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

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 !!

I Found this ( finance availble )

http://commercial.apolloduck.co.uk/feature.phtml?id=28763

Who bought 200k at 6p?

either a damn fool or someone who was closing a very profitable short

Sorry guys, no luck with the Royal Navy, they don't have any ships capable of doing the job, although the rates sounded cheap enough, only 23,000 a day for ships on film duty.

SUB is a sinking ship like the Titanic...save yourselves!

SubSea Resources PLC
21 February 2007

SubSea Resources (SUB)



Notification of major interests in shares
21 February 2007



Subsea Resources plc ('the Company') announces that it received notification on
19 February 2007 that Majedie Asset Management Limited is indirectly interested
in 17,700,000 Ordinary Shares of 10p each in the capital of the Company
representing 8.42 per. cent. of the Company's issued share capital. The
notification states that Majedie Asset Management Limited is a discretionary
fund manager which invests funds on behalf of its clients on a segregated basis
as well as through its pooled vehicle, Majedie Asset Management Investment Fund
Company.




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

"......funds on behalf of its clients on a segregated basis as well as through its pooled vehicle...."

Lets hope it can keep afloat for their pooled vehicle.

Maybe Subsea can make use of it?

perhaps it's amphibious

Subsea constructs cazatesoros in Metalships to extract copper in You back water
18/03/2007

The new ship replaces the Geomaster, reconverted petroliferous platform for Norway

The shipyard will give the John Lethbridge to resume in May the rescue of the sunk metal

They are left 4,000 tons submerged

To send the news To print the news


--------------------------------------------------------------------------------
Text of the news: To jump to outstanding
--------------------------------------------------------------------------------

(Company/signature: M. S Dopeso | Place: Vigo)
Company British Subsea Resources has adjudged to shipyard vigu Metalships construction of new ship cazatesoros, with that it will resume the extraction of the copper load that remains sunk to 30 miles of the islands You back water, in the warehouses of the Franis Vieljeux's.

The new ship, property of the British company/signature, will conserve the helmet of the old ship John Lethbridge, but all its technological equipment and its inner accomodation vigu will be work of the shipyard, that already works in the construction for its delivery in May.

Subsea Resources decided to do without the Geomaster, its previous cazatesoros, that exploded in regime of rent, and with which it initiated the denominated Project Celia (drained of 6,600 tons of copper and 700 of zinc to 1,250 meters of depth, as opposed to You back water), by the John Lethbridge to lower the price of the costs of the operation that went off bad weather during the last campaign as a result of in the viguesa coast.



http://translate.google.com/translate?hl=en&sl=es&u=http://www.lavozdegalicia.es/ed_vigo/noticia.jsp%3FCAT%3D111%26TEXTO%3D5639093&sa=X&oi=translate&resnum=1&ct=result&prev=/search%3Fq%3Djohn%2Blethbridge%2Bvoz%2Bde%2Bgalicia%2Bvigo%26hl%3Den%26rls%3DSUNA,SUNA:2006-29,SUNA:en

ANY THOUGHTS !!!

don breathing apparatus and get in the escape hatch

Stop thinking, it's safer.

Subseas website is being updated too!



http://www.subsearesources.com/

Smiler, thanks for the heads-up re this thread on AAU.

When I read your posts last night I couldn't make head or tail of the translated Spanish, but it seems to be that SUB is having a ship built or outfitted for the salvage work.

Apologies if I've stated the obvious! Seems like good news. I think I'll dash off a quick one-liner to SUB and ask for clarification.

Regs, etc.
ST

Mail's away!

Dear sir, dear madam,

Reports are circulating that Subsea Resources are having a new ship built or fitted out in order that salvage operations may resume.

Please would you provide confirmation, including details of the new vessel and an idea of the timescale involved, as those of us who continue to hold the company's shares would be most interested in such positive-sounding new developments.

Many thanks and kind regards,
(ST)

SubSea Resources PLC
22 March 2007

SubSea Resources plc.

(AIM: SUB)

22 March 2007



Notification of major interests in shares



SubSea Resources plc ('the Company') announces that it received notification on
20 March 2007 that RAB Special Situations (Master) Fund Limited is indirectly
interested in 29,090,000 Ordinary Shares of 5p each in the capital of the
Company representing 13.84 per. cent. of the Company's issued share capital.
The notification states that RAB Capital Plc acts as investment manager for RAB
Special Situations (Master) Fund Limited. RAB Capital Plc does not act as
custodian for its clients and therefore the shares are held in the name of the
custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.




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

well ST I am in NOW, right or wrong, but I think we will see a tic up with a bit if good news if this gets back to 10p I have doubled my money (got in at 5p) lets see what happens :))