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%

Hence the expression, "past its Cellby date"! lol

sd

Not unexpected.

Global Marine Energy PLC
19 December 2005


Global Marine Energy plc

IDC joint-venture

The Boards of Global Marine Energy plc, ('GME') and Langbar International
Limited announce that they have decided not to proceed with the proposed
joint-venture vehicle, International Drilling Corporation ('IDC').

The Companies announced on 22nd June 2005 that Heads of Agreement had been
signed.

Mr Wood has resigned from the Board of Langbar International Limited, with
effect from 19th December 2005.

19th December 2005

ENQUIRIES:

Global Marine Energy plc Tel: 01274 531 862

Philip Wood, Chairman

Noble & Company Limited Tel: 0131 225 9677

Adam Westcott

Bankside Consultants Tel: 0207 367 8888

Michael Padley/Susan Scott



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

View this as good IMO.

1) More focus on GME not LGB - gets rid of 'the noise'
2) Less time chasing big (too ambitious IMO) rig build contracts. GME's not there yet. Would rather they get more $1-2m work with CNOOC, Kepel, Baker etc.
3) T/over comes quicker from smaller deals - rig would take 3-4 years plus take up lots of staff, and probably cause loads of design issues whereas recent $600m Star Int. deal could give revenue in 2 months.
4) Fewer worries about cash raised recently being put into overly large projects & then needing yet more listings!

When GME gets profits of 30M plus, then may be the time for more ambitious stuff. Can always partner others in a 3 way jv if another competitor (say) needed staff/technical input.

All IMO

December 19, 2005 - 4:05 PM EST
Patriot Mechanical Handling Receives $3.28 Million Order From China-Based Dalian New Shipbuilding
Company Signs Memorandum of Understanding for Future Orders With Dalian and Expects Significant Growth in China Operations
Patriot Mechanical Handling Inc. (OTC: PMHH), a leading provider of mechanical handling solutions and services to the oil and gas industry, is pleased to announce that it has received an order from Dalian New Shipbuilding, based in Dalian, China. This is an expansion of an existing relationship with Dalian, which the company expects to continue to grow.

"This is a huge boost of confidence from an important customer in a very large, growing market," stated Paul Findlay, CEO of Patriot. "We expect to continue receiving orders from local and International customers doing business in China." He added, "This region is home to the fastest growing economies in the world. Patriot has now established itself as a player in Asia and we will continue to expand our network and dedicate resources to support growth."

The Dalian order calls for Patriot to deliver 4 CTUs (Conductor Tensioning Systems) on the new builds being purchased by Noble drilling, Seatankers, and COSL respectively. The order is valued at $3,286,000. Additional options are being considered by Dalian, which would increase the order amount accordingly. Patriot also obtained a Memorandum of Understanding (MOU) to supply Dalian with additional Subsea handling equipment over the next 12 months as needed.

About Patriot Mechanical Handling

Headquartered in Houston, Texas, USA, Patriot Mechanical Handling, Inc. (PMH) is a comprehensive engineering and product supplier for all mechanical handling solutions in the oil and gas industry. In addition to this, Patriot is a licensed representative for some of the finest & most well established brands in the lifting and mechanical handling business. Our success is based upon effectively meeting the customer's needs prior to, during and most importantly after the product has been delivered. Our personalized service is unrivaled. We frequently monitor the quality of our products to insure our customers' satisfaction, and offer equipment that is guaranteed safe for use and fit for purpose. More information is available by contacting the company directly. Information is available on the web at: http://www.patriotmh.com.

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.

Source: Market Wire (December 19, 2005 - 4:05 PM EST)

News by QuoteMedia
www.quotemedia.com

Looking much better ...

looking crap you mean

K,
Yep - until 28th Dec. Be on launch pad by Jan 7th 2006.

A little bit of profit on the 28th and things will be looking good

Pook

If GME can hit 3m for half year, should translate into 6m full year - a 30% sales improvement on 2005. If costs also up by 30%, cost of sales would be bout 4m Leaving gross profit of 2m. Take off operating expenses equivalent to last year of 3.6m would give 1.6m loss. However, if this is out by just 25% on the 6m sales, 4m cost of sales, or operating costs figure, we'd be just short of profit - ala Corp Synergy forecast.

