Odyssey Marine Stock

Odyssey claims sunken ship

A federal judge recommends granting the salvage company exclusive rights to a shipwreck off the coast of England.
By JAMES THORNER, Times Staff Writer
Published October 11, 2006

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

TAMPA - Let the treasure hunt begin.

On Tuesday, Odyssey Marine Exploration Inc. persuaded a federal judge to recommend granting the Tampa company exclusive rights to salvage a 17th century merchant ship off the southwest coast of England.

Odyssey attorneys said they feared rumors of the unidentified shipwreck could provoke a "war" among rival salvage firms clamoring for a share of potential underwater loot.

"We're out there now," said Odyssey general counsel Melinda MacConnel, attending the 20-minute hearing in a Tampa courtroom. "Now it's a matter of making sure no third party stakes a claim."

Odyssey surveyed the wreck in the summer with a remote-controlled submarine about 1,000 feet below the surface. A camera detected part of a wooden hulk, cannon and other metal objects. The site lies in international waters about 40 miles off Land's End, near a section of the English Channel known as a shipping graveyard.

Given the competitive nature of its business, Odyssey would not disclose the ship's name, national origin or prospective worth of the cargo. Since the ship is more than 300 years old, it's unlikely the heirs of the original owners will turn up.

Getting a federal court to rule in favor of a salvage team - the action Odyssey requested on Tuesday - serves as an announcement to the world that a wreck has been claimed. Odyssey insists its interest lies not just in booty but in the wreck's archaeological value.

In theory, foreign treasure hunters need not obey a U.S. court. But Odyssey attorney Allen Von Spiegelfeld said any salvage team large enough to explore international waters would have ventures in the United States over which American courts hold sway.

Odyssey is a publicly traded company best known for the 2003 discovery of the SS Republic. The gold- and silver-laden ship sank off the coast of Georgia around the time of the Civil War.

Odyssey said it wants to start salvaging the Lands End wreck immediately, assuming the weather cooperates. Artifacts would be flown to Tampa and stored in the company's preservation lab near Tampa International Airport.
 

They'll probably get a police escort to the airport. Don't forget they have friends in the MOD (Sussex). :)
 

Odyssey works the Atlas project during the Summer/Fall, and when the weather turns bad they'll move their ships to the Med. Both ships are due to go back out tomorrow. As far as releasing information I think this email from their IR department answers your question.


Dear Mr. X,

Thank you for your interest in Odyssey Marine Exploration.

In this particular instance, Odyssey filed a shipwreck arrest complaint in the U.S. District Court for the Middle District of Florida. In order to protect our interests, it was necessary to file an arrest notice and it was this notice that was found by a newspaper reporter. The same notice would have been available to anyone checking court records. We did not approach this writer nor provide information for his story. As with any media article, inaccuracies often make it to print, and these articles should not be relied upon for making investment decisions.

As mentioned previously by the company, specifics of recovery operations may not be disclosed until such time as the identity of a target is confirmed, or even until recovery is complete. This decision is made on a case-by-case basis and is determined by legal circumstances, the possible intervention of potential competitors and other security issues. While we would, of course, like to keep shareholders aware of the specific progress of our projects, the nature of our business often dictates that disclosure of information relative to some of our projects could jeopardize potential recovery and ultimately the ownership of valuable cargoes.

We appreciate that this can be frustrating, but believe that in the long run, this approach will best serve the shareholders by increasing the chances of successful valuable shipwreck recoveries.

Sincerely,

Laura Lionetti Barton
Odyssey Marine Exploration
 

Now I have a question for you. What happened to my post on your web site that Solomon was so kind to put up for me? This is the post I'm referring to.

Point 1.

Odyssey has not even put out a press release, so it is obvious that they are not trying to "hype" this arrest. On the contrary, it is pretty clear that they are trying to downplay it. It is obvious that they have only published the required legal notice in order to gain salvor in possession status - and it is required in an arrest to give the location.

Under Rule HD they are not required to put out a release if they have a good business reason for not informing the public and the information does not leak out. There could be any number of good reasons (as they have previously stated in their filings) that they would not want to disclose the specifics of a shipwreck recovery early in the process.

Point 2.

The US Admiralty court apparently has determined that they DO have jurisdiction - other wise they will not issue an arrest and injunction.

Point 3.

