Posted: 13-May-05 at 14:13 | IP Logged

This is something a little different compared to all the others that I hold in my portfolio. Have watched this for a couple of weeks, and finally took the plunge today!!  Anyone else hold this?

Below is a recent tip for the MIDAS column

http://www.thisismoney.co.uk/news/columnists/article.html?in _article_id=400345&in_page_id=19&in_author_id=1822

MIDAS

Salvage firm to net £100m treasure trove

8 May 2005

AS the stock market enters choppier waters, it is time to review a number of recent Midas selections.

In general, we prefer to hold shares for the long term rather than trade in and out of them, but in some cases it is better to take profits - or cut losses - if the fundamental assumptions on which investment decisions were made have changed.

Either way, as the mini-boom in small-cap stocks peters out, we will be taking an increasingly defensive stance, highlighting those shares best suited to withstand any sustained downturn in the economy.

One of the more speculative stocks in the portfolio is deep-water salvage group SubSea Resources. The shares, which are listed on the Alternative Investment market, were tipped at 20½p in November.

A recent investor visit to the company's offices in Marseilles was accompanied by news that its first target would be a 19th Century wreck, codenamed Ella. The ship sank in relatively shallow Atlantic waters carrying a cargo of gold and silver coins worth up to £4m at today's prices.

Salvage costs are estimated to be no more than £1m and recovery work is due to begin in July. It means that SubSea has brought forward its first revenue-generating operation, while preparatory work continues on its original target, a ship codenamed Celia that sank in deep water in the Bay of Biscay with a valuable cargo of copper bars.

All told, SubSea has identified seven commercial cargoes with a total estimated gross value of £100m for recovery over the next three years.

SubSea will use equipment and methods that were successfully deployed to recover oil from the bowels of the tanker Prestige last year at a depth of 12,600 feet.

To that end, SubSea is working with offshore engineering group Saipem, which recovered the oil. Closer co-operation might ultimately see SubSea taken over by the much larger Italian outfit.

Posted: 13-May-05 at 14:24 | IP Logged

RNS Number:3177H

SubSea Resources PLC

13 January 2005

13 January 2005

For immediate release

                                  SubSea Resources PLC

                                   (or the "Company")

                        SUBSEA RESOURCES PLC - SURVEY RESULTS

                      First target vessel successfully surveyed

                           with salvage to begin late 2005

SubSea Resources plc (AIM: SUB) is pleased to announce, ahead of expectations,

that it has completed survey operations on Celia (code name used to protect the

true identity of the vessel), its first commercial salvage target.  The vessel

was found to be in good condition (as anticipated) and preparatory work is

underway to begin recovery of its approximately US$18 million copper cargo later

this year.

The survey was undertaken over a three day period in early January 2005.

Results of the survey, including extensive video taken by a remote operated

vehicle (ROV), are being analysed by the Company's engineering team as salvage

preparation work intensifies.

John Kingsford, Operations Director was on board during the survey and

commented:  "It was great to see Celia again.  I first surveyed her in 1986 but

only now do we have the necessary technology to undertake a complete salvage of

her cargo.  The state of the vessel was exactly as expected, with no significant

deterioration over the last two decades."

Celia is a commercial freight ship (length in excess of 150m) which sank in the

North Atlantic after the Second World War.  The wreck is upright, intact and

lying in over 1000m of water.  The estimated gross value of the cargo is in the

region of US$18 million.  The Company aims to salvage 80-90% of this, of which

it is entitled (under an exclusive contract with the cargo underwriters) to 89%

of the value.

The 60m DP (Dynamic Positioning) survey vessel "Adams Arrow" was leased from

Adams Offshore Limited.  The ROV was leased from Integrated Subsea Services

(ISS) of Aberdeen.

Video footage of the vessel will shortly be available on the Company's web site:

www.subsearesources.com

Posted: 13-May-05 at 14:49 | IP Logged

Hello m500589,

I looked at these when they floated in the Autumn last year, but thought I would hold off - they then fell to 18pps and I thought I would put my money into PCI which I did and 5 days later made a paper loss of 40%!!!

I think these guys are on to something, if you have a look at their website they claim to have a record of some 12,000 wrecks. They are planning to carryout a small scale operation in the summer to test their kit before moving on to their first main wreck named 'Celia'. I know that RHPS are currently tipping them as a hold, but I can definately seeing them going places!

Cheers

Posted: 13-May-05 at 14:56 | IP Logged

u769869,

Thanks for the response / info.   you have a name similar mine!!!

Yeah I think this has good prospects, and it is a very interesting one to follow, especially all the info on the wreckages!!

Do you hold these now then??

Heres hoping for a decent return from this!

Posted: 13-May-05 at 15:03 | IP Logged

m500589, Eman,

I don't hold any as yet as I thought I would wait for their results of their 'test' salvage. I agree with Eman that it could very well be hit and miss especially at the depths that they are talking about - that being said the company is being run by people with many years in deep sea operations (hence their significant database of wrecks). And if they are successful then yes, the rewards could be significant.

Cheers