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, 1998

                                     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, 1998 was 173,225,717.

<PAGE>


                              GLOBAL MARINE INC.

                        TABLE OF CONTENTS TO FORM 10-Q

                          QUARTER ENDED JUNE 30, 1998


                                                                   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, 1998
         and 1997                                                     3
  
      Condensed Consolidated Balance Sheet as of June 30, 1998
         and December 31, 1997                                        4

      Condensed Consolidated Statement of Cash Flows for
         the Six Months Ended June 30, 1998 and 1997                  6

      Notes to Condensed Consolidated Financial Statements            7

   Item 2.  Management's Discussion and Analysis of Financial
            Condition and Results of Operations                      11

   Item 3.  Quantitative and Qualitative Disclosures About
            Market Risk                                              19

PART II - OTHER INFORMATION

   Item 2.  Changes in Securities and Use of Proceeds                19

   Item 4.  Submission of Matters to a Vote of Security Holders      19

   Item 6.  Exhibits and Reports on Form 8-K                         20

SIGNATURE                                                            20

<PAGE>


PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                         REPORT OF INDEPENDENT ACCOUNTANTS


To the Board of Directors and Stockholders
  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, 1998, and the
related condensed consolidated statement of operations for the
three- and six-month periods ended June 30, 1998 and 1997, and
the condensed consolidated statement of cash flows for the six-month
periods ended June 30, 1998, and 1997.  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,
1997, and the related consolidated statements of operations, stockholders'
equity, and cash flows for the year then ended (not presented herein); and
in our report dated March 11, 1998, 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, 1997, is fairly stated, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.


/s/ PricewaterhouseCoopers LLP
Houston, Texas
August 5, 1998

<PAGE>

<TABLE>

                       GLOBAL MARINE INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                     (In millions, except per share amounts)

<CAPTION>
                                        Three Months Ended     Six Months Ended
                                              June 30,              June 30,
                                        ------------------     ----------------
                                         1998        1997       1998      1997
                                        ------      ------     ------    ------

<S>                                     <C>         <C>        <C>       <C>
Revenues:
  Contract drilling                     $196.7      $129.1     $373.2    $237.8
  Drilling management                    158.2       102.6      255.6     201.6
  Oil and gas                              1.1         1.4        2.3       4.0
                                        ------      ------     ------    ------
    Total revenues                       356.0       233.1      631.1     443.4

Expenses:
  Contract drilling                       66.2        58.0      126.9     109.8
  Drilling management                    157.1        91.6      254.3     176.6
  Oil and gas                               .5          .7        1.0       1.5
  Depreciation, depletion and
    amortization                          25.9        10.8       46.5      21.4
  General and administrative               5.0         5.1       10.4       9.8
                                        ------      ------     ------    ------
    Total operating expenses             254.7       166.2      439.1     319.1
                                        ------      ------     ------    ------
    Operating income                     101.3        66.9      192.0     124.3

Other income (expense):
  Interest expense                       (12.0)       (8.0)     (20.4)    (16.1)
  Interest capitalized                     5.0         4.9       10.2       8.2
  Interest income                          1.0         1.7        1.9       3.4
  Other                                      -          .1          -         -
                                        ------      ------     ------    ------
    Total other income (expense)          (6.0)       (1.3)      (8.3)     (4.5)
                                        ------      ------     ------    ------

    Income before income taxes            95.3        65.6      183.7     119.8

Provision (benefit) for income taxes:
  Current tax provision                    6.5         6.5       11.6      11.9
  Deferred tax provision (benefit)        15.4       (25.0)      30.5     (55.0)
                                        ------      ------     ------    ------
    Total provision (benefit) for
      income taxes                        21.9       (18.5)      42.1     (43.1)
                                        ------      ------     ------    ------

Net income                              $ 73.4      $ 84.1     $141.6    $162.9
                                        ======      ======     ======    ======

Earnings per share:
  Basic                                 $ 0.42      $ 0.49     $ 0.82    $ 0.96
  Diluted                               $ 0.42      $ 0.48     $ 0.80    $ 0.93

</TABLE>
          See notes to condensed consolidated financial statements.

<PAGE>

<TABLE>
                         GLOBAL MARINE INC. AND SUBSIDIARIES
                        CONDENSED CONSOLIDATED BALANCE SHEET
                                   ($ in millions)

                                        ASSETS
<CAPTION>

                                                       June 30,    December 31,
                                                         1998          1997
                                                       --------    ------------

<S>                                                    <C>           <C>
Current assets:
  Cash and cash equivalents                            $   38.6      $   78.9
  Marketable securities                                     1.7           1.7
  Accounts receivable, net of allowances                  203.6         152.2
  Future income tax benefits                               70.0          70.0
  Costs incurred on turnkey drilling contracts
    in progress                                            10.5          11.7
  Prepaid expenses                                          6.5           3.1
  Other current assets                                      7.5          10.1
                                                       --------      --------
      Total current assets                                338.4         327.7

Properties and equipment:
  Rigs and drilling equipment, less accumulated
    depreciation of $317.5 and $275.4 at June 30,
    1998 and December 31, 1997, respectively            1,014.6         609.2
  Construction in progress                                334.3         383.4
  Oil and gas properties, full cost method, less
    accumulated depreciation, depletion and
    amortization of $30.6 and $29.7 at June 30,
    1998 and December 31, 1997, respectively                8.5           6.4
                                                       --------      --------
      Net properties and equipment                      1,357.4         999.0

Future income tax benefits                                 51.3          79.4
Other assets                                               37.9          15.8
                                                       --------      --------
      Total assets                                     $1,785.0      $1,421.9
                                                       ========      ========

</TABLE>
           See notes to condensed consolidated financial statements.

