of registrant as specified in its charter)


           Delaware                                      95-1849298  
(State or other jurisdiction of                       (I.R.S. Employer
 incorporation or organization)                      Identification No.)


777 N. Eldridge Parkway, Houston, Texas                  77079-4493
(Address of principal executive offices)                 (Zip Code)

                                                                  
   
       Registrant's telephone number, including area code:  (281) 596-5100


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.   Yes     [X]       No [ ]

The number of shares of the registrant's Common Stock, par value $.10 per
share, outstanding as of July 31, 1997 was 171,628,793.
<PAGE>
                                 GLOBAL MARINE INC.

                          TABLE OF CONTENTS TO FORM 10-Q

                            QUARTER ENDED JUNE 30, 1997

                                                                        Page
PART I - FINANCIAL INFORMATION

    Item 1.   Financial Statements
   
         Report of Independent Accountants                                2

         Condensed Consolidated Statement of Operations for the
             three and six months ended June 30, 1997 and 1996            3

         Condensed Consolidated Balance Sheet as of
             June 30, 1997 and December 31, 1996                          4

         Condensed Consolidated Statement of Cash Flows for the
             six months ended June 30, 1997 and 1996                      6

         Notes to Condensed Consolidated Financial Statements             7

    Item 2.  Management's Discussion and Analysis of Financial
             Condition and Results of Operations                          9

PART II - OTHER INFORMATION

    Item 4.  Submission of Matters to a Vote of Security Holders         15

    Item 6.  Exhibits and Reports on Form 8-K                            15

SIGNATURE                                                                16
                               _____________________

    The statements regarding future performance and results and the other
statements that are not historical facts contained in this report are forward-
looking statements. The words "anticipate," "expect," "project," "estimate,"
"predict" and similar expressions are also intended to identify forward-looking
statements.  Such statements involve risks and uncertainties including, but
not limited to, the risks involved in dealing with other parties, including
the risk that other parties' commitments to the Registrant and its
subsidiaries could be breached, changes in the markets for oil and gas and for
offshore drilling rigs and the risks of doing business in changing markets,
changes in the dates the Company's rigs undergoing conversion to drilling
operations will commence drilling, and changing costs and other factors
discussed herein and in the Company's other Securities and Exchange Commission
filings. Should one or more risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary materially
from those indicated.
<PAGE>
PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                           REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Shareholders
   of Global Marine Inc.

We have made a review of the condensed consolidated balance sheet of Global
Marine Inc. and subsidiaries as of June 30, 1997, and the related condensed
consolidated statement of operations for the three- and six-month periods ended
June 30, 1997 and 1996, and the condensed consolidated statement of cash
flows for the six-month periods ended June 30, 1997 and 1996. These financial
statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters.  It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the condensed consolidated financial statements referred to above
for them to be in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of December 31, 1996, and the
related consolidated statements of operations, shareholders' equity, and cash
flows for the year then ended (not presented herein); and in our report dated
February 7, 1997, we expressed an unqualified opinion on those consolidated
financial statements.  In our opinion, the information set forth in the
accompanying condensed consolidated balance sheet as of December 31, 1996, is
fairly stated, in all material respects, in relation to the consolidated
balance sheet from which it has been derived.


/s/ Coopers & Lybrand L.L.P.

Houston, Texas
August 6, 1997
<PAGE>
                        GLOBAL MARINE INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                      (in millions, except per share amounts)

<TABLE>
<CAPTION>
         
                                Three Months Ended          Six Months Ended
                                      June 30,                   June 30,
                                ------------------          ----------------
                                1997          1996          1997        1996
                                ----          ----          ----        ----
<S>                            <C>          <C>            <C>        <C>
Revenues:
  Contract drilling            $129.1       $ 85.7         $237.8     $164.2
  Drilling management           102.6         69.3          201.6      111.5 
  Oil and gas                     1.4          4.9            4.0        7.2
                               ------       ------         ------     ------
    Total revenues              233.1        159.9          443.4      282.9

Expenses:
  Contract drilling              58.0         50.1          109.8       96.5
  Drilling management            91.6         61.2          176.6      102.6 
  Oil and gas                      .7           .6            1.5        1.4
  Depreciation, depletion
    and amortization             10.8         10.5           21.4       20.2 
  General and administrative      5.1          5.1            9.8        8.8
                               ------       ------         ------     ------
    Total operating expenses    166.2        127.5          319.1      229.5
                               ------       ------         ------     ------ 
    Operating income             66.9         32.4          124.3       53.4 

