Odyssey to begin commodity wreck program
- On 26/09/2012
- In Treasure Hunting / Recoveries
From Coin Week
Odyssey Marine Exploration, pioneers in the field of deep-ocean exploration, announced that the company has received project approval and salvage contracts from ship owners for a major multi-year commodity shipwreck program with a potential total recovery value of more than $230 million based upon current commodity prices and related assumptions.
The company has negotiated salvage contracts with ship owners that will award 90% of the net recovered cargo value to Odyssey for four separate deep-ocean shipwrecks carrying valuable commodities when they sank.
There are additional valuable shipwrecks that do not require salvage agreements that can be added to the program and undertaken while Odyssey has a ship and equipment nearby.
Planning is underway to assemble the necessary ship and equipment for the recovery of these cargoes, which is targeted to begin as early as the second quarter of 2013.
Search operations are anticipated to be completed very quickly with the recovery vessel so operations can flow directly from confirmation to cargo recovery.
In addition, Odyssey has received an expression of interest from an investment group interest in providing non-dilutive funding to take the project to the stage where it will generate positive cash flow.
Odyssey will evaluate this proposal, other potential non-dilutive options, and the possibility of self-funding the operation to determine the best course of action for long-term shareholder value.