Find the game folder on your hard drive. Usually it's Program Files/Ubisoft/Silent Hunter III, IIRC that's the default location when the game is installed from the setup.exe file.
Create another folder on your hard drive in whatever location you want to put the new install in and give it whatever name you want the new installation to have.
Copy all the files in the original game folder to the new folder.
Worked for me!
