Initially, msubs.com was just a convenient email address but MSubs Ltd was incorporated in July 2006 with the purpose of building the S201 2-man submersible for an American client. At that time, it was 100% owned by my wife Gill and I as a zero-asset accounting entity. This would normally have been liquidated upon the completion of the project in July 2007. However, the client was pleased with how the project had gone, and wished to keep it open and put money in to build more submarines. I retained a 25% share and my position as managing director and principal engineer until I sold my interest and left in Dec 2012. Marlin Engineering, later Steel Fish Ltd, continued in parallel during this time renting the production equipment to MSubs Ltd. Part of the sale agreement was for me to trade under a different name in the future, hence the change-over from Marlin to Steel Fish Ltd, which had been incorporated a year after MSubs in 2007.