Subsea Resources reports first target vessel successfully surveyed

News - January 21, 2005

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SubSea Resources plc has announced 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. 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 ofthe 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 1,000m of water. The estimated gross value of the cargo is in the region of US$18 million. The company aims to salvage 80-90 per cent of this, of which it is entitled (under an exclusive contract with the cargo underwriters) to 89 per cent of the value.

The 60m DP survey vessel Adams Arrow was chartered from Adams Offshore Limited for the project and a 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:

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