Despite finding treasures, Odyssey Marine lost $24.8 million in 2008

By James Thorner - Times


Despite having discovered what could be hundreds of millions of dollars worth of sunken treasure, Tampa shipwreck salvage company Odyssey Marine Exploration Inc. reported a loss last year of $24.8 million.

It was at least the third consecutive money-losing year for the company that has made several rich discoveries.

They include the HMS Victory, a British man-of-war that sunk with 900 aboard in 1744 with a cargo that might have included 4 tons of gold coins.

Since foreign governments claim, and sometimes sue for, a piece of the lucre, it can take years before Odyssey can cash in its finds.

The company's stock ended the day Wednesday up 7 cents at $3.06 per share. Its 52-week high is $6.90.



HMS Victory Channel Islands British warship Maritime Heritage Foundation odyssey marine exploration