Key Developments: Odyssey Marine Exploration, Inc. (OMEX.O)
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Latest Key Developments
Odyssey Marine Exploration, Inc. Signs Letter of Intent With Robert Fraser & Partners LLP To Syndicate Additional Projects In 2010
Odyssey Marine Exploration, Inc. and syndication partner, Robert Fraser & Partners LLP announced that they have jointly developed plans and signed a letter of intent to execute a series of deep-ocean projects in 2010 based on the model of the earlier announced project code-named Enigma. 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 each project and will be compensated for providing other services including conservation, documentation, marketing and sales of recovered cargoes and commodities.
UK Government Awards Exclusive Salvage Contract to Odyssey Marine Exploration, Inc. For Recovery Of SS Gairsoppa Silver Cargo
Odyssey Marine Exploration, Inc. announced that it has been awarded the exclusive salvage contract for the cargo of the SS Gairsoppa by the United Kingdom (UK) Government Department for Transport. The contract was awarded after a competitive bid process and is for two years, which commences immediately.
Odyssey Marine Exploration, Inc. Acquires Stake In Venture To Pursue Exploration Of Deep-Ocean Gold And Copper Deposits
Odyssey Marine Exploration, Inc. announced that it has acquired a minority interest in SMM Project LLC, a company funded by a group of investors to bring together the exclusive licenses and skills of world renowned deep-ocean geologist Dr. Timothy McConachy of Bluewater Metals, the deep-ocean survey and exploration expertise of Odyssey, and the offshore coring and mining expertise of Robert Goodden. It is anticipated that Odyssey will dedicate certain marine assets, including a ship and related marine exploration technology to the endeavor, and will own approximately 40% of the new entity. In addition, Odyssey is expected to provide proprietary expertise and personnel management to the entity under contract, and will supervise operations to explore for deep-ocean gold, copper and silver deposits in areas covered by exploration permits currently held by Bluewater Metals.
Odyssey Marine Exploration, Inc. Closes Funding On First Shipwreck Project With Robert Fraser & Partners LLP
Odyssey Marine Exploration, Inc. and its associated company, OVH, Inc., announced that they have executed agreements to provide project research and shipwreck search and survey services for a project code named 'Enigma' to Robert Fraser Marine Ltd and client companies of Robert Fraser & Partners LLP. Under the agreements, Odyssey furnished research related to the 'Enigma' and its sinking and will provide a research vessel, equipment and crew to search a specified area and inspect targets in that area. The contracts provide initial cash payments totaling GBP2,104,700 (approximately USD3.5 million) to Odyssey and OVH, Inc. as well as additional payments upon the sale of coins or artifacts from the 'Enigma' project. After repayment of salvage costs and fees, Odyssey and OVH, Inc. will receive 80% of net revenue in aggregate until an additional GBP11,899,200 (approximately USD20 million) has been received and then 50% in aggregate of all further net revenue.
Odyssey Marine Exploration, Inc. Signs Letter of Intent with Robert Fraser & Partners LLP to Syndicate Shipwreck Projects
Odyssey Marine Exploration, Inc. announced that it 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.
Odyssey Marine Exploration, Inc. To Object To Magistrate`s Recommendation to Dismiss Black Swan Case
Odyssey Marine Exploration, Inc. announced plans to file a written objection to the U.S. Federal Court Magistrate`s recommendation that Spain`s Motion to Dismiss the Black Swan case be granted and that the property recovered be returned to Spain. The recommendation which was filed June 3, 2009, concludes that the court lacks jurisdiction to hear the case. Odyssey brought the Black Swan case to federal court in the spring of 2007 after discovering a site in the Atlantic Ocean with over 500,000 gold and silver coins. Spain filed a claim in the case asserting that the cargo came from the Nuestra Senora de las Mercedes, a Spanish vessel which exploded in 1804. Despite the absence of a vessel at the site, the District Court Magistrate has indicated that he believes that there is sufficient evidence to confirm that the site is that of the Mercedes and that the vessel and its cargo are subject to sovereign immunity. Odyssey will file its objection and will continue to vigorously defend its rights to what it has legally recovered and submitted to the jurisdiction of the court.
Odyssey Marine Exploration, Inc. Concludes Deal With Intersal, Inc. On North Carolina Shipwreck Site
Odyssey Marine Exploration, Inc. announced that it has reached an agreement with shipwreck exploration firm Intersal, Inc. to pursue operations at a site off the coast of North Carolina. The agreement also entitles the Company to share in substantial research and data acquired by Intersal over the years relating to the target shipwreck and the work completed to date in the permit area.
Odyssey Marine Exploration, Inc. Welcomes Peru's Filing In Black Swan Case
Odyssey Marine Exploration, Inc. announced that the Republic of Peru filed a motion in federal court in one of the Company's pending admiralty cases. As anticipated after numerous statements in the media, Peru formally filed a Verified Conditional Claim in the Black Swan admiralty case, which was originally filed by Odyssey Marine Exploration. The case is currently pending before the U.S. District Court in Tampa, Florida.
Court Seeks Public Disclosure Of Odyssey Marine Exploration, Inc.'s Hypotheses Regarding Shipwreck Cases
Odyssey Marine Exploration, Inc. announced that Magistrate Judge Mark A. Pizzo of the United States District Court for the Middle District of Florida denied Odyssey's Motion for Protective Order in which Odyssey requested that the interrogatory responses filed under seal on April 14, 2008, remain confidential. In those interrogatories, Odyssey was asked to put forth its working hypothesis as to the identity of any vessels that may be related to the two sites that are the subjects of two arrests Odyssey has pending before the Court. Odyssey had been reluctant to disclose its working hypotheses because the company believes that there is insufficient evidence in either case to conclusively confirm the identity of any vessel that may be associated with the sites.
Spain's Claim To One Of Odyssey Marine Exploration, Inc.'s Shipwreck Cases Dismissed
Odyssey Marine Exploration, Inc. announced that Spain's claim in Admiralty case number 8:07-CV-00616 has been dismissed pursuant to a motion filed on behalf of the Government of Spain.
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