Bermuda GlobeNet To Link US, S. America & Europe

Tax-news.com

10 January 2000

Bermuda based telecommunications group GlobeNet Communications is investing in new undersea fibre optic cable links that, when completed, will connect North and South America with Europe via Bermuda. The development of the links will provide GlobeNet with the necessary infrastructure to position Bermuda as a premiere offshore location for supporting the explosive growth of Internet and e-commerce services.

The first stage of the project, called Atlantica-1, is the construction of an undersea link between New York and Brazil via Bermuda at a cost of $1 billion, and is expected to be completed by September 2000. This will be followed by Atlantica-2, which will link up North and South America to Europe by undersea fibre link also. GlobeNet is also establishing a major data centre at its headquarters in Bermuda as part of the Atlantica-1 project.

CEO of GlobeNet Jerry DeMartino (former MCI President) says GlobeNet's 1.2 terabit per second capacity will enable them to handle e-commerce and Web hosting from its Bermuda base without distance becoming a problem. "With 1.2 terabits on and off the island, Bermuda will look like Cincinnati," according to DeMartino.

GlobeNet, through its subsidiary TeleBermuda International Limited, has been providing a full range of international telecommunications services in Bermuda since 1997 and now carries more than a third of all traffic generated in Bermuda.

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