Please select your home edition
Edition
Barz Optics - Polarised and non-polarised readers for sailors

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.
Sail Exchange 660x82 1Wildwind 2016 660x82PredictWind.com 2014

Related Articles

Debbie says the 8thP with Insurance is Patience (Pt.II)
We’re back to keep exploring the nature of TC Debbie and how she came to tell us about the eighth P of insurance We’re back to keep exploring the nature of TC Debbie and how she came to tell us about the eighth P of insurance. We looked at what it was like to come into a disaster zone and now we see the evidence of those that did the right thing, and how the area is already on the road to recovery.
Posted today at 1:24 am
New addition to North Sail for Volvo Ocean 65 racing machines
Their sails have powered eight out of nine Volvo Ocean Race winners since 1989-90, with Steinlager 2. Instead of assembling cloth panels into a particular sail shape, the Volvo Ocean Race sails are composites. This means that 3Di material 'tapes' are laid in a specific arrangement, offering stable structure to the sail where it is needed most.
Posted on 24 Apr
Spinlock presented with Queen's Award for Enterprise - Innovation
The Queen's Awards for Enterprise are the UK's most prestigious business awards that celebrate business excellence. Spinlock, designers and manufacturers of rope holding equipment and personal safety products for leisure and commercial water users, are delighted to announce they are winners of the 2017 Queen's Award for Enterprise: Innovation.
Posted on 21 Apr
Wichard Pacific returns to Sanctuary Cove International Boat Show
The company will be unveiling several products at SCIBS 2017, including the all-new Facnor hydraulic flying sail furler Returning to the 2017 Sanctuary Cove International Boat Show is marine safety equipment manufacturer Wichard Pacific, showcasing the latest from brands including Profurl, Tye Tech and Sparcraft.
Posted on 21 Apr
Sailing Instructors wanted at Pacific Sailing School on Sydney Harbour
The Pacific Sailing School at Rushcutters Bay, next to the Cruising Yacht Club, require sailing instructors. The Pacific Sailing School at Rushcutters Bay, next to the Cruising Yacht Club, require sailing instructors. Candidates should have at least five years sailing experience, preferably including dinghy sailing. Be at least 18 years old and be able to work at weekends. People skills are a distinct advantage.
Posted on 21 Apr
Eggcellent deals on stock to clear
Fashionable men's jacket with hood. Ripstop fabric cuffs and hem. Great jacket for fans of the Extreme Sailing Series. Very light weight racing jacket with PU coating. Waterproof pockets at front and sleeve. Neoprene waistband with anti slip. Adjustable cuffs at waist with Velcro. Waterproof and breathable. You can see the waterproof/windproof rating on site.
Posted on 18 Apr
Commodore John Markos of CYCA leads visit to China
This is the first time in the nearly 73 year history of the race that the event organisers will be visiting China. During the visit, the delegation will visit Shenzhen, Guangzhou and Shanghai. They will be invited to attend the opening ceremony of the China (Shanghai) International Boat Show in 2017.
Posted on 13 Apr
Bring on April showers
Let it rain - Shop waterproof jackets. The ultimate breathable and waterproof protection. From the sea to the street. Let it rain - Shop waterproof jackets. The ultimate breathable and waterproof protection. From the sea to the street. Bring on April Showers.
Posted on 13 Apr
Wichard announce a new carbon fibre – olivewood knife
Sailors know that at some time during racing or cruising a knife is a useful accessory to have handy. Sailors know that at some time during racing or cruising a knife is a useful accessory to have handy. There are multiple uses for a knife on board and a knife designed specifically for those tasks unique to sailing is the best option. Wichard have announced the availability of a purpose designed sailing knife that is a classic, elegant and modern design which blends aramid and carbon fibre
Posted on 7 Apr
Save on GO XSE during Simrad® Just GO! Promotion
You can fit boat with an all-in-one navigation product for cruising, fishing and keep more of your money where you want You can fit your boat with an all-in-one navigation product for cruising, fishing and watersports and keep more of your money where you want it – in your wallet.
Posted on 6 Apr