Welcome to the 25th issue of Submarine Telecoms Forum, published in March 2006, focusing on the Finance & Legal aspects of the submarine telecommunications industry. This edition captures the optimism of spring with insightful articles on the positive trends in the submarine systems market, cable security, and the benefits of all-Raman technology. It also addresses environmental risks associated with cable decommissioning and recent technological advancements. The issue includes a continuation of the discussion on terrorism and cable infrastructure, along with a variety of expert opinions and industry updates. As always, readers can enjoy the popular feature on the whereabouts of cableships around the world.