Other income (expense):
  Interest expense               (8.0)        (7.5)         (16.1)     (15.1)
  Interest capitalized            4.9            -            8.2          -
  Interest income                 1.7          1.3            3.4        2.4
  Other                            .1            -              -        1.1
                               ------       ------         ------     ------
    Total other income
      (expense)                  (1.3)       (6.2)           (4.5)     (11.6)
                               ------       ------         ------     ------
    Income before income
      taxes                      65.6         26.2          119.8       41.8

Provision (benefit) for
  income taxes:
  Current tax provision           6.5          2.1           11.9        2.8
  Deferred tax benefit          (25.0)           -          (55.0)         -
                               ------       ------         ------     ------
    Total provision (benefit)
      for income taxes          (18.5)         2.1          (43.1)       2.8
                               ------       ------         ------     ------

Net income                     $ 84.1       $ 24.1         $162.9     $ 39.0
                               ======       ======         ======     ======

Net income per common share:
  Primary                      $ 0.49       $ 0.14         $ 0.96     $ 0.23
                               ======       ======         ======     ======
  Fully diluted                $ 0.48       $ 0.14         $ 0.92     $ 0.22
                               ======       ======         ======     ======

</TABLE>


               See notes to condensed consolidated financial statements.
<PAGE>
                         GLOBAL MARINE INC. AND SUBSIDIARIES
                         CONDENSED CONSOLIDATED BALANCE SHEET
                                     (in millions)

<TABLE>
<CAPTION>

                                                      June 30,    December 31,
                                                        1997           1996
                                                      --------    -----------
<S>                                                   <C>            <C>
Current assets:
  Cash and cash equivalents                           $  116.6       $  92.9
  Marketable securities                                      -          27.5
                                                      --------       -------
    Total cash, cash equivalents and
      marketable securities                              116.6         120.4
  Accounts receivable, net of allowances                 131.6         104.4
  Costs incurred on turnkey drilling contracts
    in progress                                           13.0          10.8
  Prepaid expenses                                         8.5           8.0
  Other current assets                                     7.0           2.9
                                                      --------       -------
    Total current assets                                 276.7         246.5

Properties:
  Rigs and drilling equipment, less accumulated
    depreciation of $243.7 and $224.4 at June 30,
    1997 and December 31, 1996, respectively             378.8         374.1
  Construction in progress                               205.5          97.8
  Oil and gas properties, full cost method, less
    accumulated depreciation, depletion and
    amortization of $30.2 and $31.1 at June 30,
    1997 and December 31, 1996, respectively               5.0           5.5
                                                      --------       -------
    Net properties and equipment                         589.3         477.4

  Future income tax benefits, net                        125.0          70.0
  Other assets                                            17.3          13.9
                                                      --------       -------
    Total assets                                      $1,008.3       $ 807.8
                                                      ========       =======

</TABLE>


             See notes to condensed consolidated financial statements.
<PAGE>
                         GLOBAL MARINE INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEET (Continued)
                                     (in millions)

<TABLE>
<CAPTION>

                                                        June 30,   December 31,
                                                          1997          1996
                                                        --------    -----------
<S>                                                     <C>           <C>       
Current liabilities:
  Accounts payable                                      $   82.8      $  53.5
  Accrued compensation and related employee costs           15.7         19.0
  Accrued claims and allowances                              2.8          2.1
  Accrued income taxes                                       8.4          4.4
  Other accrued liabilities                                  6.0          8.6
                                                        --------      -------
       Total current liabilities                           115.7         87.6

Long-term debt                                             223.9        225.0
Capital lease obligation                                    17.2         16.6
Other long-term liabilities                                 21.4         19.5

Shareholders' equity:
  Preferred stock, $0.01 par value, 10 million      
    shares authorized, no shares issued or outstanding         -            -
  Common stock, $0.10 par value, 300 million shares
    authorized, 171,049,910 shares and 169,440,569
    shares issued and outstanding at June 30, 1997
    and December 31, 1996, respectively                     17.1         16.9
  Additional paid-in capital                               282.4        274.5
  Retained earnings                                        330.6        167.7
                                                        --------      -------
       Total shareholders' equity                          630.1        459.1
                                                        --------      -------
          Total liabilities and shareholders' equity    $1,008.3      $ 807.8
                                                        ========      =======

</TABLE>



              See notes to condensed consolidated financial statements.
<PAGE>
                          GLOBAL MARINE INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                      (in millions)

