Odyssey Marine Article...

Odyssey PR...

TAMPA, Fla., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. /quotes/zigman/63925/quotes/nls/omex OMEX -4.26% , pioneers in the field of deep-ocean exploration, provided an operational update relating to the activities of the three ships which are currently engaged in Odyssey projects.

The chartered vessel working on the SS Gairsoppa project, the Seabed Worker, will make a scheduled port call in Cork, Ireland, beginning August 15, 2012. After taking on fuel, supplies and changing personnel, the Seabed Worker will immediately return to the site to continue recovery operations. In accordance with the strategic recovery plan, no materials recovered from the shipwreck site will be landed during this port call in Ireland. Consistent with the agreement with the UK Government, the company will not comment on the status of operations or recovery of cargo until any additional silver recovered has been transported to the secure facility in the United Kingdom.

"We have elected to make our regularly scheduled crew change port call in Ireland on this trip as the port of Cork is much closer to the Gairsoppa shipwreck site than the UK port we will use for offloading cargo. Scheduling this port call here gives us an additional two, or more, working days on the site during the best weather period of the year," said Mark Gordon, Odyssey President and COO, "Also, there is already more than a 10 week accumulation of silver in the smelting and monetization process from the first load of silver delivered during the last port call."

Preliminary assay results, testing a sample of the silver already recovered and delivered, have been received. A sample of 30 of the silver ingots reveals silver (Ag) composition of between 91.661% and 92.051% which is exactly in line with our expectations. Two of the bars were also tested for gold (Au) content. As these bars registered between .030% and .040% gold, additional bars will be assayed and steps will be taken to recover the gold during the processing.

Odyssey also reported today on progress with the Victory project. The Company has concluded the archaeological pre-disturbance phases outlined in the Project Design which were to be completed prior to the recovery of artifacts. A detailed site map is being compiled and will feature extensive documentation relating to the site formation obtained with the use of a number of specialized remote sensing technologies and photomosaic imagery. Mapping and identification of anomalies lying outside the site have also been completed. This process has provided a better understanding of the extent of the site, including identification and recording of artifacts associated with the shipwreck that have either been dragged off the site by trawlers or deposited during the sinking process. The Odyssey Explorer will be engaged in additional search and target inspection operations as a continuation of its "Atlas" project while awaiting instructions from the Maritime Heritage Foundation to proceed to the next phases of operations on the Victory site.

The Company also announced that the Dorado Discovery has been moved to Ensenada, Mexico to complete scheduled maintenance and upgrades prior to beginning its next project which is scheduled to commence in September.
 

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Odyssey to Begin Commodity Wreck Program

Press Release: Odyssey Marine Exploration, Inc.

Salvage Contracts in Place for Four 20th-Century Shipwreck Projects

Rare Shipwreck Archive Acquired to Enhance Odyssey's Commodity Wreck Database

TAMPA, Fla., Sept. 20, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration (OMEX), pioneers in the field of deep-ocean exploration, 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 interested 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.

 

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And some people thought OME were worried about losing a few coins to Spain !

AUVnav, Alexandre and the Spanish contingent have all been a bit quiet lately; maybe they are all sulking at OME’s success.


jeff k said:
Odyssey to Begin Commodity Wreck Program

Press Release: Odyssey Marine Exploration, Inc.

Salvage Contracts in Place for Four 20th-Century Shipwreck Projects

Rare Shipwreck Archive Acquired to Enhance Odyssey's Commodity Wreck Database

TAMPA, Fla., Sept. 20, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration (OMEX), pioneers in the field of deep-ocean exploration, 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 interested 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.
Click to expand...
 

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VOC said:
And some people thought OME were worried about losing a few coins to Spain !

AUVnav, Alexandre and the Spanish contingent have all been a bit quiet lately; maybe they are all sulking at OME’s success.
Click to expand...
I have always said British comedians are the best:laughing9: .
How are you doing mate ! Spain is currently banging heads with Gibraltar,
Good luck to OME they are a good salvage company, especially when they have permission !!!!
Ossy
 

With over $150 million dollars in losses...

Success is not measured by how much money one spends looking.
 

Glad to see your both alive and kicking

AUVnav, you can call it losses or you can call it set up cost, any business that is in for the long term has to front end load its operations ( steel plants, manufacturing, real estate developers etc.) what you need to see is what it shows after it has finished its game plan.

OME has had to locate its wrecks, invest in vessels and technology, invest in and develop its workforce and supply chain and prove to the world they cam do it and are the best in the game etc.

Over the next ten years OME and its investors will reap the rewards of all that investment.

