Odyssey Marine Article...

Odyssey Confirms Discovery of SS Gairsoppa Shipwreck
Largest Known Silver Shipwreck Cargo to be Recovered Under UK Government Contract

Press Release: Odyssey Marine Exploration, Inc. On Monday September 26, 2011, 7:30 am EDT

TAMPA, Fla., Sept. 26, 2011 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX - News) announced today that it has confirmed the identity and location of the shipwreck site of the SS Gairsoppa nearly 4,700 meters below the surface of the North Atlantic, approximately 300 miles off the coast of Ireland in international waters. The SS Gairsoppa was a 412-foot steel-hulled British cargo ship that was torpedoed by a German U-boat in February 1941 while enlisted in the service of the United Kingdom (UK) Ministry of War Transport. Contemporary research and official documents indicate that the ship was carrying [Pounds] 600,000 (1941 value) or approximately 7 Million total ounces of silver, including over 3 Million ounces of private silver bullion insured by the UK government which would make it the largest known precious metal cargo ever recovered from the sea. In 2010, the UK Government Department for Transport awarded Odyssey, through a competitive tender process, the exclusive salvage contract for the cargo of the SS Gairsoppa. Under the salvage agreement Odyssey will retain 80% of the net salved value of the silver bullion recovered under the contract.

The Odyssey team recently conducted ROV (Remotely Operated Vehicle) operations from the RV Odyssey Explorer to inspect the site. The video and photographs acquired during the exploration of the shipwreck were reviewed and analyzed at length to confirm the identity of the shipwreck as that of the SS Gairsoppa. The expedition and resulting data was also used to evaluate the condition of the shipwreck and to begin planning for recovery operations.

"Once again, our stellar marine operations team has delivered outstanding results. Under the direction of Senior Project Manager Andrew Craig, the target was located with side-scan sonar and then visually inspected in less than two months from the start of the operation," stated Mark Gordon, Odyssey President and COO.

"We've accomplished the first phase of this project - the location and identification of the target shipwreck - and now we're hard at work planning for the recovery phase," said Andrew Craig, Odyssey Senior Project Manager. "Given the orientation and condition of the shipwreck, we are extremely confident that our planned salvage operation will be well suited for the recovery of this silver cargo."

"Being the son of a merchant mariner who worked for the same shipping line as the Gairsoppa's and as a former merchant mariner myself, the visit to the site via ROV was particularly personal," stated Neil Cunningham Dobson, Odyssey's Principal Marine Archaeologist. "By analyzing the known configuration and research about the Gairsoppa and her final voyage and painstakingly exploring the shipwreck site to record each element and item, our team of experts was able to positively identify the site as the Gairsoppa. Even though records indicate that the lifeboats were launched before the ship sank, sadly most of her crew did not survive the long journey to shore. By finding this shipwreck, and telling the story of its loss, we pay tribute to the brave merchant sailors who lost their lives."

A number of consultants, who have combined experience salvaging scores of modern steel-hulled shipwrecks, are advising Odyssey on the project. Among other ground-breaking projects, one of the companies has successfully penetrated four decks of a large steel-hulled shipwreck at a depth of nearly 3,000 meters in order to completely empty the mail room. In addition, several Odyssey team members have experience with modern salvage to depths of nearly 6,000 meters on military and government missions.

"While some people might wonder about the potential complexity of salvage at this depth, we have already conducted a thorough analysis of the best tools and techniques to conduct this operation and are confident that the salvage will be conducted efficiently and on a timely basis," commented Greg Stemm, Odyssey CEO. "Hundreds of modern cargo ships like this have been salvaged since the mid-20th century, some at depths of thousands of meters. We were fortunate to find the shipwreck sitting upright, with the holds open and easily accessible. This should enable us to unload cargo through the hatches as would happen with a floating ship alongside a cargo terminal."

Odyssey has begun the process of specifying and assembling the tools and equipment for the salvage, and anticipates that operations will begin in the spring as soon as the weather window begins to open up in the North Atlantic. The system being mobilized for modern salvage recovery can also be used on other projects, several of which are in various stages of exploration or confirmation at this time.

The company also has several other projects and contracts that will potentially begin during the balance of this working season and may be conducted through the winter months. Some of these projects are also in partnership with governments and will feature pre-negotiated salvage awards.
 

Jeff you forgot to mention that Spain is claiming the silver and will file suit in Federal Admiralty Court.
 

Salvor6 said:
Jeff you forgot to mention that Spain is claiming the silver and will file suit in Federal Admiralty Court.
Funny man :laughing7:
Odyssey loosing the Mercedes case. Will now set a new precedence ! Stay away from Spanish ship wrecks !
It will Interesting to see what the US government will do now, with any new discovery around US waters.
 