<TABLE>
<CAPTION>

                                                               Six Months Ended
                                                                  June 30,
                                                             -----------------
                                                              1997       1996
                                                             ------     ------
<S>                                                         <C>         <C>
Cash flows from operating activities:
  Net income                                                $ 162.9     $ 39.0
  Adjustments to reconcile net income to net 
    cash provided by operating activities:
    Deferred tax benefit                                      (55.0)         -
    Depreciation, depletion and amortization                   21.4       20.2
    Gain on sale of oil and gas properties                        -       (1.1)
    Increase in accounts receivable                           (27.4)     (26.4)
    Increase in costs incurred on turnkey
      drilling contracts in progress                           (2.2)         -
    Increase in other current assets                           (4.6)      (5.3)
    Increase in accounts payable                               29.3        9.4
    Increase in other accrued liabilities                        .6        4.1
    Other, net                                                   .8       (2.6)
                                                            -------     ------
    Net cash flow provided by operating activities            125.8       37.3
 
Cash flows from investing activities:
  Capital expenditures                                       (134.2)     (27.7)
  Purchases of held-to-maturity securities                    (19.1)     (53.1)
  Proceeds from maturities of held-to-maturity securities      46.6       58.2
  Proceeds from sales of properties and equipment                .9        3.0
                                                            -------     ------
    Net cash flow used in investing activities               (105.8)     (19.6)

Cash flows from financing activities:
  Proceeds from exercise of employee stock options              5.0        4.1
  Reductions of long-term debt                                 (1.1)         -
  Payment on capital lease obligation                           (.2)         -
                                                            -------     ------
    Net cash flow provided by financing activities              3.7        4.1
                                                            -------     ------
Increase in cash and cash equivalents                          23.7       21.8

Cash and cash equivalents at beginning of period               92.9       33.2
                                                            -------     ------
Cash and cash equivalents at end of period                  $ 116.6     $ 55.0
                                                            =======     ======

</TABLE>


           See notes to condensed consolidated financial statements.
<PAGE>
                        GLOBAL MARINE INC. AND SUBSIDIARIES
               NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   JUNE 30, 1997

Note 1 - General

The financial statements reflect all adjustments which are, in the opinion of
management, necessary for a fair statement of the results for the interim
periods.  Such adjustments are considered to be of a normal recurring nature
unless otherwise identified.

The year-end condensed consolidated balance sheet was derived from audited
financial statements but does not include all disclosures required by
generally accepted accounting principles.  Certain reclassfications were made
to the prior-year periods to conform to the current-period presentation.

The term "Company" refers to Global Marine Inc. and, unless the context
otherwise requires, to the Company's consolidated subsidiaries.

Note 2 - Net Income per Share

Primary and fully diluted net income per common share were computed by dividing
net income by the weighted average number of common shares outstanding and, if
their effect was material, common share equivalents, which primarily consisted
of outstanding employee stock options.  Common share equivalents were excluded
from the computation of primary earnings per share for all periods presented
because their effect was not material.

Primary net income per common share for the three and six months ended June 30,
1997, was based on 170,744,743 and 170,394,235 weighted average shares,
respectively.  Fully diluted net income per common and common equivalent share
was based on 176,553,555 and 176,527,077 shares for the three and six months
ended June 30, 1997, respectively.

Primary net income per common share for the three and six months ended June 30,
1996, was based on 167,500,220 and 167,158,732 shares, respectively.  Fully
diluted net income per common and common equivalent share was based on
175,028,029 and 174,353,401 shares for the three and six months ended June 30,
1996, respectively.

In February 1997 the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share," which
sets forth new standards for computing and presenting earnings per share.  The
Company will be required to adopt the new standards in the fourth quarter of
1997 and to restate prior periods for comparative purposes.  The adoption of
SFAS No. 128 is not expected to have a material effect on the Company's
earnings per share.

Note 3 - Offer to Purchase Senior Secured Notes

The terms of the indenture governing the Company's 12-3/4% Senior Secured Notes
due 1999 (the "Notes") require the Company to offer to purchase Notes in
amounts based on cash flow for
<PAGE>
the previous calendar year.  On February 3, 1997, the Company offered to
purchase up to $55.3 million aggregate principal amount of Notes.  Under the
terms of the offer, which expired on March 4, 1997, holders had the right to
require the Company to repurchase Notes for a cash purchase price equal to 100%
of the principal amount thereof plus accrued and unpaid interest.  Upon
expiration of the offer in March, the Company purchased all of the Notes
tendered in response to the offer, resulting in a total payment by the Company
of $1.1 million.  Cash and marketable securities totaling $54.2 million, which
previously were restricted from use for general corporate purposes, became
unrestricted upon termination of the offer.

