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

SUB is submerging deep now...18.75p today...ARGH!

How are they going to raise the SP to the surface and find a ready market for it now?

Sorry for all involved - it's still a great story.

I agree , but said from Day 1 it was one to enjoy watching and not for buying

wait for the nickel

that's what you'll get for your shares!

That was a touch harsh, cynic!
But I do agree that the main reason for the sp to go up here is when they start to salvage the next cargo. But well worth watching & getting in at the right time, imo.

I think this now is possibly around the right level although it does not seem to be braking to hold it's price.

Striking resemblance to the Marianas Trench!!!

It seems to have that sinking feeling.

This is on my watch list it really is going Subsea today.

bust , pity was going to have a a bit of this big boys toy

sorry to sound smug, but i did warn that this was exceptionally high risk at Day 1 ...... comes as no surprise

NOT bust (yet). Major cash flow problems & no revenue on the horizon.
Still watching, but thankfully not holding.

"major cash flow problems and no revenue on the horizon" - wats your definition of bust then Harry :-)))

Hmmm... Well they have a few assets (Survey vessel) & er, um..........

:-))))

Morning all.

I have been sniffing around SUB since Shares' tip last week. Unfortunately, Shares seems to have an unerring instinct for adding companies to its list of screaming buy recommendations just before they announce the need for a sudden fundraising.

However, one shouldn't panic too much. Of course there will be some dilution involved, but this doesn't necessarily mean that the co won't be a good investment
as there are clearly large sums of money involved with the recoveries.

Am still DMOR but am defeinitely interested.

Harry, MD, an equity fundraising seems likely. Its definitely too early to talk about this co going bust. Look at SEO: they were in a really bad state and still managed to pull off their fundraising, which nearly trebled the amount of shares in issue.

I could also see a bank or investment company putting up a loan in return for a share of the spoils, or alternatively a convertible bond might be on the cards.

.........plus only they have the map of where the treasure ships are.

Ah ha, ah ha, ah ha!

Splice the mainbrace, shiver me timbers, hoist the yardarm, let go sail

It's off to the treasure where we be goin' or my names not Red Beard