<PAGE>

<TABLE>
                       GLOBAL MARINE INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED BALANCE SHEET (Continued)
                                  ($ in millions)

                       LIABILITIES AND STOCKHOLDERS' EQUITY

<CAPTION>
                                                        June 30,   December 31,
                                                          1998         1997
                                                        --------   ------------

<S>                                                     <C>          <C>
Current liabilities:
  Accounts payable                                      $   92.6     $  115.5
  Accrued compensation and related employee costs           18.2         30.5
  Accrued interest                                           9.4          6.6
  Accrued income taxes                                      12.2         19.5
  Other accrued liabilities                                  8.2         11.4
                                                        --------     --------
    Total current liabilities                              140.6        183.5

Long-term debt                                             655.6        399.4
Capital lease obligation                                    17.0         17.9
Other long-term liabilities                                 14.0         15.5

Stockholders' 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, 173,210,092 shares and
    172,202,785 shares issued and outstanding at
    June 30, 1998 and December 31, 1997, respectively       17.3         17.2
  Additional paid-in capital                               320.6        310.1
  Retained earnings                                        619.9        478.3
                                                        --------     --------
    Total stockholders' equity                             957.8        805.6
                                                        --------     --------
    Total liabilities and stockholders' equity          $1,785.0     $1,421.9
                                                        ========     ========
</TABLE>

            See notes to condensed consolidated financial statements.

<PAGE>


<TABLE>
                       GLOBAL MARINE INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                  (In millions)

<CAPTION>
                                                              Six Months Ended
                                                                   June 30,
                                                              ----------------
                                                               1998      1997
                                                              ------    ------

<S>                                                          <C>       <C>
Cash flows from operating activities:
  Net income                                                 $ 141.6   $ 162.9
  Adjustments to reconcile net income to net
    cash flow provided by operating activities:
    Deferred income tax provision (benefit)                     30.5     (55.0)
    Depreciation, depletion and amortization                    46.5      21.4
    Increase in accounts receivable                            (54.1)    (27.4)
    Decrease (increase) in costs incurred on
      turnkey drilling contracts in progress                     1.2      (2.2)
    Increase in other current assets                             (.8)     (4.6)
    (Decrease) increase in accounts payable                    (22.9)     29.3
    (Decrease) increase in other accrued liabilities           (15.6)       .6
    Other, net                                                    .3        .8
                                                             -------   -------
      Net cash flow provided by operating activities           126.7     125.8

Cash flows from investing activities:
  Capital expenditures                                        (426.6)   (134.2)
  Proceeds from sales of properties and equipment                2.8        .9
  Proceeds from maturities of held-to-maturity securities        1.1      46.6
  Purchases of held-to-maturity securities                      (1.1)    (19.1)
                                                             -------   -------
    Net cash flow used in investing activities                (423.8)   (105.8)

Cash flows from financing activities:
  Increases in long-term debt                                  496.0         -
  Reductions of long-term debt                                (240.0)     (1.1)
  Proceeds from exercises of employee stock options              3.8       5.0
  Other                                                         (3.0)      (.2)
                                                             -------   -------
    Net cash flow provided by financing activities             256.8       3.7
                                                             -------   -------

(Decrease) increase in cash and cash equivalents               (40.3)     23.7
Cash and cash equivalents at beginning of period                78.9      92.9
                                                             -------   -------
Cash and cash equivalents at end of period                   $  38.6   $ 116.6
                                                             =======   =======
</TABLE>

            See notes to condensed consolidated financial statements.

<PAGE>

                        GLOBAL MARINE INC. AND SUBSIDIARIES
               NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   JUNE 30, 1998


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 reclassifications were
made to the prior-year period 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 - Commitments to Purchase New Drillships

In the first quarter of 1998, the Company entered into agreements with
Harland and Wolff Shipbuilding and Heavy Industries Ltd. for the
construction of two dynamically-positioned deep-water drillships at a
cost of approximately $664 million, including all equipment, financing,
and other associated costs.  The Company intends to finance the new
drillships, which are expected to enter service in the first and second
quarters of 2000, respectively, with internally generated funds and funds
available under the Company's existing bank credit facilities.


Note 3 - Long-term Debt

Long-term debt as of June 30, 1998 and December 31, 1997 consisted of the
following:

<TABLE>
<CAPTION>
                                                        6/30/98   12/31/97
                                                        -------   --------
                                                           (In millions)
<S>                                                      <C>       <C>
7-1/8% Notes due 2007, net of discount                   $299.4    $299.4
7% Notes due 2028, net of discount                        296.2         -
Borrowings under $240 million bank revolving
  credit facility                                          60.0     100.0
                                                         ------    ------
  Total long-term debt, including current maturities      655.6     399.4
Less current maturities                                       -         -
                                                         ------    ------
  Long-term debt                                         $655.6    $399.4
                                                         ======    ======
</TABLE>

The weighted average annual rate of interest on borrowings under the
Company's $240 million revolving credit facility was 5.91% as of June 30,
1998, as compared to 6.325% as of December 31, 1997.

On January 29, 1998, the Company entered into a one-year unsecured
revolving credit facility (the "$150 million credit facility") in
connection with the acquisition of the offshore drilling rig, Stena Forth,
which was subsequently renamed the Glomar Arctic IV.  Under the $150
million credit facility, the Company may borrow up to $150 million at
interest rates determinable at the time of the borrowings.  The unused

<PAGE>

portion of the credit facility is subject to an annual commitment fee of
one-tenth of one percent.  As of June 30, 1998, there were no borrowings
under the $150 million credit facility.