Note 4 - Income Taxes

As previously reported, under SFAS No. 109, "Accounting for Income Taxes," the
Company is required to recognize the future tax benefits of net operating loss
("NOL") carryforwards if it is "more likely than not" that they will be
realized on future tax returns.  In the first and second quarters of 1997, the
Company increased the recognized amount of future tax benefits of the Company's
unused NOL carryforwards.  The adjustments were required because income for the
first and second quarters of 1997 was higher than previously estimated, and,
with the passage of time, the Company is able to project future earnings more
accurately. The amounts of additional tax benefits recognized were partially
offset by the tax effect of NOL carryforwards used during the periods.  The net
effect of the adjustments was a credit to the deferred income tax provision in
the amount of $30.0 million in the first quarter of 1997 and $25.0 million in
the second quarter of 1997.

At December 31, 1996, the Company had $1.1 billion of NOL carryforwards for tax
purposes expiring in various amounts between 2001 and 2009.  At June 30, 1997,
the Company had approximately $591 million of unrecognized NOL carryforwards
for book purposes.  These unrecognized NOL carryforwards would result in future
tax benefits of approximately $207 million if fully recognized. The Company
will continue to  reevaluate its ability to utilize its NOL carryforwards in
future periods and, in compliance with SFAS No. 109, record any resulting
adjustments to deferred income tax expense.  Should present industry conditions
continue, material adjustments would be likely in the third and/or fourth
quarter of 1997 to increase the recognized amount of deferred tax benefits.
The Company will continue to charge to deferred income tax expense the benefits
of NOL carryforwards used in future quarters.  The future earnings impact could
be positive or negative, depending on the net result of such adjustments and
charges.

Note 5 - Subsequent Events

On July 15, 1997, the Company amended and restated its revolving credit
facility with a group of major banks increasing its credit limit to $250
million from $100 million.  On July 22, 1997, the Company purchased two
deep-water offshore drilling rigs for a combined purchase price of $250
million.  The Company borrowed $200 million under its revolving credit facility
at a current annual interest rate of 6.4375 percent and used $50 million of
cash on hand to acquire the rigs.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
        and Results of Operations

OPERATING RESULTS

Summary

Operating income was $66.9 million for the second quarter of 1997 as compared
to $32.4 million for the prior-year second quarter.  For the six months ended
June 30, 1997, operating income was $124.3 million as compared to $53.4 million
for the six months ended June 30, 1996.  Operating results improved primarily
due to higher contract drilling dayrates, an increase in the number of turnkey
wells completed, and higher turnkey profit margins.  Data relating to the
Company's operations by business segment follows:

<TABLE>
<CAPTION>

                                Three Months Ended June 30,    Six Months Ended June 30,
                                ---------------------------   -------------------------- 
                                                 Percentage                   Percentage
                                 1997     1996     Change      1997     1996    Change
                                ------   ------  ----------   ------   ------  ---------
                                                 (dollars in millions)
<S>                             <C>      <C>        <C>       <C>      <C>       <C>
Revenues:
  Contract drilling             $129.5   $ 86.2      50%      $241.5   $166.0     45%
  Drilling management            103.1     69.3      49%       202.1    112.1     80%
  Oil and gas                      1.4      4.9     (71%)        4.0      7.2    (44%)
  Less: Intersegment revenues     (0.9)    (0.5)     80%        (4.2)    (2.4)    75%
                                ------   ------               ------   ------
    Total revenues              $233.1   $159.9      46%      $443.4   $282.9     57%
                                ======   ======               ======   ======

Operating income:
  Contract drilling             $ 61.0   $ 26.7     128%      $108.2   $ 50.0    116%
  Drilling management             11.0      8.1      36%        24.9      8.9    180%
  Oil and gas                      0.3      3.0     (90%)        1.6      3.8    (58%)
  Corporate expenses              (5.4)    (5.4)      -        (10.4)    (9.3)    12%
                                ------   ------               ------   ------
    Total operating income      $ 66.9   $ 32.4     106%      $124.3   $ 53.4    133%
                                ======   ======               ======   ======

</TABLE>

Net income before deferred tax adjustments was $59.1 million for the quarter
ended June 30, 1997 as  compared with $24.1 million for the quarter ended June
30, 1996.  For the first half of 1997, net income before the deferred tax
adjustments was $107.9 million as compared with net income of $39.0 million for
the first half of 1996.  The Company recorded noncash net credit adjustments to
deferred income taxes during the three and six months ended June 30, 1997 in
the amounts of $25.0 million and $55.0 million, respectively.  As previously
reported in the Company's Annual Report on Form 10-K for the year ended
December 31, 1996, SFAS No. 109 requires that the Company periodically
reevaluate the amount of the future tax benefits of net operating loss
carryforwards recognized in its financial statements and make corresponding
adjustments.

