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

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 ????

Approaches

SubSea Resources says has received approach for possible offer for company
AFX


LONDON (Thomson Financial) - SubSea Resources PLC said it has received approaches regarding a possible takeover of the company.

The underwater engineering specialist added the approaches include a possible change of control or sale of the business of the company.

It said the discussions have been of a very preliminary nature, adding a further announcement will be made in due course as appropriate.

On Sept 27, SubSea Resources said shareholder RAB Special Situations Master Fund Ltd bought 10 mln shares, raising its indirect stake to 29.74 pct in the company.

The fund now indirectly holds 105.75 mln shares in the company. RAB Capital PLC acts as investment manager for RAB Special Situations Master Fund.

on the up.

NEWS OUT ON A DEAL WITH BP.

Where Dave? - Not seen it, but sounds good.

Dave that is subsea7

Different company......... wrong epic displayed

THANKS.