Salvor6 said:
Jeff you forgot to mention that Spain is claiming the silver and will file suit in Federal Admiralty Court.

:icon_thumright:

Now THAT was funny!
 

MORE AND BEYOND OSSY said:
Salvor6 said:
Jeff you forgot to mention that Spain is claiming the silver and will file suit in Federal Admiralty Court.
Funny man :laughing7:
Odyssey loosing the Mercedes case. Will now set a new precedence ! Stay away from Spanish ship wrecks !
It will Interesting to see what the US government will do now, with any new discovery around US waters.

I think it's very simple from here forward. There is no court that has jurisdiction over a ship in international waters. So form an offshore company, find a wreck, recover the artifacts and sell them.
 

MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do you think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
 

Jeff K said:
MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
Jeff I'm surprised you and others here on the forum, still think it's about the money?
Yes, Spain would never sell the coins, but they would be in a Spanish museum ! People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.
How many people died that day, so the English would not get their hands on it !!!
It's worth every Euro spent to have it returned to Spain.
Ossy
 

MORE AND BEYOND OSSY said:
Jeff K said:
MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
Jeff I'm surprised you and others here on the forum, still think it's about the money?
Yes, Spain would never sell the coins, but they would be in a Spanish museum ! People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.

How many people died that day, so the English would not get their hands on it !!!
It's worth every Euro spent to have it returned to Spain.
Ossy

If it is not about the money, perhaps the museum should not charge admission for the people that paid the taxes to pay the lawyers that fought the court battle to take the coins that Odyssey Marine risked their lives and investment to find and retrieve.
Consistency is important.
:o
 

MORE AND BEYOND OSSY said:
Jeff K said:
MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
Jeff I'm surprised you and others here on the forum, still think it's about the money?
Yes, Spain would never sell the coins, but they would be in a Spanish museum ! People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.
How many people died that day, so the English would not get their hands on it !!!
It's worth every Euro spent to have it returned to Spain.
Ossy

Yea sure, the Spanish people will run to the museums to see a bunch of coins, and pay to boot. Keep dreaming. The Spanish won't even pay for movies.

http://articles.latimes.com/2010/mar/30/business/la-fi-ct-spain30-2010mar30
 

ropesfish said:
MORE AND BEYOND OSSY said:
Jeff K said:
MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
Jeff I'm surprised you and others here on the forum, still think it's about the money?
Yes, Spain would never sell the coins, but they would be in a Spanish museum ! People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.

How many people died that day, so the English would not get their hands on it !!!
It's worth every Euro spent to have it returned to Spain.
Ossy

If it is not about the money, perhaps the museum should not charge admission for the people that paid the taxes to pay the lawyers that fought the court battle to take the coins that Odyssey Marine risked their lives and investment to find and retrieve.
Consistency is important.
:o
Odyssey was not forced to risk their lives and investment !! they did it out of greed to MAKE MONEY :o :o get the story right.
 

Jeff K said:
MORE AND BEYOND OSSY said:
Jeff K said:
MORE AND BEYOND OSSY said:
Jeff, how many days before the US Marshall's turn up with the trucks ?

As soon as the Supreme Court makes a ruling. That could be as soon as next year, or maybe 2013. Spain is not done with the legal costs. How many millions of Euros do think it will wind up costing them? Oh, and how many Euros to conserve 600 thousand coins? I might add, since Spain can never sell the coins, that would make the coins worthless. Will the real winner please stand up!
Jeff I'm surprised you and others here on the forum, still think it's about the money?
Yes, Spain would never sell the coins, but they would be in a Spanish museum ! People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.
How many people died that day, so the English would not get their hands on it !!!
It's worth every Euro spent to have it returned to Spain.
Ossy

Yea sure, the Spanish people will run to the museums to see a bunch of coins, and pay to boot. Keep dreaming. The Spanish won't even pay for movies.

http://articles.latimes.com/2010/mar/30/business/la-fi-ct-spain30-2010mar30
It's alright Jeff I understand you are upset :laughing7:
 

More and Beyond opined: "Odyssey was not forced to risk their lives and investment !! they did it out of greed to MAKE MONEY Shocked Shocked get the story right."
Nope...they most certainly were not forced to risk their lives and investment, unlike the enslaved indigenous peoples forced to mine the metal in the first place.
Having read many accounts of how the Spaniards treated the native peoples they encountered on their travels, I am struck how little the character of some Spaniards has changed in the past few centuries.
Have a most excellent day.
 

ropesfish said:
More and Beyond opined: "Odyssey was not forced to risk their lives and investment !! they did it out of greed to MAKE MONEY Shocked Shocked get the story right."
Nope...they most certainly were not forced to risk their lives and investment, unlike the enslaved indigenous peoples forced to mine the metal in the first place.
Having read many accounts of how the Spaniards treated the native peoples they encountered on their travels, I am struck how little the character of some Spaniards has changed in the past few centuries.
Have a most excellent day.

