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%

Yes but are they not both a garentee by a third party of payment ?

I am finding it a little worrying that the plus points are stacking up for GME but the interest is still mild to put it nicely :-)....

As an aside line......i find it worrying that the interest/investment in the AIM is dropping off alarmingly in IMHO on all fronts....it is not the institutions that will drive this up, its the PI's fighting over the limited shares available. I worry that the PI's willingness to invest in the risky AIM is greatly diminished in the last year or so......
Any thoughts anyone ?

No - one is a guarantee of payment, the other is a guarantee of delivery (which may be incapable of remedy, other than paying the entire cost to date of failure to delilver or abandonment) - different risks/skills. True, each one gives financial protection to the guaranteed party, but in a different form.

I agree with your assessment of AIM - suspect institutions are steering clear of them - but have done nothing about it with my curernt holdings - how long till the next revival of interest in AIM by institutions v. how long is your investment timsescale. If you beleive in the business, who needs the SP to rise before you're ready to cash in - in my case over 10 years hence. Could be a great long-term buying opportunity, resulting in many x-baggers. What price contrarianism? Answer: depends on your timescalce. However I do find myself tending to research FTSE350 a little more frequently for my new funds.

sd

Interesting comment re AIM, SD. I have done very well from 4 companies which moved down from main market (HDYS (susequently taken over) JHD, LTHM,RSG). All have strong balance sheets and good cash generation. There are also others such as MJW which prompt me to think that a decent quality portfolio could now be assembled from AIM companies, with attendant tax benefits if, as you and I seem to be, you have an investment time frame which extends into years rather than minutes!

Oh my God, patridge - two YEARS, and I though it was 2 minutes to get your tax break. lol!

Yes, I also agree with you that the top of AIM has probably got at least as respectable as the bottom of FTSE smallcaps.

It's funny how, with all that knowledge out there available to you, you only really learn the hard way by doing it yourself, when you finally work out what your appetite for risk and other psychological make up and how many minutes a day you can devote to the whole game, blah, blah . . . .

Still, I reckon I can cover most of my losses to date before I retire!

sd

"Still, I reckon I can cover most of my losses to date before I retire!"

Ehh.......well you seem to have the hang of this game then :-))

Global Marine Energy PLC
11 October 2006


11 October 2006


Global Marine Energy Plc


New Mechanical Handling Package order totalling US$8.8 million


Global Marine Energy plc, ('GME' or 'the Group'; stock code: GME), the oilfield
services business, announces that its US subsidiary, Patriot Mechanical Handling
('PMH') has won an order totalling US$8.8 million from Eisner Business S.A.,
Brazil subsidiary of Queiroz Galvao Perfuracoes S.A.

The US$8.8 million order from Eisner Business S.A. is for one mechanical
handling rig set, comprising BOP and Subsea Tree transporters for a new build
semi-submersible currently on order from Keppel FELS in Singapore.

Queiroz Galvao is a major Brazilian corporation with operations in
construction, real estate projects, concessions, urban waste disposal, oil and
gas, steel industry, finance and farming. Queiroz Galvao started its
activities with conventional drilling rigs in 1981. The growth in this activity
has continued, and today the company owns and operates semi-submersible,
offshore drilling platforms and conventional as well as helitransportable
onshore drilling rigs in remote and hard to reach areas like the Amazon region,
where the company has three onshore drilling rigs in operation.

Keppel FELS is a wholly owned subsidiary of Keppel Corporation, through Keppel
Offshore & Marine, and is a leader in offshore rigs, ship repair and conversion
and specialized shipbuilding. Keppel Offshore & Marine's near market / near
customer strategy is bolstered by a global network including 17 yards in the
Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Middle East and North Sea
regions. Integrating the experience and expertise of its yards worldwide,
Keppel Offshore & Marine aims to be the provider of choice and partner in
solutions for the offshore and marine industry.

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

'Hopefully investors can now see that the strategy implemented by the Board is
bearing fruit as we continue to expand our client base and to develop
relationships with some of the largest companies in the market.

'The Group performance continues to improve, and the outlook is positive'.


ENQUIRIES:

Global Marine Energy Plc Tel: 01274 531 862
Paul Findlay, Group Chief Executive

Noble & Company Limited Tel: 0207 763 2200
Mark Froggatt

Bankside Consultants Tel: 0207 367 8888
Michael Padley/Susan Scott

Nice lift today but on very low volume. However, we've passed the 21.5p previous high, next barrier 27.5p, then 30p - should prove not too difficult over the next couple of months. $28.3m of orders secured since reporting finals in August. Roll on December's interims.

Big buys late. 45k moved by mid-day, then 440,000 in afternoon on more big buying.

I guess we've all read full page spread pg 20 of the Times? Oh...I forgot few of us read ...lol. Anyway, here are some of the key points.

'India Plans UK plc takeaway' ref Mukesh Ambani head of Reliance Group and india's most influential businessman.