On May 26, 1998, the Company issued $300 million of 7% Notes due 2028
(the "7% Notes") and received cash proceeds of $296.0 million after
deduction for discount and underwriting fees.  The Company used $150.0
million of the proceeds to repay all amounts drawn under the $150 million
credit facility and used the remainder to repay a portion of the amount
drawn under the $240 million revolving bank credit facility.  The
outstanding debt that was repaid from the net proceeds of the 7% Notes was
incurred to finance the upgrade, acquisition and construction of rigs and
for working capital requirements.  Interest on the 7% Notes will be payable
on June 1 and December 1 of each year.  The Company may redeem the 7% Notes
in whole at any time, or in part from time to time, at a price equal to
100% of the principal amount thereof plus accrued interest, if any, to the
date of redemption, plus a premium, if any, relating to the then prevailing
Treasury Yield and the remaining life of the 7% Notes.  The indenture
relating to the 7% Notes contains limitations on the Company's ability
to incur indebtedness for borrowed money secured by certain liens and to
engage in certain sale/leaseback transactions.


Note 4 - Income Taxes

The Company's effective income tax rate for financial reporting purposes
for the three and six months ended June 30, 1998 was approximately 23
percent, which was lower than the United States federal statutory rate
of 35 percent.  This lower effective rate was primarily the result of the
Company's December 1997 realignment which placed the ownership of its
foreign operating assets in foreign subsidiaries of the Company.  Since
the Company intends to permanently reinvest outside the U.S. its foreign
subsidiaries' earnings that are not otherwise subject to U.S. taxation, the
Company will neither incur nor provide for any U.S. federal income taxes
on such foreign earnings.  For the three and six months ended June 30, 1997,
the Company's effective tax rate differed from the U.S. statutory rate
primarily due to the Company's recognition of the future tax benefits of a
portion of the Company's unused net operating loss ("NOL") carryforwards.

<PAGE>

Note 5 - Earnings per Share

The Company adopted the provisions of Statement of Financial Accounting
Standards No. 128, "Earnings per Share," in the fourth quarter of 1997.
As a result, the Company's reported earnings per share for the three and
six months ended June 30, 1997 have been restated.  A reconciliation of
the numerators and denominators of the basic and diluted per-share
computations for net income follows:

<TABLE>
<CAPTION>
                         Three Months Ended June 30,   Six Months Ended June 30,
                         --------------------------    ------------------------
                            1998            1997          1998          1997
                         -----------    -----------    -----------  -----------
                                 ($ in millions, except per share data)

<S>                      <C>            <C>            <C>          <C>
Net income (numerator):        $73.4          $84.1         $141.6       $162.9
                               =====          =====         ======       ======
Shares (denominator):
  Shares - Basic         172,948,809    170,744,743    172,770,698  170,394,235
  Effect of employee
    stock options          3,143,854      5,471,749      3,294,797    5,712,834
                         -----------    -----------    -----------  -----------
  Shares - Diluted       176,092,663    176,216,492    176,065,495  176,107,069
                         ===========    ===========    ===========  ===========

Earnings per share:
   Basic                       $0.42          $0.49          $0.82        $0.96
   Diluted                     $0.42          $0.48          $0.80        $0.93

</TABLE>

Note 6 - Contingencies

In June 1998 the Company suspended drilling a well under a turnkey contract
after it experienced an underground blowout which made it impossible to
continue drilling.  The Company attempted to re-drill the well and failed
when the casing buckled.  The Company believes that the costs incurred on
the re-drill, plus any future costs incurred in re-drilling the well to
the depth at which the underground blowout occurred, should the Company
choose to re-drill the well a second time, would be reimbursed by its
insurance carrier under the terms of the Company's underground blowout
insurance.  Should the Company choose to re-drill the well a second time,
there can be no assurance that the well would be successfully completed.
In the event that the well could not be successfully completed, the
Company would bear all costs of the initial drilling and any re-drillings,
less any insurance proceeds, and would be unable to receive any revenue
under the terms of the turnkey drilling contract.  The Company has notified
its insurance carrier of the claim but has not yet determined which costs,
if any, are reimbursable under the terms of the Company's insurance, nor has
it determined if it intends to re-drill the well a second time.  As of
June 30, 1998, costs incurred in connection with the well totaled
approximately $13 million, which have been deferred pending resolution of
the matter.  The Company is not able to predict the amount of loss, if any,
that it may incur in connection with the turnkey contract.  Any such loss
could range from zero to $13 million.  This maximum loss would occur only
in the event that the Company fails to collect any portion of the claim
under its insurance policy and is unable to successfully perform under the
drilling contract. 

<PAGE>

The Company is seeking to resolve a dispute with Sedco Forex Offshore
("Sedco") with respect to a bareboat charter agreement for the drilling
rig, Glomar Grand Banks.  The Company assumed rights to the bareboat
charter at the time it acquired ownership of the rig in July 1997.  At
issue are the date of termination of the charter, the condition of the rig
upon its return to the Company, and Sedco's liability to pay additional
dayrate.  With regard to the first issue, the Company has contended that
the charter expired on January 20, 1998.  The parties commenced arbitration
proceedings in December 1997, and the arbitration panel ruled in favor of
the Company on that issue.  With respect to the other issues, the Company
contends Sedco is responsible under the charter for paying the cost of
certain repairs to the rig and for paying a market dayrate for the period
following termination of the charter and while the rig is in the shipyard
for repairs prior to the rig's return to work for another customer.  Sedco
completed using the rig for drilling on May 5, 1998, at which time the rig
entered a shipyard to undergo the repairs at issue.  The rig is scheduled
to begin working for another customer in September 1998.  An arbitration
hearing with regard to the outstanding issues is scheduled for the second
quarter of 1999.  As of June 30, 1998, the amount of dayrate from Sedco
which the Company has recognized as revenue totaled $19.2 million, none
of which has been collected.  The Company has not reserved any of this
amount, all of which it expects to collect.  The total amount of dayrate
to be claimed by the Company is projected to be in excess of $30 million,
including the $19.2 million recognized through June 30.  The Company
believes it has meritorious claims to the remaining amount of dayrate
revenues not yet recognized.

