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%

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!

Just to clarify, I meant TO of 6m for H2, making 10+m for the full year. I estimate we need 5.50m TO in H2 to break even in H2 alone and 6.85m TO in H2 to break even for full year to March 2006. Somewhere in the middle would be consistent with "the Company is now trading profitably", however short of saying that the company would break even or better for the full year. So I'm sticking with my 6m H2 TO as the correct order of magnitude - makes about 10m for the year (which I seem to remember being mentioned previously??) with a small loss for the full year of about 300k .

Taking the 11m order boook into account and a generally boyant mood (I detect), lets say we turn over 15m for 2007 at 37.5% gross margin and 5m overhead (assuming it grows 20% to cope with 50% increased sales) with zero interest charge (now we are in funds and trading profitably) - makes a profit before/after tax of 625k for 2007 = 0.0212p EPS and a PE of 12.

Wish I'd had a 300k loan to convert into common stock!

sd

LOL
We shall see, years of B.S. from this lot have made me a cynic, I recall talking to the CEO some 5 years back, telling me things were wonderful- well he would, well they all do, well they all will, hah, its our $$$ not theirs!!

g`luck

Happy New Year all!

Fundamentals
8.76M 'delivered' sales in 18 months to 30 Sept 05. Run rate ~500k pm and now profitable. Order book of >11M (7m 1 year ago). Probably no more dilution.
c5m from placings+Cornell+RBS funds available. Balance sheet good. Chairman 1m invested, Big holdings in co. by UBS et al...and no one yet knows or cares about GME. Perfect setup.

From Todays Evening Standard
GOOD on you, Philip Wood. You may have quit as a non-executive director of scandal-struck Lang bar International on 19 December when turnaround specialist David Buchler moved in (shortly after the Serious Fraud Office began probing the "missing" 365 million). But that didn't stop you, two days later, accepting 25 million share options in oil and gas services company Global Marine Energy, where you remain chairman and a major shareholder. This is the same Global Marine Energy that was forced to abandon its International Drilling Corporation rig-building division following the furore surrounding its joint venture partner: Langbar International. Since Langbar's shares were suspended in October, Global Marine's stock has collapsed from O.39p to O.25p. OK, the crash is mainly due to a discounted issue of new shares, but IDC'sfate hardly helped. In the light of the publicity surrounding Wood's resignation from Langbar the following month, would Global Marine havefound investors so ready
to part with 4. 7 million in November's share placing?

Owl what do you think of the above artical and more importantly I wonder what Wood makes of it.


I still want to buy more shares but think I will wait until after consolidation.