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

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

SubSea Resources PLC
19 July 2007


SubSea Resources plc ('SubSea' or 'the Group')


Former Deputy Commander-in-Chief Fleet joins the Board


SubSea (AIM: SUB) specialises in the recovery of high value non-ferrous metals
and other valuable cargoes from deep-water ship-wrecks

The Board of SubSea is pleased to announce that Sir Tim McClement KCB OBE, aged
56 years, has been appointed to the Board as a non-executive director, with
effect from today (19 July 2007). Assisting John Kingsford, the Operations
Director, Sir Tim will oversee the Group's research, survey and salvage
operations in a non-executive capacity. He is also appointed as Chair of the
newly formed Health Safety & Environment ('HSE') Committee.

For two years, until his retirement from the Royal Navy in December 2006, Sir
Tim was Deputy Commander-in-Chief Fleet, where he was responsible for delivering
a 2.1 billion annual budget, with assets of 17 billion and employing 30,000
people.

He joined the Royal Navy in 1971, and during his 35 years' service had five
commands: two submarines, two frigates and a Naval Task Group. In 1996 he was an
inaugural member of the Permanent Joint HQ, where he was responsible for
delivering the UK's global military contingency plans.

Sir Tim was promoted to the rank of Admiral in 2001, and served as the Assistant
Chief of the Naval Staff, which included being a member of the Admiralty Board.

Since leaving the Royal Navy he has worked as an independent consultant,
delivering training in strategic planning, risk management, as well as senior
executive leadership, management tuition and mentoring.


Ric Piper, Chairman, comments:

'Tim has been working with us in an advisory capacity since May 2007 and I am
delighted that he is joining the SubSea Board. Tim has a wealth of operational
and management experience, following his 35 year career in the Royal Navy, which
will very significantly strengthen the Board.'

Sir Tim McClement is currently a director of Pentreath Enterprises Limited. As
at the date of his appointment, Sir Tim McClement has a beneficial interest in
150,000 shares in SubSea, representing 0.04% of SubSea's issued share capital.

There are no further disclosures to be made under Schedule 2 (g) of the AIM
Rules.

I've also put sub and hms in touch with each other, hms need a ship with lifting gear and they have an rov, so might be something for the future.

http://translate.google.com/translate?sourceid=navclient&hl=en&u=http%3a%2f%2fwww%2ebrest%2emaville%2ecom%2fTrois%2dprojets%2dpour%2dle%2dJohn%2dLethbridge%2fre%2factudet%2factu%5floc%2d425674%2d%2d%2d%2d%2d%5factu%2ehtml

SubSea Resources PLC
31 July 2007

SubSea Resources plc
(the 'Company')


Disclosure of shareholding

SubSea Resources PLC ('the Company') has on 27 July 2007 received a notification
from Slater Investments Limited stating that it now holds a total of 23,951,501
ordinary shares in the Company on behalf of clients that it advises and manages.
This represents 6.7% of the issued ordinary share capital.


31 July 2007

This one has all but sunk!

2.1p to buy, what a pp investment !!

SubSea Resources PLC
24 September 2007


SubSea Resources plc

Preliminary Results for the 12 months ended 31 March 2007

and Operational Update

SubSea Resources plc ('SubSea' or 'the Group') today announces its Preliminary
Results for 12 months ended 31 March 2007 and provides an Operational Update for
Summer 2007 and plans for Winter 2007/08.


Loss before tax 17.9m (2006 restated: loss 3.8m).

2007 results include a loss of 7.2m on the salvage of a wreck code named
Celia in 2006 and non-cash charges of 4.7m for an impairment charge on
intangible assets of 2.5 m and an impairment charge on tangible assets of
2.2m.

As at 31 August 2007 cash was 4.8m and outstanding creditors were
approximately 1.3m, leaving free cash (excluding the bond liabilities of
5.0m repayable in 2011) of around 3.5m.

The Independent Auditors in their report to shareholders will include an
Emphasis of Matter that the Group's funding requirements indicate the
existence of a material uncertainty which may cast significant doubt on the
ability of the Group to continue as a going concern.

Following an extensive search in 2006 and Summer 2007 the survey for a wreck
code named Miranda was unsuccessful.

Current plans are to deploy the Group's survey vessel, John Lethbridge, over
Winter 2007/08. Commencement of certain surveys would require the successful
conclusion of permission to survey and the receipt of funds from project
farm-ins

Ric Piper, Chairman, comments:

'The next 6 months are a critical period for SubSea, particularly to finance its
operations through Summer 2008. The Board recognises that it must urgently turn
the Group's potential into proven achievements, ones which can be the basis of
funding and future operational cashflows.'

25 September 2007

smiler
Not good smiler, bottom draw or cut your losses.

i cannot believe that there are still some of you muppets holding this stock ...... it makes SEO look like the success of the century!

Sold A long Time ago !! this could well end up where the ships are ?

Speaking as a muppet, I'm sorry if I sounded upbeat at any time, I didn't realise that Sir Tim McClement, KCB, OBE, was a "REAR" admiral, I've taken it right up the ar*e with these b*stards!

There have been enough warnings here not to get caught like this.

I'm hoping to get my money back with my latest aim company, which is due to ipo shortly. They make inflatable dart boards, cud be a winner!!

LOL

It really lives up to its name. And Ric Piper is piping all its shreholders into the waters. LOL. Closed at 1.125p today.

Is Ric Piper, the chairman of Subsea still holding any shares or has he abandon the Titanic? I suspect the latter.

post 328. thats a 10 TEN. CHEERS.

37% up ????