<PAGE>

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

OPERATING RESULTS

Summary

Operating income increased by $34.4 million to $101.3 million for the
second quarter of 1998 from $66.9 million for the second quarter of 1997.
Operating income increased by $67.7 million to $192.0 million for the
six months ended June 30, 1998 from $124.3 million for the six months
ended June 30, 1997.  Operating results improved primarily due to higher
average contract drilling dayrates and the addition of four rigs to the
drilling fleet, partially offset by lower 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,
                          --------------------------   -------------------------
                                          % Increase                  % Increase
                           1998    1997   (Decrease)    1998    1997  (Decrease)
                          ------  ------  ----------   ------  ------ ----------
                                             ($ in millions)

<S>                       <C>     <C>         <C>      <C>     <C>        <C>
Revenues:
  Contract drilling       $202.7  $129.5       57%     $384.2  $241.5      59%
  Drilling management      161.3   103.1       56%      259.3   202.1      28%
  Oil and gas                1.1     1.4      (21%)       2.3     4.0     (43%)
  Less: Intersegment
    revenues                (9.1)   (0.9)     911%      (14.7)   (4.2)    250%
                          ------  ------               ------  ------
    Total revenues        $356.0  $233.1       53%     $631.1  $443.4      42%
                          ======  ======               ======  ======

Operating income:
  Contract drilling       $105.5  $ 61.0       73%     $201.6  $108.2      86%
  Drilling management        1.0    11.0      (91%)       1.1    24.9     (96%)
  Oil and gas                0.2     0.3      (33%)       0.5     1.6     (69%)
  Corporate expenses        (5.4)   (5.4)       -       (11.2)  (10.4)      8%
                          ------  ------               ------  ------
    Total operating
      income              $101.3  $ 66.9       51%     $192.0  $124.3      54%
                          ======  ======               ======  ======

</TABLE>

The Company reported net income of $73.4 million for the second quarter of
1998 as compared with net income of $59.1 million for the second quarter of
1997.  The results for the second quarter of 1997 are before a $25.0 million
net credit to deferred income taxes due to the recognition of tax benefits
of operating loss carryforwards.

The Company reported net income of $141.6 million for the six months ended
June 30, 1998 as compared with net income of $107.9 million for the six
months ended June 30, 1997.  The results for the first half of 1997 are
before a $55.0 million net credit to deferred income taxes due to the
recognition of tax benefits of operating loss carryforwards.

The continuing weakness in worldwide oil prices, which began trending
downward in the fourth quarter of 1997, is depressing offshore drilling
activity, particularly in the U.S. Gulf of Mexico.  This continuation
of low oil prices has caused some customers to reduce their 1998 drilling
budgets, primarily in the water depths where jackup drilling rigs are used.
This decreased drilling activity has in turn increased competition among
drilling contractors for the available work, and has recently forced dayrates
for some jackup rigs down by as much as 50 percent or more compared to levels
seen earlier in the year.  Most of the Company's fleet, particularly its
deep-water rigs, are contracted into 1999 at fixed dayrates.  If oil

<PAGE>

prices remain at current levels, however, the Company anticipates lower
dayrates and possibly lower utilization on some of its rigs, particularly
jackups in the U.S. Gulf of Mexico and offshore West Africa.  Rigs that
have been repriced recently in the North Sea, West Africa, and Southeast
Asia have seen rate reductions of about 25 percent.  The Company now
expects the slowdown in offshore drilling activity to negatively affect
results of operations for the last half of 1998, reducing second-half
earnings to less than those reported for the first half of 1998.  Management
believes, however, that a rebound in the price of oil would result in
increased demand for the Company's services and corresponding increases
in dayrates and revenues.

In March 1998 the Company completed the purchase of a deep-water,
third-generation semisubmersible drilling rig, the Stena Forth, for $150
million.  The Stena Forth, renamed the Glomar Arctic IV, is currently
operating in the U.K. sector of the North Sea under a drilling contract
that extends through November 1999.

In the first quarter of 1998, the Company received two ultra-deep-water
drilling commitments, each with a multinational oil company.  To fulfill
the Company's obligations under the commitments, the Company entered into
agreements with Harland and Wolff Shipbuilding and Heavy Industries Ltd.
for construction of two dynamically-positioned, deep-water drillships at
a cost of approximately $664 million, including all equipment, financing,
and other associated costs.  The first drillship, the Glomar C.R. Luigs,
will be capable of drilling in water depths of 9,000 feet, upgradable to
12,000 feet, and is expected to enter service in the first quarter of 2000.
The second drillship, the Glomar Irish Sea I, will be capable of drilling
in water depths of 8,000 feet, upgradable to 12,000 feet, and is expected
to enter service in the second quarter of 2000.  The Company intends to
finance construction of the two ships with internally generated funds and
funds available under existing bank credit facilities.  The Company's
deep-water fleet will total ten rigs with the addition of these two rigs.

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,
                                        ---------------------------    ---------------------------
                                                         % Increase                     % Increase
                                         1998     1997   (Decrease)     1998     1997   (Decrease)
                                        ------   ------  ----------    ------   ------  ----------

<S>                                    <C>      <C>          <C>      <C>      <C>         <C>
Contract drilling revenues by area
  (in millions): (1)
     Gulf of Mexico                    $  75.2  $  58.7       28%     $ 146.7  $ 106.4       38%
     West Africa                          53.4     47.1       13%       112.9     91.4       24%
     North Sea                            43.5     20.3      114%        77.0     40.2       92%
     Other                                30.6      3.4      800%        47.6      3.5     1260%
                                       -------  -------               -------  -------
                                       $ 202.7  $ 129.5       57%     $ 384.2  $ 241.5       59%
                                       =======  =======               =======  =======

Average rig utilization (2)                97%      99%                   98%      98%
Average dayrate                        $77,000  $53,100               $73,300  $50,300

_______________________                                    
(1)  Includes revenues earned from affiliates.
(2)  Excludes the Glomar Beaufort Sea I concrete island drilling system, a
     currently inactive, special-purpose mobile offshore rig designed for
     arctic operations, and rigs during the periods they were being converted
     to drilling operations from other uses.

