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Global Crossing and Tycom Agree To Settle All Outstanding Disputes

16 October 2001

Hamilton, Bermuda - 16 October, 2001 - Global Crossing Ltd. (NYSE: GX, BSX: GBLX.BH) and Tycom (NYSE: TCM; BSX: TCM) today announced an amicable settlement of all outstanding claims against each other. The claims, which had been brought in both Federal Court and arbitration proceedings, related to agreements between the parties for the construction and operation of Global Crossing's Atlantic Crossing-1 and South American Crossing fiber-optic cable systems.

"We are very happy with this win-win agreement with Tycom, a supplier who has built many of our systems and with whom we have continued to work closely and productively, even in the face of these disputes. With this settlement behind us, we will be better able to move forward quickly to focus on the business of achieving operational excellence and serving our customers and we will have an even better relationship with a valued partner," said John Legere, chief executive officer of Global Crossing.

"TyCom is very pleased to have reached a mutually satisfactory resolution of these issues with one of our key customers," said Neil Garvey, President and CEO of TyCom. "During the course of these proceedings we have continued to work together to provide system upgrades and support, which is a testament to the professionalism of both companies. With these matters now settled, we look forward to a stronger and more productive relationship with Global Crossing."