piratediver
Sr. Member
Triton Project Could Yield Up to $400 Million
Oceanic Research & Recovery Releases Potential Recovery Numbers
February 13, 2009: 09:00 AM ET
Oceanic Research and Recovery, Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced its newly unveiled project, code-named "Triton," could yield cargo with a fair market value of up to $400 million.
"Based on historical data and market research, ORRV has reason to believe the combined fair-market value of the cargo carried by these ships is estimated at $300 million to $400 million. This valuation is based on a number of factors including: total recovery of 80 %, 15 % loss due to salt water corrosion and wholesale numismatic values," according to Scott Heimdal, President of RS Operations.
The Triton Project encompasses three different Colonial-era shipwrecks, each carrying large shipments of ore species; one of which was partially salvaged shortly after sinking.
As previously stated, Project Triton falls within the company's current operational capabilities. No significant capital expenditures for a salvage ship, survey instrumentation or recovery equipment will be required to move this project forward.
RS Operations (RSOPS) and ORRV announced earlier this week that a merger between the two companies had been completed. The two marine salvage companies merged their assets and management teams. The company intends to continue shallow-water activities while preparations are made to begin targeting deep-water shipwrecks.
For more information on RS Operations and ORRV please go to www.rsoperations.com.
Oceanic Research & Recovery Releases Potential Recovery Numbers
February 13, 2009: 09:00 AM ET
Oceanic Research and Recovery, Inc. (PINKSHEETS: ORRV), a marine salvage and exploration company, today announced its newly unveiled project, code-named "Triton," could yield cargo with a fair market value of up to $400 million.
"Based on historical data and market research, ORRV has reason to believe the combined fair-market value of the cargo carried by these ships is estimated at $300 million to $400 million. This valuation is based on a number of factors including: total recovery of 80 %, 15 % loss due to salt water corrosion and wholesale numismatic values," according to Scott Heimdal, President of RS Operations.
The Triton Project encompasses three different Colonial-era shipwrecks, each carrying large shipments of ore species; one of which was partially salvaged shortly after sinking.
As previously stated, Project Triton falls within the company's current operational capabilities. No significant capital expenditures for a salvage ship, survey instrumentation or recovery equipment will be required to move this project forward.
RS Operations (RSOPS) and ORRV announced earlier this week that a merger between the two companies had been completed. The two marine salvage companies merged their assets and management teams. The company intends to continue shallow-water activities while preparations are made to begin targeting deep-water shipwrecks.
For more information on RS Operations and ORRV please go to www.rsoperations.com.