</TABLE>

Of the $73.2 million increase in contract drilling revenues for the second
quarter of 1998 as compared with the comparable quarter of 1997, $43.5
million was attributable to increases in dayrates and $36.0

<PAGE>

million was attributable to fleet additions subsequent to the second quarter
of 1997, partially offset by a $3.8 million decrease attributable to lower rig
utilization and a $2.5 million decrease in non-dayrate revenues.

Of the $142.7 million increase in contract drilling revenues for the six
months ended June 30, 1998 as compared with the six months ended June 30,
1997, $92.8 million was attributable to increases in dayrates and $54.1
million was attributable to fleet additions subsequent to the second
quarter of 1997, partially offset by a $3.7 million decrease in non-dayrate
revenues and a $0.5 million decrease attributable to lower rig utilization.

The mobilization of rigs between the geographic areas shown in the above
table also affected each area's revenues over the periods indicated.
Specifically, the Company mobilized one jackup from the Gulf of Mexico to
Trinidad in June 1997, one jackup from West Africa to California in July
1997, one jackup from the North Sea to offshore Argentina in September 1997,
one drillship from West Africa to offshore Egypt in April 1998, and one
jackup from the Gulf of Mexico to the North Sea in May 1998.

The Company's operating profit margin for contract drilling operations
increased to 52 percent for the second quarter of 1998 from 47 percent
for the second quarter of 1997 primarily as a result of higher average
dayrates, partially offset by a decrease in average rig utilization.
Operating expenses increased by $28.7 million due to higher depreciation
and other operating costs in connection with the additions to the rig fleet,
higher labor expense and general price level increases, among other factors.

The Company's operating profit margin for contract drilling operations
increased to 52 percent for the six months ended June 30, 1998 from 45
percent for the six months ended June 30, 1997 as a result of higher
average dayrates.  Operating expenses increased by $49.3 million due to
higher depreciation and other operating costs in connection with the
additions to the rig fleet, higher labor expense and general price-level
increases, among other factors.

The Company is seeking to resolve a dispute with Sedco Forex Offshore
("Sedco") with respect to a bareboat charter agreement for the drilling rig,
Glomar Grand Banks.  The Company assumed rights to the bareboat charter at
the time it acquired ownership of the rig in July 1997.  At issue are the
date of termination of the charter, the condition of the rig upon its return
to the Company, and Sedco's liability to pay additional dayrate.  With regard
to the first issue, the Company has contended that the charter expired on
January 20, 1998.  The parties commenced arbitration proceedings in December
1997, and the arbitration panel ruled in favor of the Company on that issue.
With respect to the other issues, the Company contends Sedco is responsible
under the charter for paying the cost of certain repairs to the rig and for
paying a market dayrate for the period following termination of the charter
and while the rig is in the shipyard for repairs prior to the rig's return
to work for another customer.  Sedco completed using the rig for drilling on
May 5, 1998, at which time the rig entered a shipyard to undergo the repairs
at issue.  The rig is scheduled to begin working for another customer in
September 1998.  An arbitration hearing with regard to the outstanding
issues is scheduled for the second quarter of 1999.  As of June 30, 1998,
the amount of dayrate from Sedco which the Company has recognized as revenue
totaled $19.2 million, none of which has been collected.  The Company has not
reserved any of this amount, all of which it expects to collect.  The total
amount of dayrate to be claimed by the Company is projected to be in excess
of $30 million, including the $19.2 million recognized through June 30.  The
Company believes it has meritorious claims to the remaining amount of dayrate
revenues not yet recognized.

In February 1998 the Company completed the conversion of the Glomar Celtic
Sea semisubmersible to drilling operations from an accommodations unit and
began operating the rig in deep waters of the U.S.

<PAGE>

Gulf of Mexico under a three-year contract.  The conversion of the Glomar
Explorer drillship to a deep-water drilling rig is expected to be completed
by mid-August 1998, at which time it will begin drilling in the U.S. Gulf
of Mexico under a five-year contract.

In July 1998 the Company completed the mobilization of the Glomar Adriatic IV
from offshore California to the North Sea where it is contracted to operate
through October 1998.  The mobilization to the North Sea was paid by the
previous customer who had agreed to pay the cost of the rig's relocation
after completion of that customer's contract.  As of August 5, 1998, eleven
of the Company's rigs were located in the U.S. Gulf of Mexico, nine were
offshore West Africa, six were in the North Sea, and one was offshore each
of Egypt, Argentina and Trinidad.  In addition, the Glomar Grand Banks, upon
the completion of repairs about September 1998, will be mobilized to the east
coast of Canada where it will operate under a contract which is expected to
extend into September 1999.  At August 5, 1998, 28 of the Company's 30 active
rigs were under contract.

A continuation of low oil prices has caused oil and gas operators to reduce
their 1998 drilling budgets, primarily in water depths where jackup rigs are
used.  This decreased drilling activity has in turn increased competition
among drilling contractors for available work, and has recently forced
dayrates for some jackup rigs down by as much as 50 percent or more compared
to levels seen earlier in the year.  Among the Company's 23 jackups, one was
recontracted recently at approximately 67 percent of its previous dayrate
for about 90 days, and another was recontracted at approximately 45 percent
of its previous dayrate for about 100 days.  The Company has a letter of
intent from a customer for use of another jackup for about four months
beginning in September 1998 at a dayrate approximating 60 percent of its
previous dayrate.  Among the remaining 20 jackups at August 5, 1998, two
were without contracts, one becomes available prior to the end of August
1998, eight become available between August and December 1998, eight become
available in 1999, and one becomes available in 2000.

