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 done smiler - we would get a shock if we saw it on the AIS at work!!!

One better, got hold of the HM @vigo via the noonsite, site and have sent mail asking for the shipping movements for the next week if they have them ! :)

Good stuff - didn't realise you could access all this info.

ST will let you know what we find :)

SubSea Resources PLC
29 March 2007

SubSea Resources plc.

(AIM: SUB)

29 March 2007



Notification of major interests in shares



SubSea Resources plc ('the Company') announces that it received notification on
23 March 2007 that FMR Corp is indirectly interested in 9,684,725 Ordinary
Shares of 5p each in the capital of the Company representing 4.6 per. cent. of
the Company's issued share capital. The notification states that FMR Corp acts
as nominee for Mellon Bank N A.




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

Nice to see the big boys buying. Talking of which, have you seen IMY? up over 150% in a month on institutional buying.

hangon ..... you don't have e-mail so this is the only way to respond .... thank you, or at least i think it was a compliment .... merely try to have some fun with words, be slightly facetious but with some underlying common sense!

Morning all. forget what I said about IMY - the takeover offer was for far less than the current SP, hence today's drop!

OSLO (Thomson Financial) - Aker Kvaerner ASA said it has been awarded a contract for a subsea tie-in system project in Brazil by Norwegian peer Subsea 7 Inc, in a deal worth 4 mln usd.

Under the terms of the deal, Aker Kvaerner it will provide a retrievable tee structure and vertical connection system to the underwater project at the Camarupim Field, in Brazil's Espirito Santo basin, part of Petrobras's Plangas

Program.

( If only it was our one )

It's not the same Subsea, Smiler.

: ( THERE was also one called Deep6 but it sank !!, ST may here something in May ?

4p!!, 1,350,00 down the pan for listening to directors bullshit, shudda been a "feel good" share, a company delivering the cargos that so many men lost their lives trying to deliver.

4p is fast-approaching it seems as more punters leave the sinking stock. What is surprisiing is that the Mkt Cap is shown as 7m - yet I'm trying to remember if they had any meaningful T/O - do I recall some zinc was lifted? (odd metal to find, as I'd have thought the sea would have fast-corroded it).
Was this co ever a go-er . . . or were Directors in posession of a great wheeze of an idea and sold it to innocent punters (and the Banks! using our money).

Pity the punters.

They con-vinced the government as well, the war graves commission and me, nice as pie at 14p, can't get them on the phone now. I even suggested making a docusoap out of the operations, like "At home with the Osbournes", hlol !!

sorry for any guys who bought into this company ...... will admit i said from the outset it was one to avoid though fun to watch from the outside ..... sunken treasure always sounds great .... and i daren't continue that old chestnut on this site!

Sorry cynic, it's got nothing to do with sunken treasure, the navy always knew where the ships had gone down, they just couldn't decide whether they were war graves or not, subsea was supposed to be the first company allowed to salvage, hence the licences.

was always a dodgy enterprise with very high inherent risk ..... sorry to say, but the guys do not seem to have ever had the necessary capital unless all went well from Day 1

Yes, I agree, that's why I said they must have conned the government to get the licences, the navy reckon the process to get licences is very rigid and all contractors have to prove total liqidity.

Diving deep
Last Updated: 3:03am BST 12/05/2007



Market report
SubSea Resources, the salvage specialist that recovers high-value metals and other valuable cargoes from deep-water ship wrecks, saw its shares sink a further 6pc after its former managing director sold 500,000 shares in the company.


The sale reduces Mark Gleaves holding to 6.3m shares, or 3pc of the company. He stepped down from the board in December, when the company placed 78.5m shares at 10p.

The disposal comes only days after the company announced, following a comprehensive review of the business, that it was very actively and urgently considering new potential business models and associated funding opportunities. SubSea floated on Aim in November 2004 at 20p and rose to a high of 39p last year.

However, the company has since had problems, including locating a 19th century bullion wreck codenamed Ella. The company said this week that it was confident of SubSeas operational potential. Yesterday the shares slipped a further to a new all-time low of 4p.

Proposed placing.