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

but still no reason to buy! ..... in fact, far more likely that sellers will predominate as they try to liquidate what is left of their investment

I tend to agree, interesting to see what happens over the next few months !

if they survive that long! ...... not sure which is the safer to short; SUB or BFC? ...... have already acted on BFC!!

SUB is a definite SELL down to 5p.

very very low volume ...... may imply most sellers have already abandoned ship, and with a 15% spread you need a big move just to break even

Abandon shop, abandon shop

This is not a daffodil........

agreed, but as above, not sure there is sufficient to make it worthwhile to short

SubSea Resources PLC
19 December 2006

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THE
UNITED STATES



SubSea Resources PLC ('SubSea' or the 'Company')



Result of Placing



19 December 2006, SubSea announces that, further to the announcement notified to
the market yesterday, a total of 78,512,000 ordinary shares of 5p each ('Placing
Shares') have been successfully placed at a price of 10 pence per Placing Share,
raising approximately 7,851,200 before expenses.



The Placing Shares will be issued credited as fully paid and will rank pari
passu in all respects with SubSea's existing ordinary shares, including the
right to receive all future dividends and other distributions declared, made or
paid after the date of issue of the Placing Shares.



Application will be made for admission of the Placing Shares to trading on the
AIM Market of the London Stock Exchange ('Admission'). It is expected that
Admission will become effective and dealings in the Placing Shares will commence
at 8.00 a.m. on 21 December 2006.



The Placing is conditional, inter alia, upon shareholder approval at the EGM (to
be held 20 December 2006), Admission becoming effective on 21 December 2006 (or
such later date as Canaccord Adams Limited and SubSea may agree, this being no
later than 12 January 2007) and on no force majeure event having occurred before
Admission.



Enquiries:


Contacts:

Buy or sell, its good to see them back.

probably not for long!

Well, I for one have stuck my neck out on this. Checked the SP at Fleet Services on the M3 while travelling down from Heathrow to find that a late surge in buying had pushed the SP up to:

SUB Bid: 13p Offer: 14p Change: 1.75

and got in at 13.9p.

SubSea Resources PLC - EGM Statement

RNS Number:3086O
SubSea Resources PLC
20 December 2006

SubSea Resources PLC


20 December 2006, SubSea Resources PLC announces that at an Extraordinary
General Meeting this morning shareholders approved all the resolutions that were
proposed in the EGM notice posted on 23 November 2006.


This information is provided by RNS
The company news service from the London Stock Exchange
END

up 0.25p, 900k traded

"DIRECTOR SHARE DEALING

The Company announces that it was notified 21 December 2006 that, on that day,
Mr Christopher Harborne, a non-executive director of the Company, became
interested in a further 18,000,000 ordinary shares of 5 pence each in the
Company, as specified by the Company in its announcement of 18 December 2006.

These ordinary shares were issued to Mr Harborne in connection with the
capitalisation of loans previously made to the Company by Mr Harborne. The total
amount of loans made to the Company together with accrued interest amounted to
1.8 million and 18,000,000 ordinary shares were issued at a price of 10p per
share as full consideration for such loans.

Mr. Harborne also advised the Company that on 21 December 2006 he sold
10,146,200 shares at a price of 10 pence.

Following these transactions, Mr Harborne holds 22,825,352 ordinary shares
representing 10.86% of the issued share capital of the Company. Mr Harborne
also holds 4,656,338 warrants exercisable into ordinary shares of the Company"

Seawall, the shares Harborne sold weren't free, they were given him in exchange for a loan he had made previously. and he effectively paid 10p a share, as detailed in the RNS you posted.

Since he still holds almost 11% of the co, I don't think anybody can accuse him of cutting and running. And he didn't make an effective profit, either.

Fair enough.

I looked past the post.

Subsea 7 Inc. have won a contract from Shell RNS shows Subsea Resources which of course is different.

Hapy New Year, all.

A nice bounce today: SUB Bid: 13.5p Offer: 15p Change: 1.75

Almost 1 mil shares traded so far.

Extract from an RNS out late today, disclosing Fidelity's holdings:



Schedule A


Security: SUBSEA RESOURCES PLC


Current ownership
percentage: 4.12%

Total Shares Held 8,667,100

Shares in issue: 210,118,201

Change in holdings
since last filing: +1,167,100 ordinary shares

Change in holdings is primarily due to the increase in the issued share capital
figure.


SHARES HELD MANAGEMENT NOMINEE/REGISTERED
COMPANY NAME

7,879,100 FMRCO Mellon Bank N.A
788,000 FIL Brown Bros Harrimn Ltd Lux


This information is provided by RNS
The company news service from the London Stock Exchange
END

Happy new year ST, LETS hope its a good one for all :)