- May 20, 2004
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SALVAGE COMPANY'S FLOTATION FOR A DIVE INTO OCEAN'S DEPTHS
Greg Wright
Deputy Business Editor
THEY set sail full of hope, carrying supplies to war-ravaged Britain.
Sadly, many never reached their destination, taking their cargo into the depths, where many believed they would lie forever.
A Yorkshire salvage expert plans to find wrecked ships from the First and Second World Wars, and recover and sell the commodity-grade metals trapped inside them.
Graham Jessop, from Keighley in West Yorkshire, is chief executive of marine salvage company Deep6, which today announced its intention to float on the Alternative Investment Market (AIM) later this month.
The company specialises in recovering non-ferrous metals from deepwater wrecks that can't be found by normal commercial divers.
Deep6 has bought one of the largest archives of 20th century shipping losses, including records of 234 shipwrecks and their cargoes.
Mr Jessop said he hoped to trace and excavate a large number of these wrecks. He stressed that he was no treasure hunter; all the wrecks would be searched with sensitivity.
The company's ship ? Deepworker ? is moored in Hull, where it is being converted into a specialised salvage vessel.
The AIM flotation is expected to raise enough cash to buy a second and larger recovery ship.
Mr Jessop is from a diving dynasty. With his father Keith, he salvaged gold bullion from the wreck of the sunken cruiser HMS Edinburgh in the Barents Sea off Norway in 1981.
Mr Jessop said Deep6 has an "unrivalled database" of shipwrecks, and its equipment can reach 97 per cent of the world's oceans. It's also poised to benefit from rising metals prices.
"There is a keen interest in deep water recovery," he said. "We are going ever deeper and deeper. We have got a period of high metal prices making it very viable to recover metals from First and Second World War vessels. We are hoping to recycle these metals and put them back in the metal market."
The group's three-year programme will focus on the salvaging of seven shipwrecks. For reasons of commercial confidentiality, Mr Jessop won't name any of the wrecks. However, he confirmed that they contain high-value metal cargoes, such as copper and tin. The group intends to mount its first recovery operation during the third quarter of 2006.
Deep6 has studied video recordings from the seven wrecks, and taken cargo samples.
Cross checks have been made with historical sources. Based on this research, the directors calculate that these wrecks contain more than 18,000 tonnes of metal cargo.
The company's archive is based on the EXMAR Database, which was developed by bosses at Risdon Beasley Marine, the dominant company in the marine salvage industry after the Second World War, which closed down in the 1980s. The records have recently been updated by Blue Water Recoveries.
Deep6 has signed an arrangement with Blue Water Recoveries which allows it to use the services of David Mearns, an expert in shipwreck location, who will be contracted to research and find the wrecks.
Deep6 will extract metals from wrecks at depths down to 6,000 metres. Mr Jessop and his team plan to use a remotely operated vehicle (ROV) to get inside the wrecks and bring cargo to the surface.
The ROV will be fitted with thrusters as well as low-light cameras, high-definition sonar equipment and powerful lights to enable the pilot to navigate the vehicle around the wreck, and ensure that no unwanted material is collected.
Mr Jessop added: "Serious competition in this sector is minimal, and continued advancements in deep water technology have dramatically increased the number of available wrecks and their valuable cargoes. This, combined with resilient commodity prices, provides Deep6 with a compelling opportunity both now and into the future."
Seymour Pierce is acting as nominated adviser and broker to Deep6.
[email protected].u k
02 May 2006
http://www.yorkshiretoday.co.uk/ViewArticle2.aspx?SectionID=1299&ArticleID=1476393
Greg Wright
Deputy Business Editor
THEY set sail full of hope, carrying supplies to war-ravaged Britain.
Sadly, many never reached their destination, taking their cargo into the depths, where many believed they would lie forever.
A Yorkshire salvage expert plans to find wrecked ships from the First and Second World Wars, and recover and sell the commodity-grade metals trapped inside them.
Graham Jessop, from Keighley in West Yorkshire, is chief executive of marine salvage company Deep6, which today announced its intention to float on the Alternative Investment Market (AIM) later this month.
The company specialises in recovering non-ferrous metals from deepwater wrecks that can't be found by normal commercial divers.
Deep6 has bought one of the largest archives of 20th century shipping losses, including records of 234 shipwrecks and their cargoes.
Mr Jessop said he hoped to trace and excavate a large number of these wrecks. He stressed that he was no treasure hunter; all the wrecks would be searched with sensitivity.
The company's ship ? Deepworker ? is moored in Hull, where it is being converted into a specialised salvage vessel.
The AIM flotation is expected to raise enough cash to buy a second and larger recovery ship.
Mr Jessop is from a diving dynasty. With his father Keith, he salvaged gold bullion from the wreck of the sunken cruiser HMS Edinburgh in the Barents Sea off Norway in 1981.
Mr Jessop said Deep6 has an "unrivalled database" of shipwrecks, and its equipment can reach 97 per cent of the world's oceans. It's also poised to benefit from rising metals prices.
"There is a keen interest in deep water recovery," he said. "We are going ever deeper and deeper. We have got a period of high metal prices making it very viable to recover metals from First and Second World War vessels. We are hoping to recycle these metals and put them back in the metal market."
The group's three-year programme will focus on the salvaging of seven shipwrecks. For reasons of commercial confidentiality, Mr Jessop won't name any of the wrecks. However, he confirmed that they contain high-value metal cargoes, such as copper and tin. The group intends to mount its first recovery operation during the third quarter of 2006.
Deep6 has studied video recordings from the seven wrecks, and taken cargo samples.
Cross checks have been made with historical sources. Based on this research, the directors calculate that these wrecks contain more than 18,000 tonnes of metal cargo.
The company's archive is based on the EXMAR Database, which was developed by bosses at Risdon Beasley Marine, the dominant company in the marine salvage industry after the Second World War, which closed down in the 1980s. The records have recently been updated by Blue Water Recoveries.
Deep6 has signed an arrangement with Blue Water Recoveries which allows it to use the services of David Mearns, an expert in shipwreck location, who will be contracted to research and find the wrecks.
Deep6 will extract metals from wrecks at depths down to 6,000 metres. Mr Jessop and his team plan to use a remotely operated vehicle (ROV) to get inside the wrecks and bring cargo to the surface.
The ROV will be fitted with thrusters as well as low-light cameras, high-definition sonar equipment and powerful lights to enable the pilot to navigate the vehicle around the wreck, and ensure that no unwanted material is collected.
Mr Jessop added: "Serious competition in this sector is minimal, and continued advancements in deep water technology have dramatically increased the number of available wrecks and their valuable cargoes. This, combined with resilient commodity prices, provides Deep6 with a compelling opportunity both now and into the future."
Seymour Pierce is acting as nominated adviser and broker to Deep6.
[email protected].u k
02 May 2006
http://www.yorkshiretoday.co.uk/ViewArticle2.aspx?SectionID=1299&ArticleID=1476393