Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, has completed search and preliminary inspection operations on its "Olympus" Project, which includes a cluster of five 20th-century shipwrecks believed to be carrying significant cargoes of gold and silver at the time of their sinking in the Northern Atlantic.
All shipwrecks have been located and Odyssey's marine operations team has conducted varying degrees of reconnaissance to collect data on each wreck including multibeam surveys, sub-bottom imaging and visual inspections with a remotely operated vehicle (ROV).
The information gathered during this expedition is now being analyzed to determine the financial and technical feasibility of recovery operations on one or more of the shipwrecks in the "Olympus" Project area. Preliminary work to prepare for recovery operations on at least one of the targeted shipwrecks can be performed from the Odyssey Explorer.
After completing the "Olympus" Project search and inspection operations and conducting equipment testing, the Odyssey Explorer returned to port in Cork, Ireland, to await the results of the data analysis and be positioned to commence the next stage of work on this project, the Victory project, or a potential multi-month paid contract, depending on which opportunity is next available to pursue.
"Once again, our experienced marine operations team has taken an ambitious assignment and delivered outstanding results," stated Mark Gordon, Odyssey's chief executive officer. "In one 30 day rotation, the team located four new targeted shipwrecks and conducted reconnaissance on a total of five targeted shipwrecks. The data collected will allow us to plan the most cost-efficient recovery plan utilizing the Odyssey Explorer and a leased vessel.
"Targeting multiple shipwreck targets believed to be carrying bullion and specie and located in a relatively compact geographic area allows us to spread the risk and recovery expenses over the whole project," continued Gordon. "This approach also allows us to include other shipwrecks that may not be economically feasible on a stand-alone basis."
In addition to work on the Odyssey Explorer, Odyssey technicians and equipment have been conducting scientific experiments aboard the Dorado Discovery under contract. Pelagic Research Services contracted the Dorado Discovery and Odyssey's equipment and technicians separately to conduct several projects in the Pacific Northwest region for government and university clients including NOAA and the University of Victoria.
The team has already successfully completed several complicated deep-ocean tasks on this cruise and the ship is now transiting to Alaska for the next leg of this paid expedition.
A new mineral deposit project is also being developed by Odyssey. In anticipation of acquiring the mineral rights to this prospective deep-sea mineral deposit, Odyssey has developed an expedition plan designed to assess the potential viability and value of the resource. Our marine operations team stands ready to execute this program as soon as all necessary permissions are secured. The company plans to provide more details on the project as it develops.