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

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?

did not feel i was very clever ..... merely said all along that it was a fascinating subject (and thus stock) to watch ..... always very very very high risk, regardless of what Shares Mag may have said (think they thought it wonderful at some point)

If my memory serves me well I was approached, some years ago, to get involved with these - before they came to market. As with cynic - found their idea/concept fascinating but far too risky - even for me !!!

Have watched on the sidelines - quite amazed that they got it away at the launch price. Bad luck to all those who invested for the dream. I think they will struggle to get further investors involved. It was always a high risk now, I'm afraid, they appear like a bunch of enthusiasts who couldn't make the business concept stack up.

I've watched this lot with interest for quite a long time.

I'm quite amazed that "Ella" suddenly turns out to be questionable. The company has been pushing it as a prospect for about a couple of years. It seems astonishing that they are suddenly not sure.

I'd suggest we short this mutha into oblivion as the management are plainly taking the market for a ride.

Al
;-)

I think you are completely correct Big Al.

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Oh dear there's that dot again

LONDON (AFX) - Yesterday's downbeat trading update continued to weigh on Subsea Resources, which dipped 1/2 more to 5-3/4 pence.

The deep water recovery specialist warned it is unlikely to secure the large recovery vessel needed to complete the salvage project code-named Celia for the 2007 season.

Subsea also said a wreck it previously announced was a 19th century bullion wreck code-named Ella has not definitively been proven to be the Ella.

newsdesk@afxnews.com

fjb/vjt

The story just goes from bad to worse!

Quite a shame really, there was a spirit of adventure about holding this stock, and early promise has just evaporated.

Must admit they were an outfit I considered several times, but never jumped in. Lucky for me I guess.

Just rang the Royal Navy to see if they can do something with one of their ships, they're going to get back to me !!