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

Mail's away!

Dear sir, dear madam,

Reports are circulating that Subsea Resources are having a new ship built or fitted out in order that salvage operations may resume.

Please would you provide confirmation, including details of the new vessel and an idea of the timescale involved, as those of us who continue to hold the company's shares would be most interested in such positive-sounding new developments.

Many thanks and kind regards,
(ST)

SubSea Resources PLC
22 March 2007

SubSea Resources plc.

(AIM: SUB)

22 March 2007



Notification of major interests in shares



SubSea Resources plc ('the Company') announces that it received notification on
20 March 2007 that RAB Special Situations (Master) Fund Limited is indirectly
interested in 29,090,000 Ordinary Shares of 5p each in the capital of the
Company representing 13.84 per. cent. of the Company's issued share capital.
The notification states that RAB Capital Plc acts as investment manager for RAB
Special Situations (Master) Fund Limited. RAB Capital Plc does not act as
custodian for its clients and therefore the shares are held in the name of the
custodian of its clients, which is Credit Suisse Client Nominees (UK) Limited.




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

well ST I am in NOW, right or wrong, but I think we will see a tic up with a bit if good news if this gets back to 10p I have doubled my money (got in at 5p) lets see what happens :))

Well, Smiler, you will have definitely got in at a better price than I did!

And here's the answer I got back from SUB's PR firm:

Thank you for your message regarding Subsea Resources. College Hill has recently been appointed to handle financial public relations matters for the group and I have therefore been asked to answer your query.

The vessel "John Lethbridge" has recently undergone a routine five-yearly inspection at a shipyard in Vigo. It came out of dry dock last week-end and will be at sea in the next couple of weeks undergoing trials of the ship, sonar equipment and Remote Operating Vehicle (ROV).

As we have previously announced, the new management team at Subsea Resources is currently finalising its strategic plans and remains on track to announce its intentions by the end of April.

With kind regards,

Gareth David

So they have the survey vessel almost ready to go, but it is the recovery vessel they have been having trouble with.

They must be able to get a boat from somewhere . . . .

you never know Cynic may "DIVE " in and buy a few !! :))

Good to see some trading today

if the bars weren't so damn deep could be persuaded into a rubber suit (lol!!!)

Cynic, the thought of you in a rubber suit has put me right off me dinner !!

I would think that this is more Cynic's style !! So finish your dinner ST ; )

prefer a gimp mask

We will have to meet up Cynic, @ 7 pm in the Railway inn
I'll be in a white suit in the corner holding a can of slim fast!
Bring the gimp mask! ( lol )

Is that a suicide note around his neck ;-)

on the move !!!

it's been a while eh Smiler? let's hope the trend is up for a while....

Bu**er, just topped up at 8.5p, straight down the pan..doh!

Don't panic Canada. Wait until we find out why there has been a trade volume of over 2.5 million so far this morning.

Smiler, I bet you're really smiling, having got in at 5p!

Current SP: SUB Bid: 7.5p Offer: 8.5p Change: 3

I'm about 47% down . . . .

The reason for the rise may be linked to the imminent relaunch of the 'John Lethbridge'.

just a theory. Would be nice if they can find a recovery boat too.

Stop showing off soul traders, only 47% down, pah!!, I'm still in from 38p, 26p, 14p.