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Contract Awards: SUBSEA RESOURCES PLC - Contract announcement

Posted on 23.12.2005 - 06:52 EST in CONTRACT AWARDS by admin

SubSea  Resources plcSubsea Resources PLC (AIM: SUB) is pleased to report that on Thursday 22nd December 2003 the Company reached agreement with underwriters in respect of a 20th Century cargo of Aluminium.

The wreck, code named Sally, sank in the late 20th Century and lies in close proximity and at similar depth to the Company’s primary target for 2006 – Project Celia (5,500 tonnes copper). Sally, thought to be carrying some 8,500 tonnes of aluminium, is being prepared as an immediate follow on project to Celia.

John Kingsford, Operations Director noted that:

“in the happy event that we complete Celia ahead of schedule then Sally will be a simple target for the recovery team to move to in a short space of time and with no re-tooling required”.

The Company can return to the wreck at a later date without revising the agreed contract. In the event that the work schedule for 2006 does not allow the project to move ahead, it is likely that Sally will then form the follow on project for Miranda (4,500 tonnes nickel), which is scheduled for summer 2007.

The terms of the recovery contract are based on a standard salvage agreement and will allow the Company to retain some 90% of the recovered cargo.

More on SubSea Resources

The principal activity of SubSea Resources Plc., which joined AIM in November 2004, is the recovery of high value non-ferrous metals and other valuable cargoes from deep water ship-wrecks (in excess of 1000m). This activity primarily involves the location and recovery of bulk cargoes of non-ferrous metals in modern metal-hulled wrecks, where title can easily be established and where original owners can be identified (“commercial salvage”).

Following the Ella and Celia cargo recoveries, a further five commercial salvage projects are planned over the next three years. The total estimated gross cargo value of the initial programme is approximately US$ 250 million based on values at 30 September 2005.

Source: SubSea Resources PLC

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