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

thought one smoked a roach!

:o) only when they've stopped flip-flopping around on the bank, Cynic. They taste better that way, though.

SubSea Resources PLC
18 January 2007



18th January 2007
For immediate release



SubSea Resources PLC
(or the 'Company')



SubSea Resources PLC (AIM: SUB) is pleased to announce that, as anticipated in
and on the terms set out in the announcement made on 18 December 2006, the
Company has now completed and drawn down a loan from Laminar Direct Capital
Luxembourg S.a.r.l ('Laminar') for 2.0 million secured against the assets of
the Company, with a proposed maturity date of 30 June 2011. Laminar has been
issued with an option to acquire SubSea Resources Ordinary shares on terms as
set out in the announcement made on 18 December 2006.


Of the 2.0 million drawn down, 0.5 million will be used to refinance a loan
dated 5 December 2006 made by Laminar.


The Laminar loan is in addition to the 7.8 million (gross, before 0.75
million expenses) raised in the Placing announced on 18 December 2006.


For further information please contact:


Ric Piper, Chairman, Karen Wyatt or John Kingsford on +44 20 7495 8696


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

RNS from yesterday:


SubSea Resources PLC - Change of interest in shares
RNS Number:4881Q
SubSea Resources PLC
31 January 2007


SubSea Resources (SUB)

31st January 2007


DISCLOSURE OF INTERESTS IN SHARES

Subsea Resources PLC has today 31st January 2007 received notice of the
following change of interest in shares of the Company.


As at 30th January, 2007, the interest is as follows:


Name of Shareholder: Mark FJ Gleave.

Class of Shares: Ordinary GBP 0.05

Sale: 2,400,000

Holding: 6,800,000

Shares in Issue: 210,118,201

Level of Interest: 3.24%

SubSea Resources PLC
12 February 2007





SubSea Resources PLC ('SubSea')



Trading update


Following his appointment as Chairman in December 2006, Ric Piper has instigated
a comprehensive review of the business which will be concluded as soon as
practicable. Ahead of the review's conclusion, the Board is taking this
opportunity to update shareholders as follows:


Project Ella


On 8 September 2005, SubSea announced that its survey team had succeeded in
locating a 19th century bullion wreck code-named Ella. The Board now believes
that the wreck located has not definitively been proven to be the Ella. Further
work, including a further survey visit to the site of the wreck, would need to
be carried out to definitively conclude the wreck is indeed the Ella. Salvage of
the Ella project was not a priority for the 2007 season.


Ship for interest


On 18 December 2006, SubSea announced, inter alia, that it was in negotiations
for the supply of a large recovery vessel for the completion of the recovery
project code-named Celia. The Board of SubSea now believes it is unlikely to
secure such a ship for interest contract for the 2007 season.


A further announcement concerning the Board's plans for the 2007 season and the
conclusions of the review will be made in due course.

So, nothing doing this year.

Will they stay afloat?

Subsea .... the name says it all .... lol!

yeah.........to the bottom..lol

I'll just take some pictures instead then.

Lets remember there are investors that have been netted by this incompetent ship load of Pirates.

I think this is heading towards liquidation.

(All imo and I am guessing, no advice given!)

seawallwalker
Disagree I think this is going to a price I may buy in over the next couple of months.

driver - who dares wins!

I'm too scared to jump on board a waterlogged ship!

Good luck in your journey, I'll be watching if only to see you win your bet.

To be fair, they only said they had 1200 wrecks to locate, they said nothing about being competent enough to find one that works !

the only thing that didn't work was the finance!

Just been looking back at the finance especially the float at 40 pence.

Ouch!!

should have added .... unless you were a founder director who cashed in some chips to allow the float

What an afternoon - just been let down by a lady who seemed set to take over my flat and now this!

Got a headache - going to bed :o(

Wake me up in time for the HAIK float on Weds :o)

IMO it is still worth watching this because of the IP. The database of wreck locations and the established rights to salvage have some value. Just because those who have tried so far haven't succeeded doesn't mean that it won't be done in due course.

Let Davy Jones look after the metals a while longer.

P.S. I never held these and congratulate cynic for having been right all along.

Comp, you are right - and I still think the concept is excellent. Just can't believe what a trail of pratfalls the Subsea adventure has been so far.

I'm beginning to think the SUB PR machine needs oiling, too. Seems to me that every time they announce something negative, they only announce the bad news and don't think to talk about what they are doing that is constructive, with the result that the SP takes a hammering. Or have I over-estimated them, and they really are sitting on their thumbs waiting for the next disaster to roll over them?