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

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.

Bu**er, might as well hang on for the next fundraiser at 1p.

They have raised some 4.4 million at 3p so this should underpin the sp at least until they reorganise the share-capital - whatever that means, this is because the current price is below the face-val;ue of the shares....so what?
Also Mark Gleave has sold his remaining holding, so presumably that was about 3-3.5p and draws a conclusion over his shareholding. Not sure whether this means the co is sound-enough, but it's a bitter pil for those that bought at higher prices when the smell of salty metals hit the Markets.
At this price(3.5p) it may be worth a punt, but am unsure about the share-reorganisation as I suspect Retail Investors will miss out...who else?

don't touch this with a bargepole unless you are desperate to lose money ...... if they get themselves up and running again, unlikely as that may be, then still restrict yourself to watching only

SubSea Resources PLC
06 July 2007

6 July 2007


SUBSEA RESOURCES PLC
('SubSea' or the 'Company')

EGM Statement, Completion of Placing and Total Voting Rights

At today's Extraordinary General Meeting ('EGM') of the Company, all resolutions
put to the Company's shareholders were duly passed.

SubSea is pleased to announce that, following shareholder approval, it has
successfully raised 4.364 million before expenses ('the Placing') by placing
145,468,340 new ordinary shares of 1 pence each (the 'Placing Shares') to
institutional and other investors at a price of 3 pence per share (the 'Placing
Price'). The Placing is conditional on admission of the Placing Shares to
trading on the AIM Market operated by the London Stock Exchange ('AIM') is
expected to take place on 9 July 2007.

The proceeds of the Placing will be used to strengthen the Company's financial
position and operational resilience over the coming year, which the Board
believes is a necessary, but not sufficient, critical element in successfully
achieving the Company's strategic objective of identifying and subsequently
undertaking the salvage of deep water commercial cargoes. In addition, funding
will assist the Company in continuing to comply with the financial covenants
contained in its bond arrangements.

Ric Piper, Chairman of SubSea, commented:

'The Board is pleased that shareholders have approved the Placing. The Placing
proceeds of 4.364 million before expenses will be used to strengthen the
Company's financial position and operational resilience over the coming year,
which the Board believes is a necessary, but not sufficient, critical element in
successfully achieving the Company's strategic objective of identifying and
subsequently undertaking the salvage of deep water commercial cargoes.'

The Capital Reorganisation, as defined and described in the notice of EGM dated
13 June 2007, will be effective from 5.00pm today and, as a result, each
currently issued SubSea ordinary share will be sub-divided into one new ordinary
share of 1 pence ('New Ordinary Share') and one deferred share of 4 pence ('
Deferred Share'). The New Ordinary Shares will have the same rights including as
to voting, dividends and return of capital as the current issued ordinary
shares. The rights attaching to the Deferred Shares are minimal and, inter alia,
they do not carry any rights to vote or to receive dividends.

Application has been made to AIM for the Placing Shares and the New Ordinary
Shares of 1 pence each to be admitted to trading on 9 July 2007 ('Admission').

Following Admission, the Company's issued share capital with voting rights will
consist of 355,586,541 ordinary shares of 1 pence each. The 355,586,541
Deferred Shares will not have voting rights and will not be admitted to trading
or listed on any market.

The above total voting rights figure may be used by shareholders as the
denominator for the calculations by which they will determine whether they are
required to notify their interests in, or a change to their interest in, SubSea
Resources plc under the Disclosure and Transparency Rules.


For further information:

SubSea Resources plc Tel: 020 7495 8696
Ric Piper, Chairman
Edward Cox, Chief Financial Officer

Finaly got the navy on board, Sir Tim McClement KCB OBE, surely it can't be another pirate ?