According to the Law of the Sea Convention, to which the UK is a signatory, coastal countries have no rights to claim shipwrecks in their EEZ. The UK Government has strongly voiced agreement with this position. The reason that a company needs to file an injunction in Admiralty Court in the US - rather than going through the Receiver of Wreck in the UK - is that the UK does not claim any jurisdiction for any non-sovereign shipwreck outside their territorial waters, so the Receiver of Wreck cannot assert any control of shipwrecks beyond 12 miles.

In the case of the Lusitania - the Irish High Court held that the US Admiralty Court jurisdiction held sway and Gregg Bemis is now able to salvage that ship even though it is in their territorial waters.

Point 4.

Odyssey's largest shareholders are institutional investors. Some are even British.
 

Trading at $2.78 per share today, my green is still getting greener!

For us long term investors, she still looks good to me!, that would still make it a BUY recommendation from Wreckdiver1715.
 

Doc... As far as I know it's a merchant ship, so I don't know why you would think otherwise. Are you saying the Lusitania was a US ship, or did I misread it?

Wreckdiver... I'll second that!
 

For some reason my browser wasn't showing the last dozen or so posts. It may have been because of the bookmark. I think I fixed it.
 

PIRATES did not die they are back and doing GREAT in Courts around the world.
Peg Leg
 

I think we'll be seeing an operations update in the next day or two.

On November 22, 2006, Odyssey Marine Exploration, Inc. (the "Company")
completed a private placement of 500,000 shares of its common stock and
warrants to purchase 100,000 shares of common stock to three accredited
investors for an aggregate purchase price of $1,500,000. The warrants are
exercisable at $4.00 per share through November 22, 2008. The three investors
include Robert R. Bears, Sr., Galleon Captains Offshore Ltd., and Galleon
Captains Partners, L.P.
 

This is amazing.
Here is a company that has lost over $30,000,000.00 and are asking for MORE.
You guys think that my company AUDIA RESOURCES might be a RIP OFF nd yet keep pushing to BY this LOSER :-\
Peg Leg
 

If I'm not mistaken, Doc is pushing to NOT buy this stock, Jeff is saying that it is much lower than it's previous average, which on paper makes it look like a good buy right now. IF you picked this up cheap, and they had some good luck on the Gibralter site (or several others) then you could have a decent day when you sold. We're talking $2-$5 per share gain at most, so you'd have to buy a lot to make any real money. I agree with both of them...Doc in the fact that you might loose all your money, and that it's a long term investment at best...if they get lucky, you could make some easy money as Jeff says. Me, I'll be saving for my own boat and hoping that I get lucky. :D
 

Well my friend I wish you the best of luck in your ventures.
I agree that DOC is saying to WATCH OUT and keep a hand on your wallet and I agree.
Peg leg
 

Thanks Don, if I manage to take the job I really want, I may very well dive on your ghost ship ;) I need the opportunity to learn and work on a boat before I go buying my own, and a gentleman and scholar here on this very site is trying to give me that opportunity...time will tell. I'm keeping my fingers crossed, as it will be a matter of timing...the sooner the better. Best of luck to you as well.

Jason
 

OK, this is the update that Jeff told us about.

And the stock is up .07 cents per share today, as I post this or $3.19 per share.

Wreckdiver1715 still says BUY on this one. But hey! thats just my opinion.

Pegleg, remember that when using the term loss in the business world, can also translate to expediture towards capitol has exceeded income. Sometimes (most of the time), you have to spend money to make money. Unfortunatley the spending needs to take place first, I guess that is one of the down sides to capitolism. ;)

TAMPA, Fla., Nov 30, 2006 (BUSINESS WIRE) -- Odyssey Marine Exploration Inc. (OMR), a leader in the field of deep-ocean shipwreck exploration, provided an operations update today.

Odyssey's primary marine operations focus during the summer and early fall of 2006 was the survey, mapping and inspection of seven "Tripoli" search blocks in the Company's "Atlas" shipwreck search project. These search blocks overlapped with other "Atlas" targets, but were designed to completely cover the area believed to hold the target shipwreck code-named "Tripoli." The Company has completed the side-scan survey phase of the seven blocks and has nine remaining anomalies that require further inspection with a remotely operated vehicle (ROV).

The Company's new vessel has achieved its scheduled 2006 objectives in the "Atlas/Tripoli" search area and is currently in port completing minor repairs needed to meet Class requirements. The ship is scheduled to depart for new projects shortly. The Odyssey Explorer has completed planned dry dock inspection, maintenance and repairs, but is scheduled to remain in port until mid-December to complete projects necessary for five-year inspection requirements. The Odyssey Explorer is then scheduled to inspect the nine new targets which were located during the last phase of operations in the "Atlas/Tripoli" search area, before sailing to the Mediterranean to begin operations there. While the weather during the upcoming weeks will be marginal at best, those targets will only require between two and three days of operations.

