Odyssey Marine Exploration
| Public | |
| Traded as | NASDAQ: OMEX |
| Industry |
Deep-sea diving Treasure hunting |
| Founded | 1994 |
| Headquarters | Tampa, Florida, U.S. |
|
Key people
|
Gregory P. Stemm, CEO Mark D. Gordon, President, COO, Director |
| Revenue |
 US$17.5 million (FY 2011)
|
 US$-20.1 million (FY 2011)
|
|
|
US$-16.2 million (FY 2011)
|
|
| Total assets |
US$23.4 million (FY 2011)
|
| Total equity |
US$-9.77 million (FY 2011)
|
| Website | www.shipwreck.net |
Odyssey Marine Exploration, Inc. is an American company engaged in the salvage of deep-water shipwrecks. Odyssey salvaged the U.S. Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. Odyssey has several shipwreck projects in various stages of development around the world, including the codenamed Black Swan Project.
Between 1998 and 2001, Odyssey Marine Exploration searched for HMS Sussex and stated that it had located the shipwreck off Gibraltar at a depth of 821 metres. The ship sank in a storm in 1694 during the War of the Grand Alliance as it was transporting 10 tons of gold coins to buy the allegiance of the Duke of Savoy, Victor Amadeus II, against France.
In September 2002, Odyssey reached an agreement with the British government on a formula for sharing any potential spoils, under which Odyssey would get 80 percent of the proceeds up to $45 million, 50 percent from $45 million to $500 million and 40 percent above $500 million. The British government would get the rest.
The company was poised to start the excavation in the late summer of 2003, according to the approved project plan and engaged Gifford and Partners to assist with archaeological aspects, but the project was delayed when Odyssey discovered and began excavating the SS Republic which continued until early 2003. The Sussex agreement was criticized by some archaeological organizations and charities, including the Council for British Archaeology, Rescue, and the Institute of Field Archaeologists, denouncing it as a dangerous precedent for the "ransacking" of shipwrecks by private firms under the aegis of archaeological research. An early day motion was signed by 60 British MPs condemning the treasure hunting.
In December 2005 Odyssey began archaeological investigation of the site believed to be HMS Sussex. The company adhered to the project plan submitted and accepted by the Sussex Archaeological Executive, a committee of archaeological consultants approved by the UK Government. As of 2009, Odyssey had completed Phase 1A (the non-disturbance survey) and a substantial portion of Phase 1B (trial excavation of the site believed to be HMS Sussex) to the satisfaction of the UK Government. Odyssey was authorized by HMG to complete phase 1B of the project.
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Wikipedia