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%

sd
Answer is 'Andrew Gibson' - International Finance guy at Cape.
They also now have a Marketing contact from Global Sante Fe ($47 NYSE share price) - he's still there under Sales, Sales Locations on GSF site (not yet updated).

Here's a Cape (CIU) 5 yr which might provide an encouragement. See Edison's note too re bonds. We wouldn't have these top management guys on board, nor would they have hired 45 staff to get to 220 on Rigzone from 175 in March, if they couldn't sustain the orders. They'll know the answers - just we don't - yet :-). The bonds allow 40m if Edison are believed, plus profits plus unused Cornell...Their competitors started small just like this. It's a tough road, but they should be ok now. They've shown they can do 11m in one year - whether on one, two or several is probably not too relevant as they live off stage payments if you get my drift...

http://www.edisoninvestmentresearch.co.uk/research/category/Global%20Marine%20Energy

One other bit of encouragement...GME noted on Wall Street reporter.
http://www.wallstreetreporter.com/not_logged_in.php?error=2...search for GME.
There's also an 'event' on 5th December which may feature GME

Nother 2.4M shares today including 2 x 900,000 buys. Volume getting very steep on this now as over 10,000,000 or 14% of GME traded in just a few days.

Who are they buying them from, do you think?

Terrific AGM report. 34m of orders onthe books fits with Broker forecast revenues of 21.78m for year to March 2007 and 36,10m for the following year.

Plus overhang of stock from Cobra and Moore Credit Fund now removed.

Nice 1p rise today breaking above the 20p resistance and just touching the 200dma. ROll on the golden cross if we can sustain this momentum for a week or so.

sd



RNS Number:2830J
Global Marine Energy PLC
21 September 2006


For Immediate Release 21 September 2006
Global Marine Energy PLC

AGM Statement

A year of progress
Further new orders secured totalling $10 million

At today's Annual General Meeting of Global Marine Energy Plc ("GME" or "the
Group"), the oilfield services company, the Chairman, Philip Wood made the
following comments:

"The last year was one of solid progress and achievement and that has been
carried into the new financial year.

"I have pleasure in announcing that Patriot, our US division, has secured
additional orders, to the value of US$10 million, including options exercised by
the client. These further orders from Dalian New Shipbuilding (DSIC), China are
for the supply of marine deck cranes to new build rigs they are undertaking.

"The order book overall continues to grow and that Patriot has seen exceptional
growth over the past few weeks. Last Tuesday morning we announced new orders to
the value of US$9.6 million from two new clients, Schahin Engenharia S.A.
("Schahin") in Brazil and Diamond Offshore Drilling, Inc ("Diamond Offshore") in
USA and the management team is confident of attracting further new business.

"To enable Patriot to effectively manage this rapid growth we have made several
senior appointments. All are highly regarded, experienced industry
professionals. The team will lead the company through this period of rapid
expansion as well as the imminent move into the rig packages market. The
appointments are:

"Kal Karmous has joined Patriot as VP Operations. He is responsible for building
the company's production capacity and leads the operational management team. Kal
has held various positions including Rig Manager, Operations Manager and
Training Manager with Sedco Forex and GlobalSantaFe. His last position before
joining Patriot was VP Engineering & Marketing for a jacking systems company.
Kal holds a BS Mechanical Engineering degree with a minor in International
Economics from North Carolina State University.

"Charles Patrick as VP of Products and Rig Packages. He will oversee equipment
specifications, engineering and all facets of project management for the
products and drilling packages. Pat brings over 30 years of equipment experience
to the role. Prior to joining Patriot, Pat worked for Transocean Offshore
Deepwater Drilling, Inc. Pat also served as chairman of the IADC Maintenance
Committee from 1999 until June 2006.

"Tim Myers has joined Patriot as their VP Marketing & Sales and will lead the
global sales force. He was previously with GlobalSantaFe where he held various
positions of increasing responsibility in engineering, operations support, and
marketing groups. Tim Myers is a 1995 graduate of Auburn University with a
Bachelor's degree in Mechanical Engineering and a 1997 MBA graduate from the
University of South Alabama in Mobile, AL.

"George Taggart has joined Patriot as VP Business Development and will direct
all aspects of the Global Aftersales Group, including Parts, Service, Training,
Overhaul & Repair and Installation & Commissioning. He has over 20 years
experience in the rig equipment market, having worked for National Oilwell and
most recently Maritime Hydraulics where he was Regional Manager of the Caspian
Sea Region.

"We are very pleased to have attracted such high level experienced management to
our team. The wealth of knowledge this adds to our company will prove to be very
influential in our driving GME and Patriot forwards and into new markets. These
appointments will also free-up Paul Findlay's time to allow him to focus
entirely on his role as Chief Executive Officer of GME.

"Turning to NIM: we now believe that the problems within the division have been
resolved once and for all. Although it is not attracting orders of the magnitude
of Patriot NIM is winning new business and the new management team have improved
the efficiency levels, reduced the cost base and implemented a number of changes
that we believe will allow NIM to make a positive contribution to the Group this
year.

"The current order book for GME stands at 34.9 million: Patriot is 31.9
million with NIM standing at 3.0 million.

