Odyssey Marine Stock

[SolomonKey]

It could be advantageous.
If vessel was ordered before the company' difficulties with Andalucia became fully apparent, then its purchase could have been regarded as a liability. Without the vessel and with the insurance money, the company may be in a better financial shape.

 

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[jeff k]

All Odyssey's ships are on the other side of the Atlantic, and working on the Atlas Project.

 

[jeff k]

None that I know of. If you Google Odyssey Voyager you'll see it's another vessel. Just saw it burning on MSNBC.

 

[wreckdiver1715]

True Doc, investing long term and look at the 5 year chart. She was $.15 a share in the pink sheets when I started my research on it and just over a buck a share on my first purchase. Stock went up to over $6.00 a share and that recovery was only a fraction of this project's potential. Of course its all a crap shoot, but craps also has the best odds of any table game in the casino.

 

[jeff k]

Doc... I told you that burning ship was not Odyssey's ship. All three of their ships are now working the Atlas Project. The stock is dropping because there's no news, not because of that burning ship.

 

[jeff k]

St. Pete Times Article...

For treasure seeker, a possible new find
Needing a big payday, Odyssey Marine Exploration of Tampa may have found a valuable shipwreck off the British coast.


By SCOTT BARANCIK, Times Staff Writer
Published October 6, 2006

--------------------------------------------------------------------------------

A Tampa treasure-hunting company whose recovery of a valuable shipwreck in 2003 provided a glorious, if brief, respite from years of frustration says it may have found another sunken treasure near the mouth of the English Channel.

Odyssey Marine Exploration recently told a federal judge in Tampa that a wreck it discovered about 1,000 feet below the surface of the Atlantic Ocean this summer could be a 17th-century merchant vessel that sank with “valuable cargo” on board.

In keeping with the treasure hunter’s tradition of guarding its finds, Odyssey’s court filings provided no details on the ship’s likely name, country of origin or wreck date. The company merely identified a point on the globe, said the wreck site was within a 5-mile radius of it, and handed the U.S. Marshals Office as evidence of the find a bottle it recovered from the site. Co-founder Greg Stemm declined to comment Friday when asked about the ship.

“When we’re ready,” he said, “we’ll be announcing a bunch more information.”

It’s a welcome turn of events for Odyssey shareholders, particularly those who withstood years of failure before its 2003 discovery of the SS Republic, a sidewheel steamer that sank 100 miles off the coast of Georgia in 1865. Odyssey eventually sold the gold and silver coins it found on board for tens of millions of dollars, thus replenishing its coffers, credibility and stock price.

Since then, however, the company has had another round of setbacks. Though lucrative, the Republic ultimately yielded just one-quarter of the coins the company’s research suggested would be found. Last year, Odyssey’s inaugural shipwreck museum closed just 90 minutes after its grand opening in New Orleans because of Hurricane Katrina. Co-founder, chairman and CEO John Morris took temporary leave from his executive posts after being diagnosed with cancer. And Odyssey’s imminent plans to excavate a ship believed to be the HMS Sussex -- which sank in 1694, the company says, with millions or possibly billions of dollars in coins aboard -— was postponed after years of complex international negotiations when a Spanish regional authority jumped in with a last-minute claim.

Such is life at what may be the country’s only publicly traded company of its kind. Odyssey’s hope of achieving a consistent cash flow by having several projects in the pipeline at once has not yet materialized. Still, the company has made the best of its situation, such as performing sonar scans of the ocean floor in high-traffic areas when weather or legal conflicts interrupt. Odyssey wrote the Securities and Exchanges Commission in 2005 that it hoped to locate and salvage five separate wrecks it identified in the English Channel.

James Delgado, executive director of the Institute for Nautical Technology at Texas A&M University, said a large number of ships wreck in the busy corridor north of the Bay of Biscay. “You are at a crossroads of maritime trade that has been so for centuries,” he said. “These are not easy waters.”

Odyssey’s request for exclusive access to and control of the wreck site will be discussed at a court hearing Tuesday. Under international maritime law, salvors typically request such permission from their own court system or that of the jurisdiction nearest the wreckage.

Even if the federal court approves, it could be months or even years before the company is permitted to send remote-operated vehicles down to begin sifting the wreckage. Odyssey could face legal claims or challenges from parties such as the ship’s country of origin, the descendants of its insurers or owners and archaeologists who consider for-profit salvage an abomination.

And though Odyssey says the ship lies 100 meters beyond any country’s territorial boundaries, and thus, presumably, in international waters, history suggests the nearest government will make a claim anyway.Odyssey’s stock closed Friday at $2.49, down six cents a share. It has fallen 30 percent this year.

