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%

Bought a few more PMHH.
May be back later or end of tomorrow to pick up another 10k.

Quotes - it's a very good entry now (if you can fix a mental stop at 10-15c), as buyers have now all sold.

The Return of Owl's Saturday Missive! :-)

By the way, no answer yet re who funds SourceOne.

See link below - very interesting Chinese links, also last year SourceOne was (may still be) very close to signing up a full rig!

You want page 12

http://www.rowancompanies.com/pdf-files/404Grapevine.pdf

I know it's not been mentioned in the UK, however I think SourceOne may turn out to be THE IDC REPLACEMENT IN A MUCH BETTER FORM. It's been very understated so far. No one apart form me I think has shown interest in SourceOne - only that US news generally hasn't made it to UK.


This is all my DYOR & not from any other source, so be tolerant if I have some details wrong here. Lots of others know the engineering industry much better than I do.

There are very few rig package suppliers. Although Patriot can put together most of it, a company wouldn't/couldn't just go to Patriot due to demands of clients, and demand for the bits. I'll try to explain...

Clients are getting more demanding, yet timescales go way out, and clients don't want to go to lots of suppliers. They want choice but one supplier. In the rig world they want an IKEA rather then visiting DFS + CarpetWorld+Curtainworld+Cabinet world+++ with all the contract issues etc that would present.

We all know the problems of building a house extension, and co-ordinating plumbing, electrics, plasterers etc - many choose an architect instead, and offload the hassle.
In the rig world, there the oil majors are loaded so an 'architect' extra costs are irrelevant - its' all about who can deliver fastest & highest quality.

Few suppliers provide packages, Patriot is one of the top 3. Even they though cannot do some parts of the package as they could e.g. before they could go to NIM for winches - not any more. This is why they now have EMCE as an exclusive provider of rigs - offsetting NIM non-delivery risk.

By the time they've found a supplier, they find that supplier cannot deliver for 2 years! Also, they may have found a lower quality supplier than they'd like.

Their client, wants a rig-set in a few months to a year. It doesn't want good quality maintenance free cranes, but have safety issues, or break downs in the winch department! . Enter SourceOne - an alliance of companies who already have all the bits needed, and can conform not just to an industry standard, but to their own.

In the Car world a SEAT may have a VW engine, but it doesn't have VW standards etc for the body, safety aspects, dealer show-rooms, finance deals/terms etc.

This means a client can just ask for SourceOne Alliance to provide a rig-set. SourceOne knows it's members, demand, supply etc bit like a 'virtual company', so can make a commitment to a contract & delivery plan in a way Patriot & others simply cannot.

This is very important strategically, because if Patriot currently tries to put together packages in a 'high demand' market, then it will struggle to commit to timescales for the client these days. There are loads of rigs being built - Rowan themselves have orders for 12 yet no contractor to deliver (see Rig Status), and we all know Keppel's issues. It's the same across the industry, so skeleton rigs eventually get built, but then the equipment they need cannot be delivered - so the rig is pretty useless!

E.g. PMHH can get the cranes, BOP handling gear together in a few months, however the winches will not arrive for a year+.

Hence, they can either buy BOP etc now (using valuable capital), wait for two years then get the winches, then sell the whole lot to the client,

OR they can wait till the winches arrive, then buy the BOP handling etc by which time the BOP supplier has grown frustrated at the wait, is using up valuable yard storage, and has sold to a client who can pay now. Patriot can have the next BOP that''s delivered etc. Hardly a good solution.

OR they can (via SourceOne), get all the bits in six months or so from alliance members. This avoids tying up capital for members, risks of non-delivery, and potential payment/creditor problems, and saves time, yard space etc as there's just one contract - with SourceOne.

