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

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.

SubSea Resources PLC
09 October 2007



SubSea Resources plc

Project Ella

On 12 February 2007 SubSea Resources plc ('SubSea' or the 'Company') announced
the following:

'On 8 September 2005, SubSea announced that its survey team had succeeded in
locating a 19th century bullion wreck code-named Ella.

The Board now believes that the wreck located has not definitively been proven
to be the Ella. Further work, including a further survey visit to the site of
the wreck, would need to be carried out to definitively conclude the wreck is
indeed the Ella. Salvage of the Ella project was not a priority for the 2007
season.'

In early October 2007 SubSea's survey vessel John Lethbridge and the survey team
revisited the site of the wreck referred to above. Notwithstanding the
challenging physical and technical conditions, the Company's Remote Operating
Vehicle ('ROV') was able to find the ship's bell, proving definitively that the
wreck is not Ella.

Given the project's potential economic value, the Board plans to seek permission
from the relevant authorities to visit other sites and, if necessary, extend the
area of the search in due course.

news out on subsea.

dave7010
Bad news out on subsea.

imo, anyone still invested here deserves very little sympathy (ditto SEO) ...... SUB was at the very highest end of high risk at the outset and there was plenty of time to get out before the shares became effectively worthless

I doubt if anyone caught at this level is ever going to "invest" in anything ever again. The underwater film footage taken to date could be worth more than the Blair Witch Project, which cost 30 grand to make and took over 60 million at the box office, according to one of the directors.

where did you find that bit of information from out of interest?