THREAD NOW CLOSED 3 May 2007

LATEST NEWS...(Check RNS service for details)

10/4/2007 - GME removes its minority interest in Patriot so shareholders enjoy 100% of all growth at Patriot
20/3/2007 - GME announces it will no longer support as NIM as non-core but instead focus on Patriot's US$123 order book
4/1/2007 - Cantor Fitgerald report 6.90% Holding
Decemebr - $31m orders reported
w/b 27/11 - Cantor buy >3%, Further order of $11m for rig packages
w/e 24/11 - Orders of $20m announced, but not profitable as expected
w/e 13/10 - Further $8m orders
w/e 27/09 - Further additions by Schroders to 12%
w/e 22/9 - Further orders of c $18m plus Gartmore stake increases to 20%.

Global Marine Energy plc is an Oil services company primarily bringing together and delivering rig component/equipment packages to international markets. GME is the holding company for two subsidiaries, Patriot Mechanical Handling and NIM engineering. Patriot provides the bulk of GME's sales.

GME is a niche player, there being only 1 or 2 alternatives for packaged equipment.
Patriot is a member of Source One drilling - a marketing alliance created by Le Tourneau Ellis Williams (LEWCO). www.source1drilling.com

Thread re-opened post results. Feel free to post away. News summary under picture.

Disclaimer: As always, Do Your Own research as no comments or foward looking statements posted here can be guaranteed.

This is an AIM listed company so high risk - only for investments you & your family can afford and are prepared to loose.



***Latest*** (also see estimated Share position analysis below @ 20 April 2006)
19 Sept - $9m from Brazil & America
14 Aug - GME announces $9m of orders including $1.2m NIM orders for Baker marine
These funded in part from recent raised capital.
11 Aug - GME delivers 11.2m stg (2005 4.76m). NIM issues notified in July addressed.
June - Cobra Ltd take large stake, a few previous buyers add
June - Placings at 15p
25 May - Paul Findlay promoted to Group CEO. S Wild (NIM subsid) off board.
10 May - PMHH signs up to http://www.source1drilling.com alliance
8 May - PMHH huge $8.6M china order+announces multiple chinese deals
5 May - PMH signs exclusive deal with winch company EMCE/Stokvis
4 May - Shroders increase to 11.16%
19 Apr - Shroders buy 10.10% 4,525,000
4 Apr - Gartmore adds stock now 17%, CAML buys 3.52%

Global Marine Energy PLC
14 August 2006

14 August 2006



Global Marine Energy PLC
Orders secured totalling over US$9 million


Global Marine Energy plc, ('GME' or 'the Group'; stock code: GME), the oilfield
services business, announces that it has won orders totalling in excess of US$9
million from two companies in Singapore.


NIM Engineering Limited has secured a US$2.7 million order from Baker Marine for
anchor winches, whilst the US subsidiary, Patriot Mechanical Handling Inc, has
received orders totalling in excess of US$7.2 million from PPL Shipyard Private
Ltd ('PPL'), for pipe handling & drill floor equipment, and Neptune Marine Oil &
Gas Limited ('Neptune'), for handling and drilling products. Delivery of all
these orders is scheduled for 2007.


PPL is one of the world's leading rig manufacturers, with a number of
subsidiaries offering a range of services to the international offshore oil
industry, including Baker Marine, a specialist in jackup rig technology. PPL's
rig building activities are centred at its Singapore yard; to date these
facilities have fabricated over thirty rigs of various types and sizes.


Neptune is an emerging drilling contractor with an experienced management team.
It is aiming to become a major, quality offshore drilling contractor, focusing
on drill-ships and other mobile offshore assets within the Mediterranean, the
Black Sea, the Middle East, India and South East Asia markets.


Paul Findlay, Group CEO of Global Marine Energy PLC, commented:


'We are continuing to make progress in expanding our client base and in
developing relationships with the world's leading rig manufacturers. The orders
from Singapore are the culmination of several months' work and I am confident
that our team can build upon this and that we can continue to expand and grow
the Group worldwide.


