"Shantaram" Expedition Underway
June 21, 2010: 07:30 AM ET
TAMPA, Fla., June 21, 2010 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), pioneers in the field of deep-ocean shipwreck exploration, and its associated company, OVH, Inc., have executed agreements to provide project research and shipwreck search and survey services for a project code-named "Shantaram" to client companies of Robert Fraser & Partners LLP.
As part of the agreement, Odyssey furnished an extensive research file related to the "Shantaram" and its sinking. The company has commenced operations with a research vessel, survey equipment and crew to search a specified area and inspect targets in that area. The contract provides cash payments totaling approximately U.S. $3.4 Million representing initial cash payments of $1.7 Million to Odyssey and OVH, Inc., and additional payments of approximately $1.5 Million within 30 days and $0.2 Million upon project completion, plus additional payments upon the sale of coins or artifacts from the "Shantaram" project. After the re-payment of salvage costs and fees, Odyssey and OVH, Inc. will receive 75% of net revenue in aggregate until an additional £11.4 Million (approximately U.S. $16.7 Million) has been received and then 50% in aggregate of all further net revenue.
Upon location of the "Shantaram" shipwreck, Odyssey expects to enter into additional agreements for the archaeological excavation of "Shantaram" and for the conservation and documentation of the cargo and artifacts recovered. Odyssey will also have exclusive rights to market the recovered cargo.
"We are pleased for our clients to add another exciting shipwreck project with Odyssey's outstanding team to our portfolio," said Colin Emson, Chairman of Robert Fraser & Partners. "We are confident in Odyssey's capabilities and anticipate maintaining a long business relationship with them."
