I have been reading about Subsea resources, and I will be keeping an eye on the stock, as their first salvage operation is imminent, and it will be interesting to see what level of sucess they can achieve, measured against their expectations.



SubSea Resources has been formed to salvage cargoes from cargo ships that have been lost in deep water. Only a handful of wrecks have been salvaged in water depths exceeding 1000 metres, whereas hundreds have been worked on in depths down to 300 metres. The barrier to deeper work has been a lack of technology, which is now available mainly due to developments in the offshore oil and gas industry.

Sonar scan of wreck

SubSea Resources has identified at least 70 commercial salvage targets and has identified twenty major target vessels containing cargoes with a gross value of over $450 million (based on recent LME metal prices and contemporary lading records). In the first phase of the companys business plan it aims to raise the cargoes from six of these vessels over the next three years.


In addition, it is anticipated that certain historic cargoes may be integrated with the commercial salvage operations. Some of the historic targets have potential values of many millions of dollars each, bringing the combined value of identified historic and commercial targets to well over $1 billion.




Initial Salvage Targets

SubSea Resources has an initial programme to salvage the cargos of six commercial wrecks in the period to 31 March 2008. The gross value of these six wrecks is estimated at US$180 million.

The wrecks allow for a mix of weather conditions - allowing for both northern summer and winter working conditions. All wrecks are in international waters and all of the cargoes will be recovered through contracts with the legal owners. The water depths range from below 1500 meters to 5000+ meters.




Corporate website : http://www.subsearesources.com/index.php

Yes Captain.

No, not roger the cabin boy...........

Splicethe Main Brace but watch out for Rum Bum & Baccy

Pirate Christopher Rowe has walked the plank.

Shiver Me Timbers.........

Enough of thsi silly stuff, I'm now going to splice the mainbrace.

Later.

Pirate Christopher has *what* his plank?

Morning all!

Why does everyone think I have shares in this company?

I would like to buy some, at some point, possibly, maybe. Meanwhile am continuing to DMOR, etc.

Maybe I could apply for the job of chairman and get some free shares that way :o)

Who is everyone?

I dont think so,.

Awww, Seawall, I'm touched to know that someone thinks I'm okay :o)

Yeah, you're okay.........!

xxx

Apologies soult. Thought you had invested.
Interesting article in the F.T. this weekend which, to paraphrase, implies that Mr. Rowe was encouraged to go by both investors & analysts following the collapse of the deal to sell the survey vessel & the length of time it took him to notify the public that funding was not forthcoming. The MD, Mr. Gleaves, describes the resignation as "a net positive for the group".
Sadly, not any other positives to report!

Harry, thanks for the heads-up about the article.

SWW, you've made me blush . . . .

Steak and Kidney - 1.85p

Chicken and Mushroom - 1.70p

Canada, is this an obscure reference to the "What's a piecost?" joke in the Marmalade Atkins story? And why?

Or have you posted to the wrong thread?

Whatever the answer is, it's making me hungry. Can I get a Chick 'n' Mush with chips and gravy?

soul traders, it's two more pie rates!

LOL/Groan - that's awful, Canada - is that supposed to be a warm-up for the inevitable flood of excruciating Christmas-Cracker jokes in 5 weeks' time?

1.70 seems okay, though.

So I was almost there with Marmalade Atkins (and would probably be even further if anyone had a clue what I'm on about).

soul, sorry!

On a more serious note, I spoke to subsea this morning, they seemed absolutely gutted for the shareholders, if you've got shares give them a call, they should put your mind at ease.

Article in Shares Mag this week says that SUB is in talks over possible JV or similar to provide funds.