 

[SolomonKey]

Odyssey is setting itself up for another series of court battles.

 

[jeff k]

It's not the Royal Oak. That ship hit the rocks off the Schillys, and went down in shallow water. It carried a cargo of pepper, and the locals probably salvaged her. Odyssey only goes after deep water wrecks that had no chance of salvage after sinking.

 

[jeff k]

http://scillynews.severecci.net/?p=10914

I don't know why you guys came to the conclusion that the new find sank on the Scillys. I've been tracking Odyssey's ships for over a year, and they never went near the Scillys. The ship in question was a merchant ship that went down in the 17th century. There was no Lloyds, or for that matter any insurance companies at that time. I suspect Odyssey will announce the particulars once their claim is approved in the Courts. There's a hearing on Tuesday.

P.S. Odyssey has already stated that none of the five ships they're looking for in the Atlas area are sovereign.

 

[Cablava]

I heard they were looking for the Merchant Royal.

 

[jeff k]

Cablava... I had a feeling you were going to chime in.

 

[Bobadilla]

I havn't received a Press Release lately, Sorry.

Should be something from them soon.

Hello Jeff,

Sorry, I am just curious and I hope that I do not bother you with my question..... What is it on your ring which is displayed bellow your name here and where does it come from? It remembers me something very, very similar I saw cou7ple of years ago.

Regards

Lobo

 

[jeff of pa]

I havn't received a Press Release lately, Sorry.

Should be something from them soon.

Hello Jeff,

Sorry, I am just curious and I hope that I do not bother you with my question..... What is it on your ring which is displayed bellow your name here and where does it come from? It remembers me something very, very similar I saw cou7ple of years ago.

Regards

Lobo

It's a Mason Ring Lobo.

http://forum.treasurenet.com/index.php/topic,7104.0.html

 

[Bobadilla]

Thanks Jeff for your explanation. It is very interesting story. I did not know about it. Congratulation on your finds!

Lobo

 

[jeff k]

Doc... It's obvious that you're not familiar with Odyssey's security policies. They've announced they're not going to release info on specific wrecks until they are legally protected, and may not even announce anything until the salvage is completed. (It's a greedy world we live in.) That newspaper article was not an official release, and I'm sure Odyssey would have preferred it was not printed at this time. The author contacted Greg Stemm, and "he declined to comment Friday when asked about the ship." That doesn't sound like "fluff" to me.

P.S. They were awarded the rights to the Republic eight months after filing a claim with the Court.

 

[jeff k]

Odyssey didn't release the article. The St. Pete Times writer printed it, and when he contacted Odyssey, "they declined comment." Now, does that sound like they wanted it made public at this time? They filed a claim with the Federal District Court in Tampa, on Sep 13th.

Odyssey Marine Exploration, Inc. v. The Unidentified, Shipwrecked Vessel or Vessels
Steven D. Merryday, presiding
Thomas B. McCoun, III, referral
Date filed: 09/13/2006 Date of last filing: 10/06/2006

 

[jeff k]

I already answered your question about the ROV. You must be getting senile. I don't know why you keep bringing it up? I was told 12 feet, and I'll take their word for it.

 

[jeff k]

VOC... The St. Pete Times reporter got the depth and location wrong. I read the Court docs last night. The wreck lies in 100 meters of water, and is more than 24 miles from Lands End.

VOC... I see your post disappeared.

 

[VOC]

Diving Doc

Launching and recovering ROV's is very acheivable in 12 foot seas depending on what type of LARS system you are using and what the vessels motion is like in high seas.

Odyssey have been Operating two vessels (one survey + one ROV support) out of Falmouth and Plymouth UK for over a year and they have located hundereds of targets that they have been checking out with the ROV's.

Looking at the footage of one target that I have seen, it is very probable that they have located some very interesting stuff and that they have the capability to do something with it.

As for the Sussex they can work this all year round and they can get good spells of calm weather during the winter months in the Western Approches if the steaming time is only a day from your safe ports.

The Oil and Gas industry in the North Sea and Mediterranean operate their ROV's all year round and the Odyssey vessels and ROV are both of this capability.

 

[VOC]

Jef K

Previus Post removed by accident as I was trying to addd on my last post.

They were looking for the Merchant Royal and one of the only clues were that the survivors drifted ashore in a lifeboat at Lands End UK after approxamately 24 hours at sea.

Giving the strong tides and prevailing wind being South Westerly they could be in the right area at 24 miles out.