- On 27/10/2009
- In Treasure Hunting / Recoveries
Odyssey Marine Exploration has entered into a letter of intent with Robert Fraser & Partners LLP. Under the terms of the proposed arrangement, Odyssey will provide services related to the exploration and recovery of shipwrecks and other deep-ocean resources to syndicates formed by Robert Fraser & Partners to engage in deep-ocean exploration.
Under the proposed structure, Odyssey will be compensated for search, survey and archaeological excavation as well as development of research files on specific shipwreck and other deep-ocean projects. Odyssey will also have a substantial interest in the back-end of the projects and will be paid for providing other services including conservation, documentation, marketing and sales of recovered cargoes and commodities.
"We have long considered partnering on specific projects in a manner that is non-dilutive to Odyssey shareholders, but it has been a challenge to find a partner that understands the nuances and challenges of syndicating individual projects.
I believe we have finally found that partner, and we are currently in the process of developing the syndication of our first project with them," stated Greg Stemm, Odyssey's Chief Executive Officer.
"This presents an exciting opportunity to move Odyssey forward and generate current revenue from marine operations, research and expertise, while maintaining a significant interest in the projects."
"We're delighted on behalf of our clients and investors to be working with Odyssey and we anticipate developing a number of deep-ocean projects with them," commented Colin Emson, Chief Executive Officer of Robert Fraser.
"Having previously worked with a number of clients on a broad range of marine projects, we have gained a real appreciation for the first-class work that Odyssey has demonstrated in the field.
Contracting with Odyssey is seen as bringing together highly compatible skill sets for further development of this fascinating and emerging deep-sea field. We are most enthused about working with the benefit of the new exploration technologies in which Odyssey is the acknowledged world leader and look forward to securing our first contract with them as soon as possible."