I say good look to them at least they are out there doing it for real as opposed to the many treasure hunting investment scams that we have seen over the years.
 

Word on the street is that Odyssey bought Mearns files...any truth to that?
 

AUVnav said:
Word on the street is that Odyssey bought Mearns files...any truth to that?
Click to expand...

I would be very surprised if that was true, but I have not heard anything this side of the pond (although there are a few good UK researchers holding big well researched data sets of suitable wrecks that may be in the frame).

Bluewater is working with Microsoft’s Paul Allen at the moment, so should not be short of cash at the moment. ( http://www.telegraph.co.uk/history/world-war-two/9436069/Microsoft-founder-to-recover-bell-from-HMS-Hood.html# ).
 

I think it is time for us to all realize that the big players with advanced technology will, in the next 10 to 40 years discover, map, photograph and perhaps salvage most, i not all of the old deep-water wrecks in the world. Sonar equipment becomes more like photography as it improves, mapping and location technologies are maturing and more and more of the ocean floor is being mapped by government and civilian ships, as well as remote-imaging from planes and satellites. AUV and ROV technologies are becoming more robust and dependable but it will never be inexpensive to work in the abyss. Millions of dollars in ships and technology are necessary to work out there leaving US all the territory from the dunes to the edge of the continental shelf!
 

VOC,

There is virtually only one company that would be considered the "worlds most successful commodity and gold salvage companies". After all, BWR did sell them the site location for the Mantola and the survey data for the Garisoppa.

BWR started with recovery of commodity cargoes with DSWL with the acquired Rizdon Beasleys files, and after DSWL broke up, BWR went on a different path, so those commodity shipwrecks from RBI would be from BWR.

Craigie-Halkett from RBI and DSWL is now with Robert Fraser.

Since Mearns isnt in that business any longer, it makes sense for RBI to sell them to Odyssey.




 

AUVnav said:
VOC,

There is virtually only one company that would be considered the "worlds most successful commodity and gold salvage companies". After all, BWR did sell them the site location for the Mantola and the survey data for the Garisoppa.

BWR started with recovery of commodity cargoes with DSWL with the acquired Rizdon Beasleys files, and after DSWL broke up, BWR went on a different path, so those commodity shipwrecks from RBI would be from BWR.

Craigie-Halkett from RBI and DSWL is now with Robert Fraser.

Since Mearns isnt in that business any longer, it makes sense for RBI to sell them to Odyssey.
Click to expand...

He didn't sell them the site location for the Mantola. In fact, his Mantola data was no help at all.
 

"BWR has provided Odyssey Marine Exploration of Tampa, Florida with proprietary trade-secret research and survey information used during their successful searches for the wrecks of SS Gairsoppa and SS Mantola. In the case of Gairsoppa, BWR’s extensive and high-quality survey data, covering a search box of approximately 650 square nautical miles, enabled Odyssey to rule out this area encompassing where the wreck was reported to have been sunk by the German submarine. With BWR’s information Odyssey was able to focus its search on the nearest probable sinking position of Gairsoppa resulting in the wreck being located well ahead of schedule."

Blue Water Recoveries

As you claim to know about the Mantola, what about the rest of the post? Did they get the files?
 

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Odyssey Provides Operations Update

Gairsoppa & Mantola Recovery Operations Completed for 2012 - Resuming Spring 2013

Additional Shipwreck Project Operations Continue Through Winter

Seafloor Mineral Assets See Significant Progress and Increased Valuation

TAMPA, Fla., Sept. 25, 2012 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration (OMEX), pioneers in the field of deep-ocean exploration, today provided an operations update on several projects.

Due to current weather conditions in the North Atlantic and the previous commitment of the Seabed Worker to another charter, operations on the SS Gairsoppa and SS Mantola shipwrecks have been deferred until weather in the area is appropriate for operations in the second quarter of 2013. The ship is offloading approximately 17,000 additional ounces of silver and other artifacts in Falmouth before it continues on to Norway to conclude the charter. This additional silver bullion, originally thought to indicate another area of the ship containing silver cargo, was the only additional silver found in the areas inspected since offloading the first cargo of silver.

Work on the project aboard Seabed Worker began on June 4, 2012. During the 83 operational days (days not affected by weather delays, transit or time in port) of this period, the Odyssey team surgically opened and cleared approximately 70% of the holds and compartments of the SS Gairsoppa which were suitable for transporting silver cargo. These areas were opened and inspected using the ROV controlled hydraulic shears, deck removal tool and small grab system operated from nearly three miles above the shipwreck site. During these operations, a total of 1,218 silver ingots, which are expected to yield approximately $44 million at current silver prices, were recovered from the SS Gairsoppa as well as several hundred artifacts which have been declared to the UK Receiver of Wreck. Based on experience and data gained this season, and armed with improved tools and technology, it is expected that the rest of these areas can be searched and cleared within 30-45 operational days upon Odyssey's return to the site.

