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

if any have been caught out, then they are damn fools and have only themselves to blame ..... as i said from the outset, this is (was!) a really exciting stock to watch, purely because its raison d'etre appeals to the ones boyish sense of excitement - like reading Treasure Island or watching thud and blunder films - but was never ever a sensible place to put any money at all.

In fine form for the New Year then Cynic.

been honing my skills over the mince pies doused in pure but fresh lemon juice!

Speaking as a damn fool, this should have been making money from the start. Look up Ice road truckers, making money from tv, films and online gaming and that's just delivering equipment to a diamond mine in Canada.

rubbish! ...... SUB was always an unacceptably (to me) super-high risk gamble .... for once, i will actually say, "Told you so!"

Hear hear dear Cynic!

good grief! .... really can't cope with someone agreeing with one of my put-downs ..... it's truly appalling for the image!!

Amazing, truly amazing, sub hits 65p to buy and 140p to sell and "ceptic" says don't trade, doh!!!!!!

?????????????????????????? .... even if reported correctly, you do not seem to have heard of backwardation - you would not be able to trade; these freaks happen frequently

Ah Cyn, yet another one to be educated. LOL. Hope you are well, and all the little Cyns.

little Cyns??? .... vasectomy 21 years ago!! .... but the 3 acknowledged offspring are very well indeed and still great company, perhaps helped by the fact that none live at home!

Rescuers approach stricken SubSea
By David Litterick
03/10/2007



The fate of SubSea Resources appeared yesterday to lie in the hands of the same hedge fund building a stake in Northern Rock after the marine salvage company effectively put itself up for auction.

After a string of disappointing explorations, SubSea said last week that it did not have enough money left to last the year. Yesterday it said that, since the announcement, it had received a number of approaches that would see the company being taken over.

RAB Capital, the investment fund that has recently built up a near 7pc stake in Northern Rock through its Special Situations fund, is also SubSea's largest shareholder with nearly 30pc.

advertisementA number of trade buyers are understood to have approached SubSea with a view to buying its business, largely made up of its boat, the John Lethbridge, and its research and survey work into potentially valuable and salvageable wrecks thought to contain non-ferrous precious metals.

The company said it could also sell the entire company, or place new shares to raise money, losing control in the process.

SubSea has seen its share price sink from 34p a year ago, when it announced a haul of high quality copper and zinc from the wreck of the Franis Vieljeux, to just 1p yesterday after it tumbled deeper into the red on losses from salvaging the metal and said the search for another vessel known as Miranda had been unsuccessful.

SubSea Resources PLC
11 January 2008




SUBSEA RESOURCES PLC

DISCLOSURE OF INTERESTS IN SHARES


SubSea Resources PLC ('the Company') on 10 January 2008 received notice from
BlackRock Group of a change of interest in the shares of the Company.

Following sales of 13,242,945 ordinary 1p shares, BlackRock Group no longer
holds a notifiable interest in the issued ordinary share capital of the Company.



0.45 ! sub 0 soon !

a Sea of Red today and yet SUB is Blue !!!! The mind boggles ?

to catch the fish you first need bate.

Glub, Glub Glub...I feel like Jacques Cousteau in here......(and the rest of the stockmarket...) vat isz theez...eau eau eau...

Many thanks to Ric Piper and Edward Cox for calling me at home to re-asure me the future of the company was close to seeing a successfull outcome. May the crews of the "new company" ships that go to salvage the cargos that have already been located by shareholders money meet a most unpleasant end.

As someone who has some affinity with the sea and indeed many friends who risk their lives in this somewhat dangerous occupation, your comment is lower than a snake's belly, In fact your are a complete and utter twat!

I told you so...see post 329


SubSea Resources appointing administrators; no viable option for short-term cash - AFX

LONDON (Thomson Financial) - SubSea Resources Plc. said it has decided to appoint administrators after failing to secure sufficient financing to meet its needs.

After reviewing the current status of sale process, the marine services company said it has considered the options available to it and concluded that no viable option is available to meet the its cash needs in the short term.

On March 4, SubSea requested that its shares be suspended from trading pending clarification of its financial position and said it will seek to sell its assets and business after financing talks with its bondholder and other parties failed.

ptholden, if you look back through my posts, you will see that I supported this company because so many men lost their lives in the second world war shipping much needed materials to maintain the war effort. The cargos are still there and will be for as long as it takes for the next company to salvage them. I hope that company has as much bad luck as possible, I therefore re-iterate my pirates curse.