Drilling Management Services

Drilling management revenues increased by $58.2 million to $161.3 million
in the second quarter of 1998 from $103.1 million in the second quarter of
1997.  Operating income decreased by $10.0 million to $1.0 million in the
second quarter of 1998 from $11.0 million in the second quarter of 1997.
The increase in revenues consisted of a $33.3 million increase attributable
to higher average turnkey revenues per well and a $38.7 million increase
attributable to daywork and other revenues, partially offset by a decrease
of $13.8 million attributable to a reduction in the number of turnkey wells
drilled to 23 in the second quarter of 1998 from 26 in the second quarter
of 1997.

Drilling management revenues increased by $57.2 million to $259.3 million
for the six months ended June 30, 1998 from $202.1 million for the six
months ended June 30, 1997.  Operating income decreased by $23.8 million to
$1.1 million for the first six months of 1998 from $24.9 million for the
first six months of 1997.  The increase in revenues consisted of a $39.4
million increase attributable to higher average turnkey revenues per well
and a $44.7 million increase attributable to daywork and other revenues,
partially offset by a decrease of $26.9 million attributable to a reduction
in the number of turnkey wells drilled to 46 in the first six months of
1998 from 53 in the first six months of 1997.

Operating income from drilling management services as a percentage of
drilling management revenues decreased to less than one percent for the
second quarter of 1998 from 11 percent for the second quarter of 1997.  The
decrease in profit margin for the second quarter of 1998 was attributable
primarily to losses totaling $5.3 million on two of the 23 wells completed
during the quarter and to fixed costs of approximately 16 third-party rigs
under contract for use in turnkey operations, partially offset by the

<PAGE>

favorable effects of changes in accounting estimates of the costs of wells
completed in prior periods.  The Company incurred total losses of $6.3
million on five of the 23 wells completed in the second quarter of 1998
compared to losses totaling $1.1 million on two of the 26 wells completed
in the second quarter of 1997.

Operating income from drilling management services as a percentage of
drilling management revenues decreased to less than one percent for the
six months ended June 30, 1998 from 12 percent for the six months ended
June 30, 1997.  The Company incurred losses totaling $14.4 million on ten
of the 46 wells completed in the first six months of 1998 compared to
losses totaling $1.3 million on three of the 53 wells completed in the
first six months of 1997.  Such losses were offset in part by the
favorable effects of changes in accounting estimates of the costs of wells
completed in prior periods.

A significant factor which contributed to the lower margins in the quarter
and six months ended June 30, 1998, as compared with the comparable periods
of 1997, was the fixed cost of rigs under term contracts.  During the six
months ended June 30, 1998, the Company had an average of 16 third-party
rigs under contracts for use in turnkey drilling operations, with initial
terms ranging from six months to one year.  The Company has from time to time
subcontracted some of these rigs to clients when they are not needed for the
Company's turnkey operations.  Due to the slowdown in drilling activity
primarily in the U.S. Gulf of Mexico, these 16 rigs were neither subcontracted
out nor utilized internally for approximately ten percent of the time, on
average, during the first six months of 1998, resulting in idle-time costs of
$7.2 million and $11.9 million for the quarter and six months, respectively.
As of August 5, 1998, the Company had 12 rigs under contracts with expirations
ranging from September 1998 to February 1999 and two rigs under contracts
expiring in June and August 1999, respectively.  As of August 5, 1998, two of
these rigs were leased to clients under subcontracts expiring in August 1998
at rates below the Company's cost for these rigs.  If present market conditions
continue, the Company estimates its third quarter 1998 costs attributable to
idle rigs and rigs under subcontracts at below cost to exceed those costs
incurred in the second quarter.

In June 1998 the Company suspended drilling a well under a turnkey contract
after it experienced an underground blowout which made it impossible to
continue drilling.  The Company attempted to re-drill the well and failed
when the casing buckled.  The Company believes that the costs incurred on
the re-drill, plus any future costs incurred in re-drilling the well to the
depth at which the underground blowout occurred, should the Company choose
to re-drill the well a second time, would be reimbursed by its insurance
carrier under the terms of the Company's underground blowout insurance.
Should the Company choose to re-drill the well a second time, there can be
no assurance that the well would be successfully completed.  In the event
that the well could not be successfully completed, the Company would bear
all costs of the initial drilling and any re-drillings, less any insurance
proceeds, and would be unable to receive any revenue under the terms of the
turnkey drilling contract.  The Company has notified its insurance carrier of
the claims but has not yet determined which costs, if any, are reimbursable
under the terms of the Company's insurance, nor has it determined if it
intends to re-drill the well a second time.  As of June 30, 1998, costs
incurred in connection with the well totaled approximately $13 million, which
have been deferred pending resolution of the matter.  The Company is not able
to predict the amount of loss, if any, that it may incur in connection with
the turnkey contract.  Any such loss could range from zero to $13 million.
This maximum loss would occur only in the event that the Company fails to
collect any portion of the claim under its insurance policy and is unable to
successfully perform under the drilling contract.

<PAGE>


Other Income and Expense

General and administrative expenses increased to $10.4 million in the six
months ended June 30, 1998 from $9.8 million in the six months ended June 30,
1997.  The increase was partially attributable to expenses incurred in
connection with improvements to the Company's information systems and to
general price-level increases, among other factors.

Interest expense for the three and six months ended June 30, 1998, increased
by $4.0 million and $4.3 million, respectively, from the comparable prior-year
periods primarily due to higher debt incurred to finance the upgrade,
acquisition and construction of rigs and for working capital requirements.

The Company capitalized $10.2 million of interest expense in the six months
ended June 30, 1998 as compared to $8.2 million in the six months ended
June 30, 1997, an increase of $2.0 million.  The increase is primarily due
to construction of two drillships, the Glomar C.R. Luigs and the Glomar
Irish Sea I.

