Offer Update

RNS Number:6690Q
Fairfax I.S. PLC
25 March 2008


RNS Number:

Global Marine Energy plc

25 March, 2008


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM AUSTRALIA, CANADA, JAPAN, THE UNITED STATES, OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF THE RELEVANT
JURISDICTION


FOR IMMEDIATE RELEASE

                          RECOMMENDED CASH OFFER
                                   FOR
                       GLOBAL MARINE ENERGY plc ("GME")
                                     BY
                    TSC OFFSHORE GROUP LIMITED ("TSC")
      (formerly known as EMER International Group Limited) ("The Offer")

Offer declared unconditional in all respects

The first closing date of the Offer was 1.00pm on Friday, 21st March, 2008. At
that point acceptances of the Offer  valid in all respects had been received in
respect of 35,822,153 GME Shares, representing approximately 49.02 per cent.  of
GME's issued share capital.In addition, TSC holds 20,992,498 GME Shares,
representing approximately 28.73 per cent.  of the issued share capital of GME.

Therefore at the first closing date, TSC  held or had received valid acceptances
in respect of a total of 56,814,651  GME Shares representing approximately 77.75
per cent. of GME's issued share capital. TSC announces that the acceptance 
condition contained in paragraph 1 of Part A of appendix 1 of the Offer Document
has been satisfied.  TSC also  announces that it is waiving all other conditions
of the Offer which have not already been satisfied.  Accordingly the  Offer is
now declared unconditional in all respects.

Settlement of the consideration due under the Offer in respect of valid
acceptances will be dispatched on or before 8  April, 2008.  Settlement of the
consideration in respect of acceptances of the Offer received after the date of
this  announcement will be dispatched within 14 days of such receipt.

The Offer will remain open for acceptance until further notice.  TSC will give
not less than 14 days' notice in writing  to GME Shareholders who have not
accepted the Offer that the Offer will remain open for such period before
closing it.

GME Shareholders who hold their shares in certificated form (that is, not in
CREST) and have not yet accepted the Offer  are urged to complete, sign and
return the Form of Acceptance (along with their share certificate(s) and any 
appropriate documents of title) by post or by hand (during normal business hours
only) to Capita Registrars, Corporate  Actions, The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU as soon as possible.

GME Shareholders who hold their GME Shares in CREST should follow the procedures
set out in the Offer Document.  If you  are a CREST sponsored member you should
refer to your CREST sponsor before taking any action.

Shareholders who have lost their Form of Acceptance or have any other queries in
connection with the Offer should  contact Capita Registrars by telephone on 0871
664 0321 or, if calling from outside the UK, on +44 20 8639 3399 between  9:00
a.m. and 5:00 p.m. (London time) Monday to Friday (excluding bank holidays and
other public holidays). The  helpline cannot provide advice on the merits of the
Offer, nor give any financial, legal or tax advice.

TSC intends to procure that GME applies for the cancellation of admission to
trading of GME Shares on AIM.  It is  anticipated that such cancellation will,
subject to the requirements of the London Stock Exchange (including but not 
limited to the Rules of the London Stock Exchange) and the AIM Rules, take
effect no earlier than 20 business days  after TSC has acquired or agreed to
acquire 75% or more of the voting rights attached to GME Shares.  The AIM Rules 
state that, unless the London Stock Exchange agrees otherwise, the cancellation
is conditional upon the consent of not  less than 75% of votes cast by GME
Shareholders in general meeting.  TSC intends to procure that GME requests that
the  London Stock Exchange waives this requirement.

If TSC receives acceptances under the Offer in respect of, and/or otherwise
acquires, 90% or more in nominal value and  of the voting rights of the GME
Shares to which the Offer relates, TSC intends to exercise its rights pursuant
to  Chapter 3 of part 28 of the Companies Act 2006 to acquire compulsorily any
remaining GME Shares in respect of which the  Offer has not been accepted on the
same terms as the Offer.

Save as disclosed above and in appendix 4 of the Offer Document, no GME Shares
have been acquired or agreed to be  acquired by or on behalf of TSC or any
person acting in concert with TSC during the Offer Period and neither TSC nor 
any person acting in concert with TSC has the benefit of any irrevocable
commitment or letter of intent in respect of  any GME Shares or has any interest
in any GME Shares, or any short position (whether conditional or absolute and 
whether in the money or otherwise and including any short position under a
derivative), any agreement to sell, any  delivery obligation, any right to
require another person to purchase or take delivery in respect of any GME
Shares, any  right to subscribe for any GME Shares or any stock borrowing or
lending arrangement in respect of any GME Shares.  None  of the valid
acceptances referred to above have been received from persons acting in concert
with TSC.

Definitions used in the offer document dated 29 February 2008 containing the
Offer ("Offer Document") have the same  meanings when used in this announcement
unless the context otherwise requires.



Contact:


Fairfax I.S. PLC (advisors to TSC)

Omar Bayoumi /Simon Stevens:               +44 (0)20 7598 5368


The directors of TSC accept responsibility for the information contained in this
announcement. To the best of the knowledge and belief of the directors of TSC,
who have taken all reasonable care to ensure that such is the case, the
information contained in this announcement is in accordance with the facts and
does not omit anything likely to affect the import of such information.


Fairfax I.S. PLC which is authorised and regulated in the United Kingdom by the
Financial Services Authority for investment business, is acting exclusively for
TSC and for no-one else in relation to the Offer and is not acting for any other
person in relation to the Offer. Fairfax will not be responsible to anyone other
than TSC for providing the protections afforded to its clients or for providing
advice in relation to the Offer, the contents of this announcement or any offer
or arrangement referred in this announcement.


This announcement is not intended to and does not constitute, or form any part
of, an offer or an invitation to purchase or sell any securities or the
solicitation of an offer to purchase any securities in any jurisdiction pursuant
to the Offer or otherwise.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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