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%

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!

You rang?

Bit of a bummer, instead of 1.94m operating profits we will have 1.16m operating loss to March 2007. Have to wait another year.

RNS suggests they now have in place pricing mechanisms to stop jobs being taken on at a loss. Let's hope so, otherwise they have an awful lot of orders to lose money on.

At least you can buy at a reasonable spread for once!

Checkout Patriot's spread today 29/30c! Never been that close.
Then went to 29/55c after lunch. Very interesting.
Plus a new MM joined the previous 5 on L2. 3 of them on Friday raised their
NMS to 25,000! Never been more than 10,000 before.
Usually heralds an increase in liquidity for the stock, and that MM's expect
further action. With an expanding company (new offices, more & very experiencec staff, huge hike in order book), and under-valued stock expect good things to come.
The other oil companies are on 'buy' ratings. This is still beneath the radar, although with 72% of shares in institutional hands, the media are likely to get hold of it once
the recent increase in order book hits.

Global Marine Energy PLC
27 November 2006


27th November 2006

Global Marine Energy PLC

New orders totalling US$11.6million


Global Marine Energy plc, ('GME' or 'the Group'), the oilfield services
business, announces that its US subsidiary, Patriot Mechanical Handling
('Patriot') has won two orders with a total value of US$11.6 million, from
Keppel FELS Limited in Singapore and Petrobras in Brazil.

The larger US$7.8 million order is for one mechanical handling package, for the
Ensco 8502 ultra-deepwater semisubmersible currently on order to Keppel FELS
Limited from ENSCO International, Inc. The order calls for Patriot to deliver
during 2007/08 a riser gantry crane, marine deck cranes, BOP handling, and tree
handling systems, and to provide training, spare parts and commissioning
services.

The Petrobras order totals US$3.8 million and is for the supply of 2 marine king
post deck cranes for the P-14 platform. Delivery is scheduled for Q4-2007.

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

'Ensco's decision to chose Patriot to supply the rig package, on this third
newbuild rig of the 8500TMseries, is based on the quality of our equipment and
our levels of service. This is an important relationship for our Company and is
indicative of Patriots' commitment to its customers.

'The order from Petrobras, the world leader in deepwater exploration and
production, further reinforces our presence in the Brazilian market and is a
testament to our ability to meet the demanding technical, safety and delivery
requirements of large operators.

'We will continue to look to build similar strong relationships with other major
drilling contractors.'

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


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 Company 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.

For further information, please visit the website,

www.gmeplc.com

.



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

you reckon they can make any profit on these orders?

Yes. H2 is going to be profitable, but not enough to overcome 3m losses in H1, so translating a 1.94m projected profit into 1.1m end of year. That's the latest, but it's just possible certain events could turn this around.

The costs will be coming down heavily to help this, also all orders are now done to actual specs, because they are "rig packages" or "sets" - rather than tailor made orders.

Excellent sign - this is what we want. More please.

Global Marine Energy PLC
30 November 2006

30 November 2006



Global Marine Energy plc (the 'Company')

Notifiable Interest


The Company announces that it received notification on 29 November 2006 that on
24 November 2006 Cantor Fitzgerald Europe ('Cantor') had an interest in
2,850,000 ordinary shares of 2.5p each in the Company, representing 3.97% of the
issued share capital of the Company.

This represents the entire holding of Cantor in the share capital of the
Company.



For further information please contact:

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

Adam Westcott, Noble & Company Limited 020 7763 2200

Michael Padley / Susan Scott, Bankside Consultants 0207 367 8888

Owl - moderately encouraging news. In my experience Cantor are aggressive opportunists. So they clearly see the SP rebounding to nearer the 22p mark it recently fell from. But long term holders - no. Watch out for the swerve in the price when they exit on a 36% pre-determined gain from 16 to 22. No criticism implied - it's what they do.

Global Marine Energy PLC
06 December 2006



GLOBAL MARINE ENERGY PLC


Interim Results
For the Period ended 30 September 2006



Global Marine Energy Plc ('GME' or 'the Group'), the oilfield services business,
announces its Interim Results for the period ended 30 September 2006.





Key points of the period:



> Expansion into new territories proving successful; current order book
over 50 m;

> New customers won, enquiry levels high;

> Increase in turnover to 5.7m (4.1m in 2005), in line with forecasts;

> Impact of legacy contracts and additional overheads contributed to
overall loss of 3.9m (0.5m for 2005);

> Balance sheet strengthened following placing raising 3.7 m net of fees;
and

> The Group's cash balance stood at 1.51 m at 30 September with net funds
being 0.9 m.



The Board has committed to undertake a strategic review of the business and the
options open to it to deliver shareholder value.




Paul Findlay, Chief Executive Officer, Global Marine Energy Plc commented:

'It has been an extremely disappointing six months as the cost of sales
throughout the period has been materially affected by losses within certain
legacy contracts completed by Patriot Mechanical Handling and also by the
increased overheads incurred as the Group entered new markets. These are areas
that the Board has addressed and it is confident that the issues contributing to
these losses have been resolved and that the recent contracts won will be
profitable.

'We continue to expand and to win new orders, the order book currently stands at
53.8 million, and enquiry levels remain high. GME is now firmly established in
the world market and we are beginning to prove ourselves as a real alternative
to the industry's majors.

'The Group expects to make a significant profit in the second half of the year
and the Board is optimistic that GME is entering a period of sustained
profitability and wish to thank the shareholders for their patience and
continued support during the implementation of the strategic plan'.