Interest income for the three and six months ended June 30, 1998 decreased by
$0.7 million and $1.5 million, respectively, from the comparable prior-year
periods primarily due to lower cash balances.

The Company's effective income tax rate for financial reporting purposes for
the three and six months ended June 30, 1998 was approximately 23 percent,
which was lower than the U.S. federal statutory rate of 35 percent.  This
lower effective rate was primarily the result of the Company's December 1997
realignment which placed the ownership of its foreign operating assets in
foreign subsidiaries of the Company.  Since the Company intends to permanently
reinvest outside the U.S. its foreign subsidiaries' earnings that are not
otherwise subject to U.S. taxation, the Company will neither incur nor provide
for any U.S. federal income taxes on such foreign earnings.  The Company
estimates that its overall effective income tax rate for 1998 will approximate
the 23 percent rate incurred to date.  Most of the tax expense for 1998 will
be noncash because the Company will use its NOL carryforwards to significantly
reduce its current U.S. federal income tax liability for the year.

In the three and six months ended June 30, 1997, the Company's effective
income tax rate differed from the U.S. statutory rate primarily due to the
Company's recognition of the future tax benefits of a portion of the Company's
unused NOL carryforwards.

LIQUITY AND CAPITAL RESOURCES

On March 10, 1998, the Company purchased a deep-water, third-generation
semisubmersible drilling rig, the Stena Forth, for $150 million.  The Company
financed the purchase through borrowings under its bank credit facilities.
The Stena Forth, renamed the Glomar Arctic IV, is currently operating in the
U.K. sector of the North Sea under a drilling contract that extends through
November 1999.

On March 18, 1998, the Company entered into an agreement to purchase from
Transocean ASA, a Norwegian drilling contractor ("Transocean"), the remaining
43.4 percent interest of the partnership operating the Glomar Adriatic V,
Glomar Adriatic VI, and Glomar Adriatic VII.  Under the agreement, which was
effective January 31, 1998, the Company paid Transocean $20.3 million in cash,
which will be amortized over approximately 5-1/2 years.  The Company and
Transocean previously shared in the net revenues of the aforementioned rigs
and a Transocean rig, the Nordic, as part of a 1993 rig purchase and sale
agreement.

<PAGE>

On May 26, 1998, the Company issued $300 million of 7% Notes due 2028 and
received cash proceeds of $296.0 million after deduction for discount and
underwriting fees.  The Company used $150.0 million of the proceeds to repay
all amounts drawn under the $150 million credit facility and used the
remainder to repay a portion of the amount drawn under the $240 million
credit facility.  The outstanding debt that was repaid from the net proceeds
of the 7% Notes was incurred to finance the upgrade, acquisition and
construction of rigs and for working capital requirements.

For the six months ended June 30, 1998, $126.7 million of cash flow was
provided by operating activities, $296.0 million was provided from the
issuance of the 7% Notes, and $3.8 million was provided from exercises of
employee stock options.  From these amounts, together with cash on hand,
$426.6 million was used for capital expenditures, and $40.0 million was
used to reduce amounts drawn under the Company's bank revolving credit
facilities, net of borrowings.

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), and $5.0 million was provided
from exercises of employee stock options.  From these amounts, $134.2 million
was used for capital expenditures.

In the first quarter of 1998, the Company entered into agreements with
Harland and Wolff Shipbuilding and Heavy Industries Ltd. for the construction
of two dynamically-positioned drillships in order to fulfill the Company's
obligations under two multi-year, deep-water drilling contracts.  The two
drillships are expected to be completed at a cost of approximately $664
million, of which approximately $262 million in construction costs and $8
million of capitalized interest are expected to be incurred in 1998.  The
Company intends to finance construction of the drillships with internally
generated funds and funds available under existing bank credit facilities.
The Company anticipates the two drillships will enter service in the first
and second quarters of 2000, respectively.

The first of the new drillships, the Glomar C.R. Luigs, will be used by the
customer for thirty of the first thirty-six months after delivery, followed
by two one-year options.  Revenues to be generated over the thirty-month
period will be approximately $186 million.  The second of the two drillships,
the Glomar Irish Sea I, is under contract with a customer for a period of
three years and is expected to generate revenues of approximately $208 million.

Capital expenditures for the full year 1998 are anticipated to be $646 million,
including $262 million for construction of the new drillships, $150 million
for the purchase of the Glomar Arctic IV, $81 million for the conversion of
the Glomar Explorer, $41 million for the conversion of the Glomar Celtic Sea,
$67 million for improvements to the remainder of the drilling fleet, $20
million for the Transocean transaction, $19 million for capitalized interest,
and $6 million for other expenditures.

As of June 30, 1998, the Company had $40.3 million in cash, cash equivalents
and marketable securities (including $4.4 million which was restricted from
use for general corporate purposes) and $330.0 million available for
borrowings under the Company's bank revolving credit facilities.  As of
December 31, 1997, the Company had $80.6 million in cash, cash equivalents
and marketable securities, including restricted amounts of $1.5 million.

In April 1998, the Company filed with the U.S. Securities and Exchange
Commission a registration statement on Form S-3 under which, together with
a previous registration statement on Form S-3, the Company may offer to
sell from time to time (i) unsecured debt securities consisting of notes,
debentures or other evidences of indebtedness, (ii) shares of preferred stock,
$0.01 par value per share, and/or (iii)

<PAGE>

shares of common stock, $0.10 par value per share, for an aggregate initial
public offering price not to exceed $500 million.  The amount of securities
available for issuance was reduced from $500 million to $200 million as a
result of the issuance of the $300 million of 7% Notes in May 1998.

The Company believes that it will be able to meet all of its current
obligations, including capital expenditures and debt service, from its cash
flow from operations, its existing bank credit facilities, and its cash,
cash equivalents and marketable securities.

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 or the construction of a vessel, the incurrence of additional
debt or issuance of additional shares of stock could be required.