The Company has three projects in the Mediterranean on its winter/spring operations schedule, including HMS Sussex.

About the "Atlas" Project

The "Atlas" project is believed to be the most extensive shipwreck search operation ever launched. A minimum of five high-value shipwrecks are believed to be in the search area, which encompasses more than 5,000 square miles. Odyssey began search operations during the 2005 season and resumed operations in April 2006.

During the 2006 season, work was concentrated in the seven search block areas which encompass the "Atlas" target of highest value, code-named "Tripoli." During 2005, much of the area was searched with high-resolution side-scan sonar. During 2006, a second pass was completed which included acoustic and magnetometer data-streams which helped Odyssey create a larger database of information. Overlaying all three layers provided an extremely precise, high-resolution map of the seven search blocks.

Once targets of interest were logged, additional high-resolution imagery and magnetometer surveys were utilized to further classify and map targets before ROVs were deployed to visually inspect and recover any artifacts deemed necessary for identification.

During the entire 2006 survey period, at least two ships were mobilized to engage in this search operation, and during part of the summer, three ships were utilized.

Following is a summary of the operations conducted in the "Atlas/Tripoli" search area:

-- Anomalies detected: 1,873

-- Anomalies selected for further inspections: 1,017

-- Anomalies remaining to be inspected with an ROV: 9

-- Shipwrecks located: 161

-- Modern/20th Century Shipwrecks: 124

-- 19th Century Shipwrecks: 25

-- 17th - 18th Century Shipwrecks: 12

Odyssey filed an Admiralty arrest in the U.S. District Court for the Middle District of Florida in September. On October 30, 2006, the U.S. District Court granted the Company's Motion for Preliminary Injunction appointing Odyssey as the exclusive finder-in-possession of the shipwrecked vessel, and prohibiting any interference with Odyssey's intended excavation of the site, which is believed to be the remains of a 17th century merchant vessel located outside the territorial waters of any country. However, until further ROV inspections and a preliminary archaeological excavation are completed on the arrested shipwreck site, the Company is not prepared to confirm the identity or potential value of the shipwreck.

About the Sussex Project

The Sussex was an 80-gun English warship lost in a severe storm in the western Mediterranean in 1694. Research suggests the Sussex was carrying a large cargo of coins when she sank. Odyssey believes it has located the shipwreck of HMS Sussex and has signed an exclusive partnering agreement the Government of the United Kingdom for the archaeological excavation of the shipwreck.

In late 2005 and early 2006, Odyssey completed to the satisfaction of the Government of the United Kingdom all work detailed in Phase 1A of the Sussex archaeological project plan. The Company has also completed a portion of Phase 1B. (A public version of the project plan is available at www.shipwreck.net/sussexpp.html) The Company temporarily halted operations on the project at the request of the Spanish Ministry of Foreign Affairs while issues relative to the archaeological plan for excavation of the site, territorial and cultural resource management issues were negotiated.

Odyssey submitted an archaeological plan to the Spanish Ministry of Foreign Affairs which addressed questions raised by the Government of the Autonomous Region of Andalucia in reference to the ongoing HMS Sussex project. As part of this proposed plan, Odyssey agreed with the British Government to undertake additional survey operations in the area and to provide Spain with a detailed assessment of the region's underwater cultural heritage in deep water, as well as assistance in developing a plan for managing and protecting those resources.

Odyssey is working closely with the offices of the Embassy of the United Kingdom and the United Kingdom's Ministry of Defence to address the final Andalucian issues relating to site mapping, positional information, and formalization of the submission plan through the project archaeologists. The Company anticipates these issues will be resolved before the end of the year.

Throughout the duration of this complicated multi-national situation, the Spanish Ministry of Foreign Affairs, the United Kingdom Foreign and Commonwealth Office and Ministry of Defence, the United States Department of State, and representatives of the Autonomous Region of Andalucia, have all contributed resources and attention to solving a complex series of issues relating to the Sussex project. While it has taken longer to resolve these issues than anticipated, Odyssey believes the results will translate to goodwill between all parties and serve to provide a platform for future cooperation in underwater exploration and management of deep-ocean cultural heritage.