So the advantages of SourceOne are:

- Faster delivery of rig set,
- releases yard storage
- One contract
- Quicker payment from client, and from SourceOne to supplier
- Lower financial/working capital risk
- Reduced risk of non-delivery e.g. on big contracts (risk is shared where before Patriot would have stood in SourceOne's position)
- Consistent standard of equipment
- Greater choice of equipment & options on that equipment
- For the client, reduces risk one of the members may suffer cashflow issues. SourceOne can either substitute another member or provide more cash, or get two alliance members (similar standards, values remember) working together.

But I still do not know for sure who funds the package.

I think such a contract would have to be with SourceOne directly. Either Le Tourneau or Rowan might provide a float if needed, or alternatively flexible supply terms would be agreed to meet the package delivery aims.

It's crucial IMO we understand SourceOne and it's potential. It resolves many of the funding issues etc we've discussed on Specs BB, and until told otherwise I believe this may be the IDC replacement we've been waiting for.

If it's not, can anyone make the argument why they'd now need an IDC if they have funding from RBS bank facilities+cash+SourceOne funding+ profits?

There was one DIRECT reason why GME fell last Feb 2005 from 1.20. That was funding. It was funding that caused the placements, funding that caused turnover to be missed, funding that meant no contingency when restructure costs were more than expected. IF (and accept it's a big IF) SourceOne solves the funding problem (in the way IDC was meant to have done), then we own a company which has tremendous & unconstrained prospects.

So Wise one

what do we make of this?

CEO based in the US? Or is he moving back? Or are we moving towards cancelling the UK listing in favour of a US listing?

Global Marine Energy PLC
24 May 2006

24 May 2006



Global Marine Energy plc

Appointment of Chief Executive


Global Marine Energy plc, ('GME' or 'the Company'), the oilfield services
company, announces that Paul Findlay, the current Chief Executive of Patriot
Mechanical Handling, GME's US subsidiary, will take over as Group Chief
Executive with immediate effect.



Philip Wood becomes Executive Chairman and Stewart Wild steps down from the
Board with immediate effect.



Philip Wood commented:



'The appointment of Paul as CEO of the Group will help us to continue to drive
the business forward. Paul has a proven pedigree and the Board believes he is
the correct individual to lead the business, especially during this period of
high growth.'



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

Not much happenin ...yet...

Here'ss your clue how Global will do...
http://www.source1drilling.com/links.htm

OWL, another placing!!!!

FFS!! How much money do they need!!!!!?

This placing comes as no suprise.....why should it ?? weve had enough of them !!

But....why now at 15p and not last month at 20p-25p ?
Why the total lack of PR with the news ?
What were the facilities set up with the bank for ?

This management need to do some serious explaining or lose the confidence of the PI completly..IMO

Seems to me we have been pissed on from a great hight.....again :-(

Think we just have to hope Paul Findlay can take the reigns and make the three important phone calls.

Is one of them to GOD?

Think they're striking while the iron's hot.

If their 3 year business plan was financed, this will be extra cash.
They have 4.75m from Jan placing+4.0 (June placing)+RBS facilities (2m??)+ profits from completed work - total of between 10m-12m.

I guess the price could have been raised (e.g. back to 27p) then do a placing, Spec. however, it would just fall back again once placing announced.

Better to get it out of the way, knowing there are several institutions now with Open Interest at the 15-17p level. Cannot imagine they'd have a need for any more till the share price goes well over 50p. Even if they did, would the instis now let them dilute the big guys - be very surprised if they did!

Will probably go to the EGM to see what the questions are. Would be good to catch up as I'm working in Leeds currently so 12pm is no problem.

If orders are to be c20m for 2007, and they can deliver 40% margins, there should be a return within a year on the placings. Let's see.

Small buy today of 5000 shares. I'm hoping to add 15k more over next few weeks before July placing. Need to move a few monies first though. Wondering if any PI's are left in this thing!! Blimey - need a sense of humour ...

Have a good weekend.

Is the end of year results out tomorrow? Anyone?

Should be !

July 5th - EGM day, 7am I reckon.