Operations on the Mantola were also conducted to test ship and equipment capabilities during the early part of the expedition, and recovery operations on that shipwreck are planned to continue immediately after completion of the Gairsoppa.

The monetization of the silver recovered from the Gairsoppa to date is underway and expected to be completed before the end of this year. At current silver prices and after accounting for contractual obligations to the UK government and Galt Resources, the recovery to date will result in an increase of approximately $26 million to Odyssey's net income in 2012.

Odyssey anticipates that an additional 1,599 insured silver ingots, representing approximately 1.8 million ounces, and what could be a substantial amount of uninsured silver remains on the Gairsoppa site. Documentation of the insured silver lists four separate lots with individual numbers for each ingot. The inscribed number on every silver ingot recovered to date matches this documentation. Silver from only three of the four lots has been recovered and none of the lots have so far been fully accounted for. The fact that a substantial amount of the insured and manifested cargo remains to be recovered leaves open the possibility that the uninsured cargo, which according to sources including "Lloyd's War Losses" could total an additional three million ounces or more, may be located with the remainder of the insured silver on the shipwreck. In addition, there is a reported 600,000 ounces of insured silver believed to remain on the SS Mantola.

"We're pleased with the operational results to date on this project even though the combination of weather and the end of any additional charter extensions prevented us from completing work on the final areas of the site for now.. We recovered about $44 million in silver bullion in a record-breaking operation. Our team has proven their ability to efficiently execute complex operations at a depth of 4,700 meters (15,600 feet) to complete both the deepest cargo salvage and largest recovery of precious metals ever accomplished. We've proven that we can make precise cuts, gain access to interior areas of a steel shipwreck, and recover cargo from a shipwreck deeper than the Titanic," said Mark Gordon, Odyssey President and COO. "There is only a limited area of the Gairsoppa that remains to be inspected and cleared, and we're confident that operations can be completed quickly in 2013. We will execute the completion of both the Gairsoppa and Mantola projects as part of our new commodity shipwreck program which includes at least four other shipwrecks under salvage agreement which were reportedly carrying more than $230 million of commodity value."

Odyssey President and COO, Mark Gordon will be reviewing the Gairsoppa and Mantola program as well as other operations currently underway during a presentation at the Craig-Hallum Alpha Select conference on September 27, 2012, at 10:00 am E.T. which will be available as a webcast thru this link Wall Street Webcasting - Odyssey Marine Exploration, Inc

Progress on Other Shipwreck Projects

Odyssey expects to be simultaneously engaged in two or more historic shipwreck projects during the fourth quarter of this year.

Odyssey has provided a report to the Maritime Heritage Foundation detailing the monitoring of the site of HMS Victory (1744) from 2008 until 2012. This detailed monitoring program documented damage caused by human and natural forces to the shipwreck site including cannon dragged over 200 meters from the site by fishing trawlers. This report is available at http://www.shipwreck.net/pdf/OMEPapers24-FINALHIGH.pdf. Odyssey has also provided a revised archaeological project design to the Maritime Heritage Foundation developed as a result of the impact report.

Lord Lingfield, Chairman of the Maritime Heritage Foundation commented, "The Foundation is delighted with the excellent scientific work accomplished to date by Odyssey on the site of HMS Victory (lost 1744). I have been informed that we should expect a response shortly from government concerning Odyssey's proposed plan which has already been approved by our Scientific Advisory Committee, chaired by the eminent marine archaeologist Dr. Margaret Rule. We look forward to continuing to the next phase of this hugely exciting and important maritime heritage project."

While awaiting final feedback on the proposal, the Odyssey Explorer is conducting search and target inspection operations in a section of the "Atlas" survey area, which is a continuation of our extensive survey of a large area in the English Channel and Western Approaches where a number of high value shipwrecks have been lost throughout history.

Odyssey is also in the process of finalizing terms with a sovereign government that will result in one or more salvage contracts which are expected to grant Odyssey rights to geographic areas that are thought to contain valuable shipwrecks. This Government's proposal gives Odyssey 75% of any finds in the designated areas. Given the weather patterns in the geographic locations covered by these permits, the project is expected to get underway during the fourth quarter of 2012 and will continue through the winter.