IMO Very much depends how they work the figures, but if one was UBS, Gartmore, Goldman or PW one wouldn't buy GME if presented on the above prospect! - whatever outlook seems after a further 1.5 years, would one? - hence think it may be bit better. 3m would be ok though.

Re cash position, on 31 Dec 1998, MOI reported 9.5M sales, gross profit 2.1M, net prof 0.5M. Their cash at bank was 3M then. Next results ( 31 Mar 2000) jumped to ~22M sales, ~7m gross, 1.4M net profit with cash down to 833k - so shows what can be done in right climate & this time GME seem to have raised some 5.2m - not all available for investment though.

Me done for 2005.Final 730k long term for SIPP.

Happy Christmas all - Back 2006

Hope everyone had a good Christmas. It's the EGM tomorrow isn't it? Good luck to us all! Wouldn't it be lovely if we got loads of good news, anyone going?

Hi Chrissie et al. Morning & Happy Christmas.
Can't attend AGM as due to relatives, but it will be a formality anyway.

Am happy with interims.

Expected 2-3m t/over (would have given 30% lift on last year) - we got >4m - same as for full year.
Expected loss of 1m+, but only 500k. Means fye costs should be lot less than last year.
Gross profit full year 2005 was 1.42m. This has been exceeded at half-year (1.52m)

GME trading profitably since September- great.
Fully financed + new banking facilities with RBS - great also.

Having expected a loss for 2006 to turn into a profit in 2007, IMO now expect profit for fye 2006. Jury's still out on the sales targets, but would rather have less sales & more profit than great sales, and a loss. If they get the pace right, should be great news when full year arrives imo.

happy to hold and wait on these--a nice little acorn for 2006.

Jan 6th/7th - not long to wait for a sensible share price.
Good weekend all, and happy new year!

Beleated season's greetings, one and Owl!

Guessing TO of 6m at 37.5% gross margin, admin costs of 2m and interest of 50k, gives a H2 profit of 200k which reduced H1 losses by 40%, but does not quite hit breakeven for the full year.

2007 looks good for profits in both halves.

Any more accurate figures/estimates from you guys?

sd

Stockdog
IMO we could see a bit more. We already have 4.15m in the bag. The PMH STAR Int deal must be delivered by year-end, so that adds 348k. Then there's anything they can deliver Oct - Mar. On your figures that would be 1.5M = 250k pm. The run rate averaged over 18 months on 'delivered' turnover is currently at 500k pm.

My own target is 8M - well short of Corp Synergy & Hardman targets of some 13m.
Also if what Wood said re '..now trading profitably...' is true, we could see a profit of 1.5M in 2006 (like you, I'd expected a 2006 small loss).

Also noticed there hasn't yet been an entry for sale of assets/cash from release of Midland's & Scottish facilities.

There really is no excuse now with this statement. With a sensible price shortly perhaps it will be taken more seriously. Certainly should be IMHO.

Well there goes 2005! Thanks to you all for your fun & serious contributions to GME.

Looking forward to 2006, GME seems to have a great future ahead. Few AIM companies have a director investing 1m, an order book of 11m, 3 top class banks with >3%, international markets & growing demand for their products, a management team in place for several years, at last a sensible stock price on consolidation, a new name and what's more they've said trading is now profitable since first half of 2005/06

Whatever the future holds for GME, the setup on this stock is about as good as it gets. Hopefully we've seen the bottom, and can at last look forward to seeing GME become a GEM.

Happy new Year.

Happy New Year Owl!

All GME have to do is win a couple of 3mil plus contracts and we'll be up up and away. As you say they are now set fair to cope with those contracts and to have attracted the institutions they have and sorted out banking facilities with RBS they MUST be expecting to win such contracts. Otherwise why the need to have the working capital available.

I think 2006 will be a good year for us all. And who knows we may even end it off with a 2.00 party.....now that would be nice!!!!!

Happy New Year to all GME holders!