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

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 :)

Thank you, Smiler. I am certain it will be.

Soul t you still in SUB ?

brave men serve in submarines and even braver men invest in SUB

cynic I am still interested in the whole aspect, however whether or not they can recover the cargo and make a profit remains to be seen !

i fear not, though s i said at the very very beginning, a fascinating subject

Smiler, I am indeed still in. (only got in on 19th Dec, actually!)

SUB Bid: 13.25p Offer: 15p Change: 0.25

SubSea Resources PLC - Holding(s) in Company
RNS Number:9866O
SubSea Resources PLC
04 January 2007

COMPANIES ACT 1985 ss. 198-202

DISCLOSURE OF INTERESTS IN SHARES



Pursuant to the above provision we hereby notify you of the following change of
interest in shares of SubSea Resources.



As at 21st December, 2006, the interest is as follows:



Name of Shareholder: Royal Bank of Scotland as Trustee of the 33 King William
Street Growth and Recovery Fund.



Class of Shares: Ordinary GBP 0.05

Purchase: 5,000,000

Holding: 6,626,278

Shares in Issue: 210,118,201

Level of Interest: 3.15%




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


"Growth and Recovery" - I like the sound of that!

perhaps they reckon to grow kelp or whatever else grows in the depths of the oceans

Cynic you could be on to something they do in some places harvest Kelp and sell it as fertiliser !!

Hebrides springs to mind (seriously)