Forward-Looking Statements

Under the Private Securities Litigation Reform Act of 1995, companies are
provided a "safe harbor" for discussing their expectations regarding future
performance.  We believe it is in the best interests of our stockholders to
use these provisions and provide such forward-looking information.  We do
so in this report and other communications.  Our forward-looking statements
include things such as our expectations for future Company performance and
earnings; our projections regarding costs of the Company's rigs that are
under construction and the dates they will enter service; our expectations
regarding contract completion dates; our expectations regarding reimbursements
under the Company's insurance coverages; estimated future costs attributable
to idle third-party rigs under contract to the Company; our expectations
regarding disputed amounts of dayrate revenue that can be claimed and
collected by the Company; statements regarding future oil and gas prices and
demand and future demand for offshore drilling services; our expectations
regarding future income tax rates and capital expenditures; an estimate of
the possible financial impact of a presently-suspended turnkey drilling
project; our belief in the Company's ability to meet its current obligations;
and other statements that are not historical facts.

Our forward-looking statements speak only as of the date of this report and
are based on currently available industry, financial and economic data and
our operating plans.  They are also inherently uncertain, and investors must
recognize that events could turn out to be materially different from our
expectations.

Factors that could cause or contribute to such differences include, but are
not limited to, the Company's ability to generate cash flows or obtain
financing to fund its growth; identify and respond to changes in the markets
for oil and gas and for offshore drilling services, including decreases in
demand for the Company's services which may result from curtailments of
oil and gas operators' drilling programs due to low oil and gas prices;
prevail on its claims in disputed matters; manage its business in the face
of existing or changing tax laws; respond to challenges in international
markets, including changes in political or economic conditions and trade
and regulatory matters; complete its construction projects on schedule and
within budget; market its services competitively and cost effectively; manage
the operational risks and uncertainties inherent in offshore oil and gas
drilling, particularly on a turnkey basis; and manage other risk factors as
may be discussed in the Company's reports filed with the U.S. Securities and
Exchange Commission.

<PAGE>


The Company disclaims any obligation or undertaking to disseminate any
updates or revisions to its statements, forward-looking or otherwise, to
reflect changes in the Company's expectations or any change in events,
conditions or circumstances on which any such statements are based.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Not significant.


PART II - OTHER INFORMATION

Item 2.  Changes in Securities and Use of Proceeds

The federal proxy rules specify what constitutes timely submission for a
stockholder proposal to be included in the Company's proxy statement for
an annual meeting of stockholders.  Effective August 5, 1998, Section II-7
of the Company's By-laws was amended to require that certain procedures
be followed by any stockholder who desires to bring before an annual meeting
a proposal, nomination or other business which is not the subject of a
proposal timely submitted for inclusion in the Company's proxy statement.
At the present time, the only class of the Company's securities eligible to
be voted at an annual meeting is the Common Stock, par value $.10 per share.
Copies of the Company's By-laws and Section II-7 as amended are filed as
exhibits to this Quarterly Report on Form 10-Q, and copies are also available
upon request from the Company's Corporate Secretary, 777 N. Eldridge Parkway,
Houston, Texas 77079-4493.

One of the procedural requirements in amended Section II-7 is timely notice
in writing of the proposal, nomination or other business the stockholder
proposes to bring before the meeting.  In addition to the other requirements
in amended Section II-7, the notice must be delivered to, or mailed and
received at, the above address not later than the close of business on the
90th day prior to the first anniversary of the preceding year's annual
meeting.  The deadline for delivery and receipt of such notices for the 1999
annual meeting of stockholders is the close of business on February 4, 1999.

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

The annual meeting of stockholders of the Company was held on May 5, 1998.  At
the meeting, four 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: C. Russell Luigs, 150,555,083 votes for and 1,954,493 votes withheld;
Edward R. Muller, 150,536,575 votes for and 1,973,001 votes withheld; Paul J.
Powers, 150,545,241 votes for and 1,964,335 votes withheld; and John G. Ryan,
150,613,837 votes for and 1,895,739 votes withheld.   A vote was also taken
on a proposal to approve the Global Marine 1998 Stock Option and Incentive
Plan, including performance measures to be used for certain performance-based
compensation, with 143,427,061 votes being cast for approval, 8,111,256 votes
being cast against approval, and 971,258 abstentions and broker non-votes.
In addition, a vote was taken on ratification of the appointment of Coopers
& Lybrand L.L.P. (now known as PricewaterhouseCoopers LLP) as independent
certified public accountants of the Company and its subsidiaries for 1998,
with 151,663,513 votes being cast for ratification, 524,868 votes being cast
against ratification, and 321,195 abstentions and broker non-votes.

<PAGE>


Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     3(ii).1   Amendment of By-laws of Global Marine Inc., effective
               August 5, 1998.

     3(ii).2   By-laws of Global Marine Inc. as amended through August 5, 1998.

         4.1   Section II-7 of the By-laws of Global Marine Inc. as amended
               August 5, 1998.

        10.1   Form of Letter Severance Agreement dated August 5, 1998,
               between the Company and nine executive officers, respectively.

        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.)

(b)  Reports on Form 8-K

     During the second quarter of 1998, the Company filed one report on Form
     8-K, which was dated May 20, 1998.  Under Item 5, Other Events, the
     Company reported that it had entered into various agreements relating
     to the offering of $300,000,000 aggregate principal amount of its 7%
     Notes Due 2028.  Certain agreements relating to the 7% Notes and the
     terms of the 7% Notes were filed as exhibits and listed under Item 7,
     Financial Statements and Exhibits.



                                   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, 1998        /s/ Thomas R. Johnson
                              ---------------------------------------
                              Thomas  R. Johnson
                              Vice President and Corporate Controller
                              (Duly Authorized Officer and Principal
                              Accounting Officer of the Registrant)