"As I said at the time of the results announcement in August: the outlook is
very positive; we have won significant orders this month and the team is
confident that further orders will be secured in the near future. We have
strengthened the operational management team, appointed a high calibre Finance
Director and we have successfully expanded the business into new markets.
Overall, the year has been one of steady progress which is now accelerating. We
remain confident that we can significantly enhance GME's position within the
industry and the recent orders go some way towards this".

All resolutions proposed at today's AGM were duly passed.

sd - it was an excellent AGM. Best GME meeting I've been to. The new team is the thing to watch (as well as more orders still to come).

Even more news!! What a week. Icing on cake is their top holder (Gartmore) has increased stake (in the market) to 20% after hours - 4:35pm.
Gartmore + Shroders now have 31%

Enjoy, and have a good weekend all



Global Marine Energy PLC
22 September 2006

22 September 2006



Global Marine Energy plc ('the Company')

Notifiable Interest





The Company announces that it received notification on 18 September 2006 that on
14 September 2006 Gartmore Investment Limited, Gartmore Fund Managers Limited
and Gartmore Global Partners (together 'Gartmore') had an interest in 12,262,498
ordinary shares of 2.5p each in the Company, representing 17.08% of the issued
share capital of the Company, and that on 15 September 2006 Gartmore had an
interest in 14,362,498 ordinary shares of 2.5p each in the Company, representing
20.01% of the issued share capital of the Company



Of Gartmore's interest in 14,362,498 ordinary shares of 2.5p each in the
Company, 2,400,000 shares are held on behalf of Nortrust Nominees Limited
('Nortrust'), representing 3.34% of the issued share capital of the Company.



This represents the entire holding of Gartmore and Nortrust in the issued share
capital of the Company.



On 4 April 2006 the Company announced that on 27 March 2006 Gartmore Investment
Management plc, through its business group and legal entities, had an interest
in 7,612,498 ordinary shares of 2.5p each in the Company, representing 17.00% of
the issued share capital of the Company.





For further information please contact:


Philip Wood, Chairman, Global Marine Energy plc 01274 531 862

Mark Froggatt, Noble & Company Limited 020 7763 2200


Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888





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

Don't miss BOTH bits of news above...last is very significant.

I guess being in a stock that has finally turned round is like being in a growth stock from the start. Just a pity we all got their BEFORE the start :)) However, we look set fair for getting some of our money if not all of it and more back over the next year or so.

I guess we might just be in danger of being taken out before we can get there. How long do they hold and what kind of profit do Gartmore usually look for before putting their holding back in play?

Why wouldn't a major client (Chinese?) want to buy these out and take the profit on it?

Just random thoughts. Whatever happens I beleive we are in the right place at the right time now.

sd

SD.
My own thoughts (and just an opinion) is Gartmore would not tolerate a further placing. Incidently, it would be unlikely to raise sufficient cash anyway, or be fully taken.

If I was Gartmore, I'd be looking to reverse Patriot into GME on a 1-1 share basis.
This would maintain GME's value, and eliminate all outstanding GME shares. The listing in the US is pointless these days anyway, as the 60-70% major insti holdings are in GME, and no one trades Patriot as GME have 82% already.

This move would have the effect of totally reversing all last year's placements in one hit. However, GME may wish to keep the two distinct as it allows easier sell-off etc as you say to the Chinese, a larger American player, or someone else denominated in dollars.

An interesting question now though as Gartmore plus Schroders have a controlling stake at c31%, and a couple of the others could easily take this above 50%.

Owl
Confused by the reverse takeover concept - surrely that applies to reversing GME into Patriot, leaving just a single US listing for Patriot with all o/s GME shares eliminated.

I think what you may mean is simply for the 82% majority to enforce the purchase of the remaining Patriot shares (does the SEC allow this as it would be in UK?), so all of Patriot is owned by GME and its US listing is de facto extinguished.

Or am I talking rubbish? I remember suggesting some time ago my preference for this latter course of action. Besides why run the expense of a US listing for such a minority and why expose to Oxley Sarbanes (spelling?) needlessly. Anyway much better to have GME listed in both places if so desired to raise market and fund-raising profile of the group in N. Am.

On reflection why would Gartmore and/or Schroders agree to sell whilst they can grow the company independently - so I don't think they would act against PI's interests. Intersting if a private equity firm tried to take GME off the market - they'd have to pay a pretty premium, I would hope.

BTW - interested to see on another BB your contemplation of a toe in the troubled waters of SEO which I continue to hold at some considerable loss (14.84p av. price - ouch!), having been travelling the week when my stop loss of 13.75p was breached and should have sold and being foolhardy ever since. I must say I loathe the school playground mentality of all parties on that BB in between one or two atempts at serious debate. It is an intriguing conundrum - have they secured funding or not? That's all that counts. The commercial prospects can be re-assessed separately after that happy event.

sd

No, you're right SD. I did mean your second paragraph. Reversed the wrong way ...lol
Absolutely I agree with you re listing. Even US Nasdaq contenders are choosing AIM over the Nasdaq due to SOX & costs. The US listing is pointless, and untradeable. I'm sure they arranged it that way for some good reason which I'm sure will become clear.