In addition, the company is utilizing a chartered vessel to test a new advanced long-range, high-resolution acoustic search system on a deep-water, high-value target search operation. Odyssey has previously conducted multiple searches for this shipwreck but recently obtained evidence and research that appear to further pinpoint the wreck, so a localized search will now be undertaken, and will begin within the next week.

The company is also presently in discussions which may result in moving forward to the next phase of one of the historical shipwreck projects with the certain client companies of Robert Fraser & Partners if potential geo-political issues and a clear title acquisition strategy can be worked out to the satisfaction of all stakeholders.

Odyssey continues to execute on a diversification strategy that leverages the Company's core competency of deep-ocean exploration and recovery. In 2012 Odyssey has achieved significant results that have accelerated this vital business transformation.

"Until recently, our business success was entirely dependent on the archaeological recovery of historic shipwrecks. Now, we also see significant value coming from two other developing business segments, seafloor minerals and modern commodity cargo recovery," said Greg Stemm, Odyssey CEO. "Our business development strategy has ensured that we have a diverse portfolio of valuable marine assets around the globe that are beginning to generate cash flow and create additional shareholder value for Odyssey."

In addition to a portfolio of significant historic shipwreck projects led by HMS Victory and bolstered by targets emerging from a new government agreement expected to be consummated imminently, the near-term potential asset value of Odyssey's portfolio of commodity shipwrecks with pre-negotiated salvage contracts has grown to over $300 million with the addition of new salvage contracts for a minimum of four new wreck projects expected to get underway in the first half of 2013. Data available to Odyssey on these new modern shipwrecks narrows their respective locations to very precise areas.

Update on Odyssey's Mineral Exploration Activities

The value of Odyssey's seafloor mineral assets has recently grown dramatically with increased value in the Company's equity stake in Neptune Minerals and the acquisition of significant equity in Chatham Rock Phosphate, a company focused on seabed deposits of phosphorite and other minerals.

Neptune's most recent private placement of $13.8 million is based on a valuation of $17.50 per share of Class B Common Stock. Neptune consummated a successful exploration program and has commenced its first ever drilling program to define a resource in some of their most highly prospective properties. "We are impressed with Neptune's exploration success to date, and believe that the company is on an expedited path to monetizing its resources", said Greg Stemm, Odyssey CEO. "We're quite pleased to own 6.2 million shares of Neptune, and strongly believe that the company will continue to create significant shareholder value and is in the midst of transforming the seafloor massive sulfide industry."

Meanwhile, Chatham Rock Phosphate recently secured a major investment from one of the world's leading earthmoving and marine infrastructure companies, Royal Boskalis. The investment by this strategic partner is expected to expedite Chatham's monetization timeline. Odyssey currently owns approximately 7.34% of Chatham.
 

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Looks like the love affair with Robert Fraser Marine has come crashing down.


When General Louis Palma di Cesnola, the 19th century tomb raider, loaded his favourite vessel with 62 boxes of treasure, he could hardly imagine its contents would become the focus of a modern-day tax dispute.
On June 20, 1872, the 130ft Enigma caught fire, sinking with di Cesnola’s entire cargo of 4,000 stolen Phoenician relics. The general suspected foul-play but could do nothing. The ship is still on the seabed, somewhere off the coast of Cyprus...
Tomb raider

Celebrities and some of Britain’s most senior businessmen invested more than £110 million into marine treasure hunts, which allowed them to avoid tax on millions of pounds, The Times has learnt.
Bear Grylls, the TV adventurer and Chief Scout, David Harding, the City’s highest earner, and Stephen and Julie Pankhurst, the co-founders of website Friends Reunited, are among 129 people who invested in 18 shipwreck salvage companies offering tax breaks now under investigation....
Celebrities saved millions using tax breaks from shipwreck salvage | The Times

in other news....

Taking stock of our stolen past
By Constantine Markides

"A LARGE banner hangs outside the Cyprus Museum reading, “You have been robbed.”
The destruction of the cultural heritage took place in three phases, according to the exhibition.
The first phase consisted of the period of consul Luigi Palma di Cesnola’s activity in Cyprus from 1865-1876. Palma di Cesnola, an amateur archaeologist, pillaged a number of unexcavated sites and collected over 35,000 objects, generally without permission from Ottoman authorities.
"When the Ottomans heard that he intended to ship the relics to the US to sell them to the newly opened Metropolitan Museum, they prohibited the export.
Palma di Cesnola nevertheless quickly loaded a number of boats, which set off for the US. Five thousand pieces were lost in a shipwreck while countless others were smashed to bits on the rough sea passage."

Think the firm looking for the Enigma will be able to keep the artefacts if recovered?
 

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