Later is better as just 10-12 weeks to 2007 half-year profits.

THREAD CLOSED - PLEASE FEEL FREE TO START ANOTHER

11 Aug - Audited results show sales 4.76m rose to 11.2m (7m since interims) under Mr Findlay, CFO Mr Baer (Patriot), Mr Gibson (New Finance Director appointed in Jan)

Previous RNS gives order book at 24m in July with 'in excess of 3m' delivered in first 2 months of 2007 Financial year. Net cash 4m following placing.

I believe one can only sit and wait with this company as they have not shown they can be trusted. Great prospects though and if they pull it off, the share price will rise significantly, but promises have not been fulfilled so far. Good growth area but financial management has been a problem imo. Perhaps new FD can get to grips with that.

Global Marine Energy PLC
14 August 2006

14 August 2006



Global Marine Energy PLC
Orders secured totalling over US$9 million


Global Marine Energy plc, ('GME' or 'the Group'; stock code: GME), the oilfield
services business, announces that it has won orders totalling in excess of US$9
million from two companies in Singapore.


NIM Engineering Limited has secured a US$2.7 million order from Baker Marine for
anchor winches, whilst the US subsidiary, Patriot Mechanical Handling Inc, has
received orders totalling in excess of US$7.2 million from PPL Shipyard Private
Ltd ('PPL'), for pipe handling & drill floor equipment, and Neptune Marine Oil &
Gas Limited ('Neptune'), for handling and drilling products. Delivery of all
these orders is scheduled for 2007.


PPL is one of the world's leading rig manufacturers, with a number of
subsidiaries offering a range of services to the international offshore oil
industry, including Baker Marine, a specialist in jackup rig technology. PPL's
rig building activities are centred at its Singapore yard; to date these
facilities have fabricated over thirty rigs of various types and sizes.


Neptune is an emerging drilling contractor with an experienced management team.
It is aiming to become a major, quality offshore drilling contractor, focusing
on drill-ships and other mobile offshore assets within the Mediterranean, the
Black Sea, the Middle East, India and South East Asia markets.


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


'We are continuing to make progress in expanding our client base and in
developing relationships with the world's leading rig manufacturers. The orders
from Singapore are the culmination of several months' work and I am confident
that our team can build upon this and that we can continue to expand and grow
the Group worldwide.


'As an independent niche supplier to the oil industry, we have the opportunity
to increase turnover rapidly and to grow our market share in an expanding
marketplace.'


'The recent placing has put the company in a much stronger position to win
orders in the future, as has been shown with this set of orders. The stronger
balance sheet and additional cash have enabled us to fund the working capital
and performance bonds required to secure such orders. This fundraising has
enhanced GME's position in our market and we would like to express our thanks
for our shareholders support.'



For further information please contact:

Paul Findlay, Group Chief Executive, Global Marine Energy plc 01274 531 862

Mark Froggatt, Noble & Company Limited 020 7763 2200

Michael Padley / Susan Scott, Bankside Consultants 020 7367 8888






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

A promising announcement.
Looks as though fortunes are on the turn.
If the Company problems are indeed in the past then this is an exceedingly attractive level to buy in at.

9 million contracts in Singapore for Global Marine Energy

Global Marine Energy PLC oilfield services provider has won 2 contracts worth over 9 million. i.e Shipyard Pte Ltd and Neptune Marine Oil & Gas Ltd.

News of 14/08/2006

For the bulls among you:

http://www.britishbulls.com/StockPage.asp?CompanyTicker=GME&MarketTicker=Oil%20and%20Gas&Typ=S

Might have to top up tomorrow morning !!!!

http://www.edisoninvestmentresearch.co.uk/

Released today. A really fair piece of analysis, and shows what GME can do. Some very relevant bits of info in there too. Apparently, on pe of 3.0 for 2007!! - a must read.

Can they do a profit in H1 2007? - now that is an interesting question.