Then you have learned from the Spanish?

http://www.iearn.org/hgp/aeti/aeti-1997/native-americans.html
 

ropesfish said:
More and Beyond opined: "Odyssey was not forced to risk their lives and investment !! they did it out of greed to MAKE MONEY Shocked Shocked get the story right."
Nope...they most certainly were not forced to risk their lives and investment, unlike the enslaved indigenous peoples forced to mine the metal in the first place.
Having read many accounts of how the Spaniards treated the native peoples they encountered on their travels, I am struck how little the character of some Spaniards has changed in the past few centuries.
Have a most excellent day.
ropesfish, I could get into a battle of who did what over the centuries but I won't lower myself to your standards.
You did get one thing right, I'm a very proud Spaniard :headbang:
And thanks I'm having a great day.
Ossy
 

So MABO now making money is greed?

You sure do know how to stretch things...

"People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.
How many people died that day, so the English would not get their hands on it !!!"


Oh really?!!? Spain never cared about the "alleged" shipwreck for 203 years!! ??? :dontknow:

The "English" got their hands on approximately 3,086,508 million Spanish dollars in silver and gold coin, as well as 150,000 gold ingots Plus the 3 Ships Santa Clara, Medea, and the Fama.

Clearly Britain was on a military mission but the 4 Spanish ships were on a commercial venture.
The action was considered an act of piracy because of the attack in time of peace to a Spanish fleet carrying goods and civilian personnel.

If only the Brigadier had thought to save those lives as much as he thought of saving the cargo.
The end result with Britain taking the ships and most of the cargo, the deaths were in vain...

Sadly it was greed that caused those people to die. If only Bustamante had surrendered...
 

Au_Dreamers said:
So MABO now making money is greed?

You sure do know how to stretch things...

"People would pay to see a mountain of colonial coins, with the history
of what happen that day and what it means to Spanish history.
How many people died that day, so the English would not get their hands on it !!!"


Oh really?!!? Spain never cared about the "alleged" shipwreck for 203 years!! ??? :dontknow:

The "English" got their hands on approximately 3,086,508 million Spanish dollars in silver and gold coin, as well as 150,000 gold ingots Plus the 3 Ships Santa Clara, Medea, and the Fama.

Clearly Britain was on a military mission but the 4 Spanish ships were on a commercial venture.
The action was considered an act of piracy because of the attack in time of peace to a Spanish fleet carrying goods and civilian personnel.

If only the Brigadier had thought to save those lives as much as he thought of saving the cargo.
The end result with Britain taking the ships and most of the cargo, the deaths were in vain...

Sadly it was greed that caused those people to die. If only Bustamante had surrendered...
Yes Rambo, when you do it illegally without permission :BangHead: Spain was happy to leave the Mercedes alone !!! They did not care or need
the coins to sell ... It was not there mission to salvage the Mercedes, They wanted it left alone !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A bit like the Arizona, How many died in vain !!! If only the US would not have set oil embargoes on Japan the attack would not have happen.
Your right, greed does cause people to die and its happening all over the world, every day ...
 

"It was not there mission to salvage the Mercedes, They wanted it left alone !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"


So I presume they will be more than happy if Odyssey returns all the coins to the seabed at the same location ?
 

MORE AND BEYOND OSSY said:
Yes Rambo, when you do it illegally without permission :BangHead: Spain was happy to leave the Mercedes alone !!! They did not care or need
the coins to sell ... It was not there mission to salvage the Mercedes, They wanted it left alone !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
A bit like the Arizona, How many died in vain !!! If only the US would not have set oil embargoes on Japan the attack would not have happen.
Your right, greed does cause people to die and its happening all over the world, every day ...

Are you really serious, if we had not put an oil embargo on Japan, there would have been no war with Japan ??? What about the rape and pillage by Japan of Nanking China in 1937 and all of North Eastern China and Manchuria, Korea, and the Phillipines.... You can't seriously think the Japan of 1941 would have just pulled all their troops home from China and played nice guy if we didnt place the oil embargo on them. It was placed there because of Japan's invasion of Manchuria and China......Why do you think they wanted the oil, it was to expand Japan's 1930's military empire, not to make toys to ship to the U.S.A....
 

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