Since year-end 1996, strong demand has caused industry dayrates to increase in
all geographic markets in which the Company operates, and the market for
drilling management services has continued to expand.

In July 1997 the Company completed the purchase of two deep-water,
third-generation semisubmersible drilling rigs, the Maersk Vinlander and the
Maersk Jutlander, for a combined
<PAGE>
purchase price of $250 million.  The Vinlander is currently operating in the
North Sea's U.K. sector under a bareboat charter through January 1998, and the
Jutlander is operating in the North Sea's Norwegian sector under a bareboat
charter through December 2000.  The Company's deep-water fleet will total seven
rigs after the addition of these two units, the scheduled completion of the
Glomar Celtic Sea's conversion in the fourth quarter of 1997, and the scheduled
completion of the Glomar Explorer's conversion in the first quarter of 1998.

Contract Drilling Operations

Data with respect to the Company's contract drilling operations follows:

<TABLE>
<CAPTION>

                                      Three Months Ended June 30,   Six Months Ended June 30,
                                      ---------------------------   -------------------------
                                                       Percentage                  Percentage
                                       1997     1996     Change      1997    1996    Change
                                      ------   ------  ----------   ------  ------ ----------
<S>                                  <C>      <C>         <C>      <C>      <C>        <C>
Contract drilling revenues by area
  (in millions): (1)
    Gulf of Mexico                   $  58.7  $  30.9      90%     $ 106.4  $  60.2     77%
    West Africa                         47.1     26.7      76%        91.4     47.9     91%
    North Sea                           20.3     23.7     (14%)       40.2     45.0    (11%)
    Other                                3.4      4.9     (31%)        3.5     12.9    (73%)
                                     -------  -------              -------  -------
                                     $ 129.5  $  86.2      50%     $ 241.5  $ 166.0     45%
                                     =======  =======              =======  =======

Average rig utilization (2)              99%      96%                  98%      98%

Average dayrate                      $53,100  $36,400              $50,300  $34,400

</TABLE>

--------------------
(1)  Includes revenues earned from affiliates.
(2)  Excludes the Glomar Beaufort Sea I concrete island drilling system, a
      special-purpose mobile offshore rig designed for arctic operations.
     Also excludes the Glomar Explorer and Glomar Celtic Sea, which are being
      converted to drilling rigs from other uses.

Of the $43.3 million increase in contract drilling revenues for the three
months ended June 30, 1997 as compared with the comparable quarter of 1996,
$39.0 million was attributable to increases in dayrates, $3.9 million was
attributable to higher rig utilization, and $0.4 million was attributable to an
increase in non-dayrate revenue.  All of the $75.5 million increase in contract
drilling revenues for the first half of 1997 as compared with the first half of
1996 was attributable to higher dayrates.

Other factors which have affected the Company's 1997 revenues from certain
geographical areas include the mobilization of one jackup from the Gulf of
Mexico to Trinidad in June 1997, one semisubmersible from the North Sea to the
Gulf of Mexico in December 1996, and four rigs to West Africa in 1996,
including one jackup from the U.S. Gulf of Mexico, one jackup from Abu Dhabi,
one jackup from Trinidad, and one drillship from the Middle East.

The operating profit margin for contract drilling operations for the three and
six months ended June 30, 1997 increased to 47 percent and 45 percent,
respectively, from 31 percent and 30 percent for the comparable prior-year
periods.  The increase in operating profit margin was due to higher 1997
dayrates.  Operating expenses increased by $9.0 million and $17.3 million for
the
<PAGE> 
three and six months ended June 30, 1997, respectively, due to, among other
factors, a higher payout in 1997 with respect to two of three rigs under a net
revenue-sharing arrangement with Transocean Drilling AS, higher depreciation
expense, the commencement of a drilling contract in West Africa in the second
quarter of 1996 for a rig which was operated by a third-party for most of the
first half of 1996 under a management contract with the Company, and general
price-level increases.

