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

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.

Those cargos are meant to lie there with the blessed ones and not to to salvaged and made profit out of it.

hlyeo98, I see you've read my post about war graves.

Surely if there's a car crash you don't let the wreck just lie there. You remove the human remains and give them a burial. Then the non-human remains can be recovered and sold to the highest bidder.

If there's an earthquake, you recover the bodies from the houses which fall down, then you clean up the site.

If you like, the site of a seabed wreck can be designated as a grave (not just a war grave because this would exclude deaths in peacetime) until any human remains have been removed. After that it can be designated as a salvageable wreck. The effect of this is that the company doing the salvage would first have to locate and remove all human remains for burial elsewhere.

AD

It's all-irrelevant this company has gone tits up punters have lost money, there is no moral high ground here. There will always be money made out of the dead look at Diana.

Lets just say we hope they dont run another AIM company or cross our paths again.

Ric Piper is to blame for sure and make sure he does not run any more companies