Re SEO, was in these last year. Just jumped back in when I saw a 2p price tag. 2p is far too low, but being cautious. Last time I bought at 10p, but had to sell at 8p (at a loss) to buy more GME. The volumes are phenomenal, and conference this week with Wal-Mart.

My calcs say probably 18m or less in free issue now or 28% !

Global Marine Energy PLC
27 September 2006

27 September 2006



Global Marine Energy plc ('the Company')

Notifiable Interest


The Company announces that it received notification on 26 September 2006 that on
26 September 2006 Schroder Investment Management Limited ('Schroder') had an
interest in 8,940,000 ordinary shares of 2.5p each in the Company, representing
12.45% of the issued share capital of the Company. These shares are held in
unit trusts operated and managed by an affiliated company, Schroder Unit Trusts
Limited, and registered in the name of Chase Nominees Limited.



This represents the entire holding of Schroder in the issued share capital of
the Company.



On 19 July 2006 the Company announced that Schroder had an interest in 7,940,000
ordinary shares of 2.5p each in the Company, representing 11.06% of the issued
share capital of the Company.



For further information please contact:



Philip Wood, Chairman, Global Marine Energy plc 01274 531 862


Mark Froggatt, Noble & Company Limited 020 7763 2200


Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888




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

Something picked up elsewhere.

Performance bonds allow a customer to pre-fund it's order instead of making stage payments as the order progresses. These are used a lot in Singapore/China/Hong Kong but not so much here.

The way it works is the bank providing the "performance bond" underwrites the stage payments for large contracts. This means if a company does not seem to be delivering a) the bank pays back the customer to avoid lengthy legal disputes etc and b) ensures sufficient finance is provided to complete the order to customers satisfaction.

These are a bit more expensive than normal loans/bonds, however it means orders can be pre-funded. The bond would only be 'called' if the customer presented certain documents. Even then the bank acts as 'arbitrator'. According to Edison, GME can fund up to 40m in this way if it chooses. Of course it can also use other sources of finance, profits etc as normal and does not have to utilise the bond facility.

This seems a very effective way to smooth cashflow on larger orders, and once performance bonds are understood, explains why GME are well positioned.

Owl

I am a provider of bonds in my own area of business. How it works is broadly that GME would borrow the price of the contract plus interest and charges from a bank. The bank would require the collateral of the customers firm order, payable on delivery and assigned to the bank. The bank would require the security of a performance bond (from a third party) that GEM will deliver on time on budget according to specification. On delivery the customer pays the bank the contract price. The bank forwards the profit element remaining after principle repayment and charges to GME.

Not sure who is providing the bond here - bank or 3rd party - suspect the latter (reinsured by a specialist insurer), since the bank would not have the production expertise to assess and monitor the risk.

This method would typically work with project financing which GME have recently mentioned (I believe this is the 40m revolving credit line - as one project repays, the money is free to borrow on the next) in addition to a general loan/overdraft facility. The loan is limited recourse against the project only, not the general assets of GME, hence the need for the bond/guarantor.

My guess is the bond fee would be between 3-7% (pure guess) of the contract price, depending on how much of the first loss GME could underwrite internally and/or how much contingency was added to the contract price to protect overcost etc - e.g. it may only be a catstophe bond, much cheaper than a 90% loss bond.

I expect it works a little differently in each business. In the building world, for example, the guarantor also guarantees to find tenants for the completed buildings. Don't suppose GME's bonder guarantees to find oil!

sd

Here's the article I saw:

"In large commercial projects a heavyweight customer dealing with a new supplier for the first time will often require some form of performance guarantee or bond from a trusted third party such as bank. Under these bonds the bank irrevocably commits to make a fixed payment to the customer on a project failure simply upon the customer presenting certain documents and certificates.

Performance bonds put up by suppliers banks have been a way of life in the Hong Kong construction industry for many years, but they are increasingly found in high value IT projects.

Bonds enable the customer to make upfront project stage payments to the supplier, which help the suppliers cashflow, safe in the knowledge that if the supplier fails to perform the customer can obtain repayment of some or all of the payments on demand, without having to having to wait for lengthy disputes with the supplier to be resolved"

A different version of the same theme in essence. A bank providing the bond would almost certainly have production expertise to advise it and a substantial re-insurance contract. Yes, it also works for customers who fund in stages, rather than project loans from a bank - although I recall we've been told GME needs to ante up about 10% of any contract to get started before customer payments start cdoming in. This could be funded out of the RBS loan facility, whilst contracts paybable only on delivery could be funded out of the project finance being talked about.

All adds up to a well-conceived finance strategy for GME, to lend credence to the large orders sitting on the book. As ever, it's the quality of management that is crucial to turn these orders into profits. Looks like we are well-endowed in that department now.

sd

http://www.thebusinessonline.com/Stories.aspx?&StoryID=993DA3BF-7A31-43CE-AE3F-F3478508418A&SectionID=8099C021-87B0-48CA-A5F1-6335FDE21694&edition=10/01/06

With any luck SEY will buy EEN! A perfect solution to my current dilemma.