- May 20, 2004
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For those of you who are following the expeditions of our friends at SubSea, and may like to invest in some of the shipwreck salvage companies, this article appeared on Sharecast.com this morning.
Q
LONDON (SHARECAST) - Ship wreck salvage group SubSea Resources lost a little ground today after it reported increased half year losses.
The company posted a pre-tax loss of ?922,742 for the six months to 30 September against ?239,644 in the six months to 31 March and said debts due to creditors within one year hit ?1.09m from ?148,000 before.
Chairman Christopher Rowe said the discovery of Ella, a ?magnificent cargo?, was a very exciting moment for the company and vindicated its research based approach.
The cargo, which includes gold and silver bullion, should all be recovered in 2006.
The Celia project is expected to be concluded during the summer of 2006 and recent moves in the price of copper have lifted the value of the project to the company as the gross value of the cargo now exceeds $24m.
?Although it is most unlikely that the entire cargo will be recovered it is none the less a move in the right direction,? said Rowe.
The other main operational issue for the period has been the acquisition and renovation of the company's Survey and Recovery vessel ?John Lethbridge?.
The ship will enter operational service in March next year and has a program of work planned for the next two years, which will allow the vessel to make a ?significant? contribution to the company's revenues, added Rowe.
SubSea also remains on schedule in respect to the development of recovery equipment.
Q
LONDON (SHARECAST) - Ship wreck salvage group SubSea Resources lost a little ground today after it reported increased half year losses.
The company posted a pre-tax loss of ?922,742 for the six months to 30 September against ?239,644 in the six months to 31 March and said debts due to creditors within one year hit ?1.09m from ?148,000 before.
Chairman Christopher Rowe said the discovery of Ella, a ?magnificent cargo?, was a very exciting moment for the company and vindicated its research based approach.
The cargo, which includes gold and silver bullion, should all be recovered in 2006.
The Celia project is expected to be concluded during the summer of 2006 and recent moves in the price of copper have lifted the value of the project to the company as the gross value of the cargo now exceeds $24m.
?Although it is most unlikely that the entire cargo will be recovered it is none the less a move in the right direction,? said Rowe.
The other main operational issue for the period has been the acquisition and renovation of the company's Survey and Recovery vessel ?John Lethbridge?.
The ship will enter operational service in March next year and has a program of work planned for the next two years, which will allow the vessel to make a ?significant? contribution to the company's revenues, added Rowe.
SubSea also remains on schedule in respect to the development of recovery equipment.