As of August 6, 1997, eleven of the Company's rigs were located in the U.S.
Gulf of Mexico, ten were offshore West Africa, four were in the North Sea, one
was offshore Trinidad and one was offshore California.  In addition, one rig,
the Glomar Labrador I, is being mobilized from the North Sea to offshore
Argentina where it is scheduled to begin drilling in late August under a
twelve-month contract, and another rig, the previously inactive Glomar Beaufort
Sea I concrete island drilling system, is preparing to drill offshore Alaska
under a 30-day contract in late 1997.  Substantially all of the costs of both
mobilizations will be reimbursed by the customers.  At August 6, 1997, all 29
of the Company's active rigs were under contract.

The Glomar Celtic Sea and the Glomar Explorer are scheduled to begin operations
in the Gulf of Mexico in the fourth quarter of 1997 and the first quarter of
1998, respectively, after conversions are completed.

The Company anticipates that contracts on 7 of the Company's 29 rigs under
contract as of August 6, 1997 will expire at varying times on or prior to
October 31, 1997.  Over the past several months, the terms of deep-water
drilling contracts for semisubmersibles and drillships have lengthened as oil
and gas operators have attempted to lock in the availability of rigs to
carry out deep-water projects.  The drilling market for jackup rigs in shallow
waters, however, particularly in the U.S. Gulf of Mexico, continues to be
characterized by short-term, well-to-well contracts.  Short-term contracts for
jackup rigs have been typical in the industry for the past decade, and the
Company considers its upcoming contract expirations typical of prevailing
market conditions and consistent with the normal course of business.  The
Company's strategy has been to employ its rigs on short-term contracts in
periods of rising dayrates, enabling the Company to contract at higher dayrates
as existing contracts expire.

Drilling Management Services

Drilling management revenues increased by $33.8 million to $103.1 million in
the second quarter of 1997 from $69.3 million in the second quarter of 1996.
Operating income increased by $2.9 million to $11.0 million in the second
quarter of 1997 from $8.1 million in the second quarter of 1996.  The increase
in revenues consisted of a $13.2 million increase attributable to an increase
in the number of turnkey wells drilled, from 22 in the second quarter of 1996
to 26 in the second quarter of 1997, an $11.6 million increase attributable to
higher average turnkey revenues per well, and a $9.0 million increase
attributable to daywork and other revenues.

Operating income from drilling management services as a percentage of drilling
management revenues decreased slightly to 11 percent for the second quarter of
1997 from 12 percent for the second quarter of 1996.  The Company incurred
losses totaling $1.1 million on two wells in the
<PAGE>
second quarter of 1997, compared to losses totaling $0.7 million on two wells
in the second quarter of 1996.

Drilling management revenues increased by $90.0 million to $202.1 million in
the first six months of 1997 from $112.1 million in the first six months of
1996.  Operating income increased by $16.0 million to $24.9 million in the
first half of 1997 from $8.9 million in the first half of 1996.  The increase
in revenues for the period consisted of a $55.9 million increase attributable
to an increase in the number of wells drilled, from 35 in the first half of
1996 to 53 in the first half of 1997, a $21.8 million increase attributable to
daywork and other revenues, and a $12.3 million increase attributable to higher
average turnkey revenues per well.

Operating income from drilling management services as a percentage of drilling
management revenues increased to 12 percent for the first six months of 1997
from 8 percent for the first six months of 1996.  The increase in profit margin
was attributable in part to the higher average turnkey revenues per well and
increased drilling efficiencies in 1997.  The Company incurred losses totaling
$1.3 million on three wells in the first six months of 1997, compared to losses
totaling $2.2 million on four wells in the first six months of 1996.  Due to
risks inherent in turnkey drilling operations, the Company is not able to
predict if it will be able to maintain the higher profit margins in the future.

Other Income and Expense

General and administrative expenses for the six months ended June 30, 1997
increased by $1.0 million as compared with the comparable prior-year period.
Most of the increase in 1997 was attributable to costs of a stock-based
employee compensation plan, which costs are based in part on changes in the
market price of the Company's common stock.

Interest expense for the three and six months ended June 30, 1997 increased by
$0.5 million and $1.0 million, respectively, from the comparable prior-year
periods primarily due to interest expensed on the Glomar Explorer capital
lease.

