GlobeNet Announces Repurchase Offer

July 13, 1999 St. David's Bermuda: GlobeNet Communications Group Limited ("GlobeNet") (BSX: GLOCCOM) announced today that it is offering its existing shareholders the opportunity to sell to the Company up to an aggregate amount of 1,500,000 of their common shares on a pro rata basis at US $20.40 per share (less fees and expenses). This offer to repurchase up to US $30,600,000 of common shares supersedes GlobeNet's previously announced offer to allow its shareholders to sell up to US $25,000,000 of their common shares.

The repurchase is conditioned upon the completion of GlobeNet's pending private placement of common shares, and the actual number of common shares that will be repurchased from GlobeNet's shareholders will be reduced to the extent GlobeNet issues less than $270,600,000 worth of new common shares in the private placement. The offering is also subject to the discretion of GlobeNet's Board of Directors. Shareholders who wish to participate in the repurchase offering will be required to pay all costs associated with the sale of the common shares to GlobeNet, including legal, accounting and printing costs and any sales commissions to brokers and dealers. Shareholder elections to participate in the repurchase offering must be received by GlobeNet no later than 3:00 p.m. Bermuda time (or 2:00 p.m. Eastern time) on Monday, August 2, 1999. Shareholder election forms and other offering materials are being sent to shareholders today.

The private placement of GlobeNet's common shares is expected to be concluded by July 15, 1999.

GlobeNet's mission is to provide innovative, seamless, city-to-city international telecommunications solutions to wholesale purchasers using the most technologically advanced undersea fiber optic facilities currently available. GlobeNet, through its operating subsidiary TeleBermuda International Limited, has been providing a full range of international telecommunications services in Bermuda since April, 1997, utilizing the Company's BUS-I undersea fiber optic cable system connecting the United States and Bermuda. GlobeNet trades on the Bermuda Stock Exchange under the symbol GLOCOM. GlobeNet Communications Group Limited is a Bermuda company, with its headquarters at 2 Carter's Bay Road, Southside, St. David's DD 02, Bermuda.

This press release shall not constitute an offer to repurchase or the solicitation of an offer to sell nor shall there be any repurchase of these securities in any jurisdiction in which such offer, solicitation or repurchase would be unlawful prior to the registration or qualification of such repurchase offer under the securities laws of any such jurisdiction. Any offer to repurchase shall be communicated to GlobeNet's shareholders solely by delivery of repurchase offering materials, which should be considered in their entirety by GlobeNet's shareholders prior to responding to such offering.

For further information please contact:

Greg Belbeck, Chief Financial Officer

GlobeNet Communications Group Limited

Tel: +1 905 470-0583

Fax: + 1 905 470-6376

E-Mail: greg.belbeck@telbermuda.com