billion Atlantica undersea fibre optic cable network linking North and South America via Bermuda yesterday.

And it announced new plans to build Atlantica-2 -- a system connecting Bermuda with Spain, Portugal, Italy and the UK -- which could be ready as soon as 2002 if feasibility studies endorse it.

Yesterday's launch followed The Royal Gazette's report last month that GlobeNet was to raise $250 million through a private offering the US and Canada of its common shares.

TBI general manager James Fitzgerald said the funds raised by the private offering would be the first step to securing finance for Atlantica -- the massive cable linking the US, Bermuda, Brazil and Venezuela.

Yesterday GlobeNet chairman and CEO Mike Kedar said the company was now "well-positioned to be a strong competitor in the emerging and dynamic arena of private submarine cable systems''.

The company's "open-door policy'' in Bermuda would welcome carriers to set up hubbing operations for least-cost routing and e-commerce activities to take advantage of offshore benefits.

Such benefits included Bermuda's close proximity to the US, favourable regulatory and low tax environment and the secure telecommunications services made possible with Atlantica.

"Our unique vision is to become a global player not only be competing aggressively across the board on price, quality and service, but also by maintaining our neutrality as a carrier's carrier,'' Mr. Kedar said.

"This distinction offers customers the assurance that, unlike our competitors, we will not be an end-user service provider and a wholesale capacity prover at the same time.'' A statement from the company said Atlantica would be the first private cable system between North and South America where current demand forecasts indicate "explosive growth''.

GlobeNet also announced that it has engaged Alcatel as its turnkey supplier of the cable system, to supply the first phase comprising near 22,000 kilometres of optical fibre cable with six landing points in four countries.

Forecasts tip an annual growth rate of 75 to 100 percent in traffic between North and South America, driven largely by Internet users.