'As an independent niche supplier to the oil industry, we have the opportunity
to increase turnover rapidly and to grow our market share in an expanding
marketplace.'


'The recent placing has put the company in a much stronger position to win
orders in the future, as has been shown with this set of orders. The stronger
balance sheet and additional cash have enabled us to fund the working capital
and performance bonds required to secure such orders. This fundraising has
enhanced GME's position in our market and we would like to express our thanks
for our shareholders support.'



For further information please contact:

Paul Findlay, Group Chief Executive, Global Marine Energy plc 01274 531 862

Mark Froggatt, Noble & Company Limited 020 7763 2200

Michael Padley / Susan Scott, Bankside Consultants 020 7367 8888






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

A promising announcement.
Looks as though fortunes are on the turn.
If the Company problems are indeed in the past then this is an exceedingly attractive level to buy in at.

9 million contracts in Singapore for Global Marine Energy

Global Marine Energy PLC oilfield services provider has won 2 contracts worth over 9 million. i.e Shipyard Pte Ltd and Neptune Marine Oil & Gas Ltd.

News of 14/08/2006

For the bulls among you:

http://www.britishbulls.com/StockPage.asp?CompanyTicker=GME&MarketTicker=Oil%20and%20Gas&Typ=S

Might have to top up tomorrow morning !!!!

http://www.edisoninvestmentresearch.co.uk/

Released today. A really fair piece of analysis, and shows what GME can do. Some very relevant bits of info in there too. Apparently, on pe of 3.0 for 2007!! - a must read.

Can they do a profit in H1 2007? - now that is an interesting question.

From the market report in today's Independent:

Global Marine Engineering, the AIM-listed oil services group, has attracted the attention of small cap traders in recent weeks after the stock fell to below 13p, valuing the company at less than four times 2007 earnings. Yesterday's confirmation that the group has won two orders worth $9.9m from Singapore helped the shares to bounce another 2.25p to close at 20.25p, and the rumour among traders is that there could be more good news in the pipeline.

and also in The Times:

http://www.timesonline.co.uk/article/0,,748-2312997.html

Global Marine Energy, the oilfield services group, rose 2p to 20p on securing orders worth $9 million (4.8 million) from companies in Singapore. Its NIM Engineering division has won a $2.7 million order for anchor winches. Patriot Mechanical Handling, its American operation, has picked up a $7.2 million contract for handling and drilling equipment.

"....rumour among traders is that there could be more good news in the pipeline." That'd be nice!

It would :-)

conflicts with another thread that says GME would like to stay out of the spotlight now !!!..dificult if you have more news to announce as well ;-)

Personally i am all but speechless that a company like GME would want to be out of the spotlight.......excuse me while i go and pull my hair out !!!!

Anyone going to AGM 11am 21 September, Baker Tilley offices, Whitehall Keys, next to station Leeds?

Owl

Thanks for the new thread. Digital Look reports shares in issue as 71.38m compared to your 44.79. The difference appears to be the 27m issued in June @ 15p. Do you have any info on who the placees were and what the table of shareholdings now looks like?

Thanks

sd

SD - good to hear from you again :-) I've edited the header down a bit.
Very quiet on this board these days. Don't even hear from Chrissie :-(

Here's the figures I have, however they differ from what's in the Annual report issued last month - a matter of timing I guess as Annual report has them 63% taken, and had ignored the large Cobra holding from August. Whereas these figures say 59% and include Cobra!! What's 50-60% between friend though..eh? Doesn't seem to be making much difference to the price which is what everyone cares about ultimately.

Shares in issue: 71,786,730 from 11/07/06.
Shroders. 11.06%. 7,940,000
Gartmore. 10.60%..7,612,498
Cobra Cap. 6.83%. 4,900,000
CHI........5.56%. 3,995,000
P Wood.....4.92%. 3,537,683
UBS........4.61%. 3,372,765
Moore CF...4.60%. 3,303,000
Amvescap.. 3.46%. 2,485,000
Noble......2.78%. 2,000,000
MDB........2.29%. 1,650,368
CAML.......2.19%. 1,575,000
Staff......0.30%... 218,800
------------------------------------------
Totals....59.65% 42,490,824


Are you still buying?