'He told Sunday Times he was planning to secure an oil drilling and engineering firm to expand his growing exploration and production business in Africa. Reliance is the world's biggest refinery in Gujarat and is emerging as a global player in the oil business. Ambani believes British companies working in North Sea will become increasingly vulnerable to takeover bids as reserves dwindle.

"We're looking at buying companies in North Sea oil, in Scotland...as years go by North Sea reserves are depletiing, but there's lots of talent there and this industry is short of talent" he said.

"We will look at acquisitions to acquire talent to use in this part of the world and in West Africa and some countries like Columbia. We now have to get experienced talent in Europe to go and find oil in more frontier areas"
"There is more than 20 years of N.Sea experience in the UK, and we could deploy it globally"

Article then goes on to ref various deals including 55m deal for Pearl, another for 91.6m, and of course Tata's recent well publicised $10b bid for Corus steel co.

"There is a queue of Indian companies wanting to list on AIM. At the moment you have to be listed as an Indian company on an Indian exchange, butthere is that idea of going global and getting access to foreign capital"

All oil companies including GME should benefit from this as a) China & India are the two main global growth monsters and b) there is a big shortage of staff in the oil industry.

There aren't that many "oil engineering and drilling" companies in the UK - certainly not many as affordable, under-valued as GME.

Should help the sector sparkle a bit on Monday...Good luck to all holders.

Here's the full article. Note Tata have offered for Corus.

http://www.timesonline.co.uk/article/0,,2095-2403959.html

Reliance eyes UK's Wood Group
Wednesday, 18 October , 2006, 10:06

Mumbai: India's top private company Reliance Industries Ltd (RIL) is in talks to acquire British energy services firm Wood Group (John) Plc, the Economic Times newspaper reported on Wednesday.

"RIL's talks with the Wood Group are in line with its exploration and production plans, which now envisage doubling of production to almost 80 million metric standard cubic metres per day by 2008," the newspaper said, quoting unnamed sources.

A Reliance spokesman was not available for an immediate comment.

The newspaper said Reliance was on the look-out to acquire energy services and rig companies in Europe and was in talks with at least two to three companies with a profile similar to that of the Aberdeen, Scotland-based Wood Group.

Bit of news for a quiet half-term. Not expecting much action this week with everyone on hols.

Patriot expanding ...

http://www.realtynewsreport.com/

See Oct 16th.

Some interesting numbers to fantasize over from my good friend donaferentes on the other board.

< >

sd

Sondex in profit. NIM may still hold back GME as Wood said positive contribution not to be seen until H2.

Time to post :-)

This evening...Hot off the press.

Operators increasing budgets by 20% Gulf of Mex. 50% margins on spare parts...stuff about India too...7-10 kits being built. 30 rig deficit in world today, plus more pre-tenders. They reckon things are getting worse on the rig supply side. 10-15 per year are needed just to replace existing fleet.

Le Tourneau backlog $600m, but struggling to produce (works there but struggling to find equipment, staff - same old story). They reckon $700m next year, $1bn 2008. Remember, Patriot are part of marketing alliance with Le Tourneau via Lewco/SourceOne drilling.

http://www.veracast.com/webcasts/bas/energy06/id48212367.cfm - check it out while you're watching GME move ...lol
www.source1drilling.com

Also stuff from smallcap conf. - go to jp site & can log on.
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=RDC&script=400
In this one Lewco's partner OEM mentioned, also rig kits "...which provide some of the best margins, the margins are increasing ...", lots about North Sea, British gas, North Sea and deep drilling. 42% of net book value in N. Sea, demand for deeper wells, and higher quality equipment...Every region in world heavily utilised (unprecedented), lots of enquiries for work from 15 December-Mid Jan in Gulf of Mexico as new budgets agreed, also need still to clean up some of the rigs hit by hurricane. Nearly everyone increasing budgets by 20% or more, loads of new activity in Gulf. Still see market getting stronger internationally, reckon 10-15 py just to replace rigs through attrition (i.e. old & need replacing). Additional new rigs still needed because old rigs not designed to drill the depths required....don't see '..oversupply for rigs anytime soon...'. loads of delays e.g N Sea lookingto 2008/2009 for equipment now...all just on bids out today...there is no spare capacity ...great thing with packages is they can be removed from one rig and reinstalled elsewhere if needed (didn't know that!), etc etc. Le Tourneau can build 8 kits per year. 60% external, 40% internal currently but will move to 70% external, 30% internal...lots of new bids for land rigs now as well as offshore.

Expecting big rise in gulf, partly because all the leases are expiring...so you don't need to listen now :-)

Stuff from other Board courtesy Dug M.

Good diggin, Owl. Thanks.

H&Co Sept - GME Order book stands at 27m
H&Co Nov - "...GME added $28m (=14.7 @1.9000 $/) since our Sept monthly.."
So if GME delivered nothing since Sept, book would be 41.7m.

