Celebrating Two Decades of Joint Venture Success

Global Marine celebrates the 20-year anniversary of establishing Chinese joint venture, S. B. Submarine Systems
By: Global Marine Systems Limited
 
 
ESSEX, England - Feb. 2, 2015 - PRLog -- Global Marine Systems Limited and China Communication Services Corporation Limited,  mark the 20th anniversary of their joint venture partnership, S. B. Submarine Systems Co., Ltd (SBSS), which was originally formed in Shanghai in January 1995.

The partnership was created to support the growing demands of the telecommunications market in Asia.  With this accomplished, SBSS went on to establish a strong footing in both the oil & gas and offshore energy sectors in the region.  Today SBSS is recognised as China’s leading installer of submarine cables, having played a key role in more than 90 of Asia’s major telecommunications, oil & gas and power utility infrastructure projects.

Since SBSS’s inauguration, Global Marine has worked closely with it at all levels to ensure its success.  Together they currently support the maintenance of nearly 380,000km of globally installed telecommunications cable and this shared commitment to provide innovative subsea solutions has led to numerous joint installation projects.

Ian Douglas, CEO, Global Marine said: “The twentieth anniversary of SBSS is a significant milestone and everyone at Global Marine should be proud of the achievements that our partnership with China Telecom and its subsequent affiliates has achieved.   The company was created to support the growth of submarine telecommunications on the Chinese coast and has since become the leading player in Asia, installing over 41,000km of cable, and being entrusted to provide maintenance services to the majority of telecoms cable owners in the Asia-Pacific region.

Working closely with Global Marine, the team at SBSS has pioneered developments such as deep-burial to protect our customers’ cable from intensive fishing activities in the region and has led the way in applying their expertise, engineering capabilities and resources in both oil and gas and the offshore power industries throughout the world.

I would like to take this opportunity to thank our joint venture partners for their support over the last twenty years and to applaud the management team of SBSS for their achievements.  I am honoured to have spent part of my career at SBSS and look forward to watching their continued growth and success.”

Forward Looking Statements

Safe Harbor's Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing the offering and other actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will,'" '"could," "might," or "continues" or similar expressions. These statements are based on the beliefs and assumptions of HC2's management and the management of HC2's subsidiaries. Factors that could cause actual results, events and developments to differ include, without limitation, capital market conditions, the ability of HC2's subsidiaries to generate sufficient net income and cash flows to make upstream cash distributions, trading characteristics of the HC2 common stock, the ability of HC2 and its subsidiaries to identify any suitable future acquisition opportunities, efficiencies/cost avoidance, cost savings, income and margins, growth, economies of scale, combined operations, future economic performance, conditions to, and the timetable for, completing the integration of financial reporting of acquired or target businesses, completing future acquisitions and dispositions, litigation, potential and contingent liabilities, management's plans, changes in regulations, taxes and the risks that may affect the performance of the operating subsidiaries of HC2 and those factors listed under the caption "Risk Factors" in HC2's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, filed with the Securities and Exchange Commission. All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. HC2 does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operation results.

About Global Marine Systems

Global Marine Systems Limited is a leading provider of engineering and underwater services, responding to the subsea cable installation, maintenance and burial requirements of our customers around the world.  With a fleet of vessels and specialised subsea trenching and burial equipment, we bring a 160 year legacy in deep and shallow water cable operations. Global Marine holds the Order of Distinction in recognition of 15 consecutive years of outstanding occupational health and safety results, as recently awarded by the Royal Society for the Prevention of Accidents (RoSPA).  In September 2014, Global Marine was acquired by HC2 Holdings, Inc.

For media enquiries please contact:

Gail Clark

gail.clark@globalmarinesystems.com

www.globalmarinesystems.com

About HC2 Holdings, Inc.

HC2 Holdings, Inc. is a publicly traded (NYSE MKT: HCHC), diversified holding company, which seeks to acquire and grow attractive businesses that generate sustainable free cash flow. HC2 has a diverse array of operating subsidiaries, each with its own dedicated management team, across a broad set of industries, including, but not limited to, telecom/infrastructure, large-scale U.S. construction, energy, and life sciences. HC2 seeks opportunities that generate attractive returns and significant cash flow in order to maximize value for all stakeholders. Currently, HC2's largest operating subsidiaries are Schuff International, Inc., a leading structural steel fabricator in the United States, and Global Marine Systems Limited, a global offshore engineering company focused on subsea cable installation and maintenance. Founded in 1994, HC2 is headquartered in Herndon, Virginia.   For more information, visit: www.HC2.com.

For information on HC2 Holdings, Inc., please contact:

HC2

ir@HC2.com

End
Global Marine Systems Ltd News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share