Please select your home edition
Edition
Sailing Raceboats 2016/17 RS Feva 728x90

Odyssey Marine Exploration to start commodity wreck program

by Odyssey Marine Exploration on 21 Sep 2012
. .
Odyssey Marine Exploration are pioneers in the field of deep-ocean exploration and have today announced that the company has received project approval and salvage contracts from ship owners for a major multi-year commodity shipwreck program with a potential total recovery value of more than $230 million based upon current commodity prices and related assumptions.

The company has negotiated salvage contracts with ship owners that will award 90% of the net recovered cargo value to Odyssey for four separate deep-ocean shipwrecks carrying valuable commodities when they sank. There are additional valuable shipwrecks that do not require salvage agreements that can be added to the program and undertaken while Odyssey has a ship and equipment nearby.

Planning is underway to assemble the necessary ship and equipment for the recovery of these cargoes, which is targeted to begin as early as the second quarter of 2013. Search operations are anticipated to be completed very quickly with the recovery vessel so operations can flow directly from confirmation to cargo recovery. In addition, Odyssey has received an expression of interest from an investment group interest in providing non-dilutive funding to take the project to the stage where it will generate positive cash flow. Odyssey will evaluate this proposal, other potential non-dilutive options, and the possibility of self-funding the operation to determine the best course of action for long-term shareholder value.

'The work that we’ve been doing this summer on the Gairsoppa and Mantola projects confirms that our team can successfully conduct recovery operations on modern metal shipwrecks in the deep ocean. Based on this experience, we’ll be adding some equipment to our suite of tools and improving others,' said Mark Gordon, Odyssey President and COO. 'This program is another opportunity to diversify our project and capabilities portfolio, which also includes archaeological excavation, conservation and documentation of historic shipwrecks as well as mineral exploration in the deep ocean.'

In addition, Odyssey recently acquired a large private research archive that features a significant amount of primary historical data, including manifests, cargo contracts and other documents previously unavailable to the public or researchers. This huge collection of documents includes approximately 3,200 shipwrecks in Europe, the Americas, Mediterranean Sea, Asia and Indian Ocean regions. The cargoes listed include gold, silver, commodity metals and other cargo – some of which are not represented in Odyssey’s own databases.

'We were very fortunate to be able to acquire this archive in a private transaction' said Greg Stemm, Odyssey CEO. 'The company that created this archive over a period of more than 50 years was one of the world’s most successful commodity and gold salvage companies. Their archive is filled with valuable cargoes that were beyond their reach but are well within the capabilities of our technology. Our research department is currently analyzing and organizing the collection, but we’ve already come across some very interesting potential targets that we weren’t aware carried valuable cargoes. We’re looking forward to using this research in the development of future projects and to increase data available for projects already in our database.'

Odyssey’s operations in the North Atlantic are still underway after a charter extension, and Odyssey expects to provide an update on the Gairsoppa and Mantola projects on or before October 5, 2012.

For details on Odyssey's activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.
Zhik ZKG 660x82Hamilton Island LuxuryFremantle to Bali Race 660x82

Related Articles

Bali attracts early interest
Interest in the 2017 Bali adventure, even at this early stage, is encouraging. Interest in the 2017 Bali adventure, even at this early stage, is encouraging. At first, the 2017 race and rally retains its traditional route to Benoa but from there it offers greater attractions than ever with the inclusion of an extension to the Javanese port of Banyuwangi and an organised “Spice Islands Rally”, a one-week circumnavigation of the island of Bali.
Posted on 29 Jul
2016 Hamilton Island Race Week - Best accommodation deals
Have you booked your accommodation for Hamilton Island Race Week 2016? Have you booked your accommodation for Hamilton Island Race Week 2016? Due to some last minute cancellations we still have some great properties available!
Posted on 28 Jul
Doors open on Thursday for Sydney International Boat Show
Doors open on Thursday for the 49th running of the Sydney International Boat Show. Doors open on Thursday for the 49th running of the Sydney International Boat Show. This year will prove to be educational, entertaining and a great day out for all the family.
Posted on 27 Jul
2016 Hamilton Island Race Week - Best accommodation options
Have you booked your accommodation for Hamilton Island Race Week 2016? 2016 Hamilton Island Race Week - Have you booked your accommodation for Hamilton Island Race Week 2016? The below list of properties are all still available for Race Week and we are offering great deals so secure your last minute spot today!
Posted on 25 Jul
America's Cup - Southern Spars to build AC50 for Emirates Team NZ
Southern Spars has been appointed to build Emirates Team New Zealand’s AC50 wingsailed foiling catamaran One of the world's leading composite engineering companies, Southern Spars has been appointed to build Emirates Team New Zealand’s AC50 wingsailed foiling catamaran for the 35th America’s Cup campaign. The move marks a shift away from Cookson Boats who have been Team New Zealand's boatbuilder since 2000. No reasons have been given for the decision to change the builder.
Posted on 24 Jul
A boater's paradise at the Sydney International Boat Show
Australians with a passion for the outdoors are set for a treat when Sydney International Boat Show opens on Thursday Australians with a passion for the outdoors are set for a treat when the Sydney International Boat Show opens on Thursday. Scheduled to run for five days from 28 July to 1 August, it is an annual pilgrimage that has delivered joy to generations of boaties.
Posted on 23 Jul
2016 Hamilton Island Race Week - Best accommodation deals
Have you booked your accommodation for Hamilton Island Race Week 2016? Have you booked your accommodation for Hamilton Island Race Week 2016? All the best properties book out early, so make sure you book soon to secure your preferred option.
Posted on 20 Jul
X-Yachts Australia announces to exhibit yachts at the Sydney Boat Show
The seascape 18 is a success and is displayed again. She's fun and fast but you can take the family away camping as well The Xp 38 has been a very popular model in the X-Yachts range. Designed as a performance cruiser, the interior offers all of the modern comforts that one would expect with the finest Danish joinery that X-Yachts are renowned for.
Posted on 18 Jul
2016 Hamilton Island Race Week - Accommodation deals
Have you booked your accommodation for Hamilton Island Race Week 2016? Have you booked your accommodation for Hamilton Island Race Week 2016? All the best properties book out early, so make sure you book soon to secure your preferred option.
Posted on 11 Jul
Upffront.com - Tuff Luff and Harken Headfoils
Upffront.com is a comprehensive online purchasing platform for performance sailing hardware and rigging systems Upffront.com is a comprehensive online purchasing platform for performance sailing hardware and rigging systems; orders are processed 24 hours a day, 365 days a year and we deliver to customers located anywhere in the world.
Posted on 8 Jul