In other news, Odyssey has received $ 1,153,000 as the complete insurance settlement on the Company's claim for damages and business interruption incurred by Odyssey's Shipwreck & Treasure Adventure in New Orleans due to Hurricane Katrina in August 2005. In addition, on November 22, 2006, the Company raised $1.5 Million through the issuance of 500,000 shares of common stock. Management believes this additional cash, cash flow from operations, and the potential exercise of warrants or other financing activities will be sufficient to meet the Company's financial requirements for the planned winter and spring operating seasons.

About Odyssey Marine Exploration

Odyssey Marine Exploration is an American Stock Exchange Company (OMR) with several shipwreck projects in various stages of development throughout the world. Additional information about Odyssey, its projects, methodologies and technologies, is available at www.shipwreck.net.

In order to protect the identities of the targets of planned search operations, Odyssey may not disclose specific information relating to ship operations and search targets until the Company has located the targeted shipwreck or shipwrecks and determined a course of action to protect its property rights, which may include recovery of artifacts and transport to an appropriate jurisdiction.

For additional information, please contact Laura Lionetti Barton at 813-876-1776 ext 2562.

Odyssey Marine Exploration believes the information set forth in this press release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors," and "Business" in the Company's annual report on Form 10-K for the year ended December 31, 2005, which has been filed with the Securities and Exchange Commission.

SOURCE: Odyssey Marine Exploration Inc.

Odyssey Marine Exploration
Laura Lionetti Barton, 813-876-1776 ext 2562
[email protected]
 

Gibraltar Chronicle...

ODYSSEY SAGA CONTINUES

Underwater archaeology specialist Odyssey Marine Exploration is poised to restart work on a controversial project to excavate the wreck of a 17th Century English galleon that sank in the Strait of Gibraltar carrying a cargo of gold coins.

The US company’s ship, Odyssey Explorer, arrived back in Gibraltar on Christmas Day after several months at work on other projects.

Although no official information has been released, the Chronicle understands that work will soon start again on what the company believes is the wreck of HMS Sussex.

Under international law, the wreck belongs to the British Government, which has signed an exclusive deal with Odyssey allowing the company to excavate the site in return for a share of any proceeds made from the sale of artefacts raised from the seabed.

Historical research suggests the ship sank with a cargo of coins now potentially worth hundreds of millions of dollars.

But the project has drawn flack from Spain, with Spanish officials – particularly at regional level - raising concerns about archaeological aspects of Odyssey’s work and about the territorial status of the waters around Gibraltar.

Last January, a number of incidents involving Guardia Civil boats and Spanish protestors forced Odyssey to withdraw its vessel from the Sussex site while those concerns were addressed.

Against the background of the tripartite talks, the company has since been locked in delicate discussions aimed at finding a way forward that was acceptable to all sides.

Earlier this year, Odyssey submitted an archaeological plan to the Spanish Ministry of Foreign Affairs that addressed questions raised by the Junta de Andalucia.

As part of this proposed plan, Odyssey agreed with the British Government to undertake additional survey operations in the area and to provide Spain with a detailed assessment of the region’s underwater cultural heritage in deep water, as well as assistance in developing a plan for managing and protecting those resources.

At the end of November Odyssey said it was working closely with the offices of the British embassy in Madrid and the UK’s Ministry of Defence to address the final issues relating to site mapping, positional information, and formalisation of the plan through the project archaeologists.

Odyssey anticipated that those issues would be resolved before the end of the year.

“While it has taken longer to resolve these issues than anticipated, Odyssey believes the results will translate to goodwill between all parties and serve to provide a platform for future cooperation in underwater exploration and management of deep-ocean cultural heritage,” the company said at the time.
 

The Odyssey Explorer has been working off Gibraltar all day. I wonder what they could be doing. ;)
 

Attachments

  • explorer.jpg
    explorer.jpg
    51.5 KB · Views: 477
Doc... Odyssey has been working in Spanish waters for three weeks now. Do you see the Andalusians complaining? What do make of that? Odyssey agreed to do a survey of the area for the Spanish, and help them with their underwater heritage. Gee Doc, do I have to explain everything to you? :D
 

That's right Doc, the ships left Gibraltar three weeks ago to start the survey work. They've been in and out of port several times. Now I have some advice for you. GROW UP AND STOP ACTING LIKE A 10 YEAR OLD. :'(
 

You must log in or register to reply here.

12th Century Pottery Discovered

⬅️ Previous Thread

Cape Fear N.C. Rosin wreck?

Next Thread ➡️

Top Member Reactions

Users who are viewing this thread

Total: 4 (members: 0, guests: 4)
We Dig Metal Detectors

Latest Discussions

Back
Top