Interest capitalized for the three and six months ended June 30, 1997 increased
by $4.9 million and $8.2 million, respectively, as compared with the comparable
prior-year periods, as a result of interest capitalized in connection with the
conversions of the Glomar Celtic Sea and Glomar Explorer.

Interest income for the three and six months ended June 30, 1997 increased by
$0.4 million and $1.0 million, respectively, from the comparable prior-year
periods due to larger cash investments and higher interest rates earned
thereon.

The Company recognized a gain of $1.1 million on the sale of two oil and gas
properties in the first quarter of 1996.

The current provision for income taxes for the three and six months ended June
30, 1997 and 1996 was significantly lower than the U.S. statutory rate of 35
percent due to the Company's use
<PAGE>
of its net operating loss carryforwards for U.S. federal income tax purposes.
The current tax provision primarily consisted of income taxes applicable to
foreign countries in which the Company had no NOL carryforwards.

As previously reported, under SFAS No. 109, "Accounting for Income Taxes," the
Company is required to recognize the future tax benefits of NOL carryforwards
if it is "more likely than not" that they will be realized on future tax
returns. In the first and second quarters of 1997, the Company increased the
recognized amount of future tax benefits of the Company's unused NOL
carryforwards.  The adjustments were required because income for the first and
second quarters of 1997 was higher than previously estimated, and, with the
passage of time, the Company is able to project future earnings more
accurately.  The amounts of additional tax benefits recognized were partially
offset by the tax effect of NOL carryforwards used during the periods.  The net
effect of the adjustments was a credit to the deferred income tax provision in
the amount of $30.0 million in the first quarter of 1997 and $25.0 million in
the second quarter of 1997.

At December 31, 1996, the Company had $1.1 billion of NOL carryforwards for tax
purposes expiring in various amounts between 2001 and 2009.  At June 30, 1997,
the Company had approximately $591 million of unrecognized NOL carryforwards
for book purposes.  These unrecognized NOL carryforwards would result in future
tax benefits of approximately $207 million if fully recognized.  The Company
will continue to reevaluate its ability to utilize its NOL carryforwards in
future periods and, in compliance with SFAS No. 109, record any resulting
adjustments to deferred income tax expense.  Should present industry conditions
continue, material adjustments would be likely in the third and/or fourth
quarter of 1997 to increase the recognized amount of deferred tax benefits.
The Company will continue to charge to deferred income tax expense the benefits
of NOL carryforwards used in future quarters.  The future earnings impact could
be positive or negative, depending on the net result of such adjustments and
charges.

In February 1997 the Financial Accounting Standards Board issued SFAS No. 128,
"Earnings per Share," which sets forth new standards for computing and
presenting earnings per share.  The Company will be required to adopt the new
standards in the fourth quarter of 1997 and to restate prior periods for
comparative purposes.  The adoption of SFAS No. 128 is not expected to have a
material effect on the Company's earnings per share.

LIQUIDITY AND CAPITAL RESOURCES

Capitalized words in the following discussion that are not defined herein are
defined in the Company's Annual Report on Form 10-K for the year ended December
31, 1996.

For the six months ended June 30, 1997, $125.8 million of cash flow was
provided by operating activities, $27.5 million was provided by maturities of
marketable securities (net of purchases), $5.0 million was provided from
exercises of employee stock options, and $134.2 million was used for capital
expenditures.  For the comparable prior-year period, cash flow provided by
operating activities totaled $37.3 million, proceeds from maturities of
marketable securities (net
<PAGE>
of purchases) totaled $5.1 million, exercises of employee stock options
provided $4.1 million, and sales of properties and equipment provided $3.0
million.  From these amounts, $27.7 million was used for capital expenditures.

On July 15, 1997, the Company amended and restated its revolving credit
facility increasing its credit limit to $250 million from $100 million.  On
July 22, 1997, the Company purchased the Maersk Vinlander and the Maersk
Jutlander, two third-generation semisubmersible drilling rigs, for a combined
purchase price of $250 million.  The Company borrowed $200 million under its
revolving credit facility at a current annual interest rate of 6.4375 percent
and used $50 million of cash on hand to acquire the rigs.

Other capital expenditures for the full year 1997 are anticipated to be $312
million, including $137 million for the conversion of the Glomar Explorer, $114
million for the conversion of the Glomar Celtic Sea, $38 million for
improvements to the remainder of the drilling fleet, $20 million for
capitalized interest, and $3 million for other expenditures.