Thanks Owl. Not buying more - already overweight at 12% of my portfolio, one of my big 4 holdings, although still in loss territory - av. price 32p :(. Although any break above the 200 dma should indicate a nice short term momentum opportunity to avenge previous losses.

The upside is to be in a company that has turned around, is now trading profitably with zero debt and positive cashflow (see below), has a large order book and is third (did I read somewhere ?) biggest in a sector that is definitely in a major cyclical upturn. From my oil explorer holdings, I know how short the world is of equipment to bring the stuff to the surface.

Can't see any downside, other than management telling the truth and delivering. Are they a trustworthy and competent team? Can they convert orders into booked revenue fast enough to grow profitability as expected? One discrepancy I cannot resolve in the final acocunts is the 5,683k negative cashflow from operations versus the 2,099 loss before tax - it's never healthy and usually a sign of accounting sleight of hand to have cashflow so much less than reported profit (loss). There is unfortunately no reconciliation between operating result and cashflow. Are you any the wiser?

sd

My 'theory' (and it is just that) is NIM could have reported positive cashflow in the wrong year when they shouldn't have done, so GME had to take the hit in 2006.

This could be the accounting error they referred to, and may have a positive flip side if the cashflow is instead reported (correctly) in the following year i.e. 2007.

Andrew Gibson is used to dealing with a much bigger ship than GME being previously International Finance Controller of Cape. I'm sure he's well capable of optimising things with input from Kirk Baer of Patriot on hand.

Although it looks odd, they did report it in good time, and analysts seem to agree there's no impact on future deliveries.

I was also pleased to see Margin's are better than the 30% we'd been working on (now averaging 35 - 38%).

Something seems to be happening. Yesterday 3,300,000 shares changes hands, and price subsequently rose despite overhang. Today another 3,000,000 at close & off market. AGM on Thursday 21st Sept. One to watch next week probably.

the share price is motoring along today.

the AGM should be interesting !!!

Ian

Over 7,000,000 shares changing hands in 3 days after very low volumes, seems to say so doesn't it?

Good news today:

Global Marine Energy Plc, ('GME' or 'the Group'; stock code: GME), the oilfield
services business, announces that its US subsidiary, Patriot Mechanical
Handling, Inc. ('PMH') has won orders totalling in excess of US$9 million from
two Schahin Engenharia S.A. ('Schahin') subsidiaries in Brazil and Diamond
Offshore Drilling, Inc ('Diamond Offshore'), USA.


The US$7.2 million order from Baerfield Drilling LLC and Soratura LLC, the two
Schahin subsidiaries, is for 2 rig sets, comprising pipehandling systems and
drill floor equipment for new build semi-submersibles. The US$2.4 million order
from Diamond Offshore is for a pipe racking system and a BOP crane. These are
the first orders secured from either company by PMH.


Schahin is a major Brazilian corporation with operations in the country's chief
sectors of development: engineering, real estate development,
telecommunications, power lines concessions, oil and gas, finance and fleet
monitoring. Schahin Group's oil and gas division was created in 1982 to provide
specialized oil and gas well drilling and workover services.


Diamond Offshore, a leading deepwater drilling contractor, owns and operates one
of the largest fleets of offshore drilling units in the world. The company's
diverse fleet consists of 30 semi-submersibles, 13 jack-ups and one dynamically
positioned drillship. Diamond Offshore provides contract drilling services to
the energy industry around the globe and is a leader in deepwater drilling.


Paul Findlay, Group CEO of Global Marine Energy Plc, commented:


'We continue to expand our client base and to develop relationships with some of
the largest companies in the market. Further orders are under negotiation and
we expect to be in a position to announce these shortly.


'In order to manage the growth within PMH we have recently appointed additional
senior management.


'GME continues to go from strength to strength, with both divisions performing
well, and the Board is confident of increasing the Group's market penetration'.


Ian

Thanks Ian. Great news.

If Hardman are right re GME o/s book of 27m start of Sept we should be up to 32m.
Edison say can fund up to 40m or so using the bonds.