BUT GME said about a month ago in Oct, their book was 34m.
Looks like they're getting in about 6-7m pm - about 2x what they last said they were delivering "in excess of 3m in 2 months". Really good pace IMO & gives them 2 years work or so now, with more to come at their choice as cash/margins flow from delivered orders. Also means as productivity increases, there's little risk of them "delivering out" the book prematurely.

wanna start to see some buying before the results

that'll be mid-Dec then??

Usually release end December, as it takes about 12 weeks to get numbers together across all their offices. They can do it a bit quicker but not much.

Someone's keeping the sp very solid. Good enough for me.

Global Marine Energy PLC
22 November 2006



22 November 2006



Global Marine Energy PLC



Trading Update



The Board of Global Marine Energy PLC ('GME' or 'the Group') wishes to update
the market as to its current trading and financial position.



Current trading



Over the last six months Patriot Mechanical Handling, Inc. ('Patriot') has been
successful in winning large orders from new and existing customers which are due
for delivery in the coming financial years. There have however been some losses
from existing legacy contracts that have been completed during the current
financial year. The Board therefore believes that the results of the Group will
be materially below the market's current expectations for the 12 months to 31
March 2007.



Patriot Mechanical Handling, Inc.



There have been some earlier contracts which have resulted in losses in excess
of 1.0 million for Patriot Houston during the period. The Group has conducted
a full review of current contracts and the controls for tendering for them and
will be making a number of alterations to the accounting procedures for Patriot
Houston. In addition, the delay in completing alliances to allow the transfer of
fabrication from the USA and UK to Singapore and Brazil has now been overcome.
This delay, as well as the additional costs of entry into new markets, has
resulted in further costs of around 0.5 million. These alliances are now in
place and current orders are being fabricated where it is most cost effective.



In addition as a result of this review, Patriot is taking a more conservative
view to its forecasting of margins and has reduced its estimated margins on
certain contracts going forward, reducing the margins by almost 1.0 million



Patriot has incurred a number of additional book costs, i.e. non-cash items
totalling c. 0.6 million, for the period which have also contributed to the
Board's view on the Group's position for the year.



The Group also announces today a contract valued in excess of $20 million with
Star International Drilling Ltd., the Brazilian subsidiary of Queiroz Galvao
Perfuracoes S.A., for delivery in 2008/9.



The order from Star International Drilling Ltd. is for one mechanical handling
rig set, including but not limited to: Vertical Racking System, fingerboards,
Iron Roughneck, drillfloor winches, BOP crane and transporter, X-mas tree
carrier, king post deck cranes, riser gantry crane, catwalk machine and derrick.
This equipment will be used in the upgrade of the Olinda Star semi-submersible
that is to be carried out by Keppel FELS Brazil.





NIM Engineering Limited ('NIM')



The Board is satisfied that the new management that came on board in the spring
is settling into its new role well and it looks forward to an improved
performance from the division in the future.



The interim results for the period to 30 September will be published in the
middle of December.



Paul Findlay, Chief Executive, Global Marine Energy PLC stated:



'Although the forecasted figures for the current year are disappointing, we are
confident that the performance of the Group going forward will improve
significantly. The Group now has in place a variety of alliance based
fabrication facilities, a growing order book that will deliver in 2007/8 and
2008/9 and a management team within each subsidiary that will ensure that the
setbacks are not repeated.



'We continue to win significant new orders with new clients, with an additional
US$25 million currently in the final stages of negotiation; we have now in place
cost effective operating systems, we have appointed experienced management teams
to run both operational subsidiaries'.





Enquiries:


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

Andrew Gibson, Finance Director


Noble & Co
Mark Froggatt 0207 763 2200


Bankside Consultants
Michael Padley / Susan Scott 0207 367 8888







About GME

Headquartered in Shipley, Yorkshire, Global Marine Energy Plc ('GME') is an
oilfield services business with a strong emphasis on supplying equipment for
offshore drilling and exploration. The Group has two subsidiaries: the
Houston-based Patriot Mechanical Handling, Inc. ('Patriot'), where GME has an
82.76% interest, providing comprehensive engineering solutions for mechanical
handling to the offshore oil and gas industry, and the wholly-owned
Newcastle-based NIM Engineering, which provides handling and access equipment to
the engineering, oil and gas and marine industries.





About Queiroz Galvao

Queiroz Galvao is a major Brazilian corporation with operations in
Construction, Real Estate Projects, Concessions, Urban Waste Disposal, Oil and
Gas, Steel Industry, Finance and Farming. Queiroz Galvao started its
activities with conventional drilling rigs in 1981. The growth in this activity
has continued, and today the company owns and operates semi-submersible,
offshore drilling platforms and conventional as well as helitransportable
onshore drilling rigs in remote and hard to reach areas such as the Amazon
region, where the company has three onshore drilling rigs in operation.





For further information, please visit the website,

DOG!