The Company currently intends to retire the remaining $223.9 million principal
amount of its 12-3/4% Senior Secured Notes in December 1997, at a price of 102
percent of principal, as permitted under the indenture governing the Notes.  If
the Notes are retired in December, the Company would record an extraordinary
loss of approximately $6.8 million in the fourth quarter of 1997.

As of June 30, 1997, the Company had $116.6 million in cash, cash equivalents
and marketable securities, including $50 million which the Company paid in July
to purchase the Vinlander and Jutlander and $2.8 million which was restricted
from use for general corporate purposes.  As of December 31, 1996, the Company
had $120.4 million in cash, cash equivalents and marketable securities.

The Company believes that it will be able to meet all of its current
obligations, capital expenditure requirements and scheduled debt service from
its cash flow from operations and its cash, cash equivalents and marketable
securities.  If, however, the Company retires the Notes as planned in December,
substantially all of the required amount would be financed through debt.

As part of upgrading and expanding its rig fleet and other assets, the Company
considers and pursues the acquisition of suitable additional rigs and other
assets on an ongoing basis.  If the Company decides to undertake an
acquisition, the issuance of additional shares of stock or additional debt
could be required.

The Company has a registration statement on Form S-3 for the proposed offering
from time to time of (i) debt securities, which may be subordinated to other
indebtedness of the Company, (ii) shares of preferred stock, $0.01 par value
per share, and/or (iii) shares of common stock, $0.10 par value per share, for
an aggregate initial public offering price not to exceed $75 million.  Any net
proceeds from the sale of offered securities would be used for general
corporate purposes which may include, but are not limited to, capital
expenditures and the financing of acquisitions. The Company has not offered for
sale or sold any securities under the registration statement.
<PAGE>
PART II - OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders

The annual meeting of stockholders of the Company was held on May 6, 1997.  At
the meeting, two directors were elected by a vote of holders of Common Stock,
$.10 par value per share, as outlined in the Company's Proxy Statement relating
to the meeting.  With respect to the election of directors, (i) proxies were
solicited pursuant to Regulation 14A under the Securities Exchange Act of 1934,
as amended, (ii) there was no solicitation in opposition to the management's
nominees as listed in the Proxy Statement, and (iii) each of such nominees was
elected.  The following numbers of votes were cast as to the director nominees:
Edward J. Campbell, 156,501,040 votes for and 352,733 votes withheld; and John
M. Galvin, 156,496,074 votes for and 357,699 votes withheld.  In addition, a
vote was taken on ratification of the appointment of Coopers & Lybrand L.L.P.
as independent certified public accountants of the Company and its subsidiaries
for 1997, with 156,345,008 votes being cast for ratification, 119,795 votes
being cast against ratification, and 388,970 abstentions and broker non-votes.

Item 6.  Exhibits and Reports on Form 8-K

(a) Exhibits
 
    10.1 Letter Severance Agreement dated February 20, 1996, between the
         Company and an executive officer.

    15.1 Letter of Independent Accountants regarding Awareness of Incorporation
         by Reference.

    27.1 Financial Data Schedule.  (Exhibit 27.1 is being submitted as an
         exhibit only in the electronic format of this Quarterly Report on Form
         10-Q being submitted to the Securities and Exchange Commission.
         Exhibit 27.1 shall not be deemed filed for purposes of Section 11 of
         the Securities Act of 1933, Section 18 of the Securities Exchange Act
         of 1934 or Section 323 of the Trust Indenture Act, or otherwise be
         subject to the liabilities of such sections, nor shall it be deemed a
         part of any registration statement to which it relates.)

    99.1 Amended and Restated Credit Agreement among Global Marine Inc.,
         Various Lending Institutions, Bankers Trust Company as Administrative
         Agent, Societe Generale as Managing Agent, and Christiania Bank OG
         Kreditkasse ASA New York Branch, Credit Lyonnais New York Branch, and
         the Bank of Nova Scotia as Co-Agents, Amended and Restated as of July
         15, 1997.

    99.2 Ratification Agreement dated July 15, 1997, by the Guarantor
         Subsidiaries in Favor of Bankers Trust Company as Administrative Agent.
<PAGE>
(b) Reports on Form 8-K

    The Company did not file any Reports on Form 8-K during the second quarter
    of 1997.

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                 GLOBAL MARINE INC.
                                    (Registrant)


Dated:  August 7, 1997          /s/ Thomas R. Johnson
                                ---------------------------------
                                Thomas  R. Johnson
                                Vice President and Corporate Controller
                                (Duly Authorized Officer and Principal
                                Accounting Officer of the Registrant)