×

Odyssey Marine Exploration's Successful North Atlantic Expedition Sets Stage for Upcoming Major Projects

OME logo

TAMPA, Fla., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, has completed the planned 90 day charter of the Seabed Worker for 2013 North Atlantic operations with the following positive results:

  • The Odyssey team achieved a record recovery of 1.8 million troy ounces of silver from nearly three miles deep, bringing the total silver recovered from the Gairsoppa shipwreck to more than 3.2 million troy ounces.
  • This project will generate sufficient funding to support major upcoming shipwreck and mineral exploration projects.
  • Newly developed technology was proven effective, including a specialized cutting tool that allowed access to secure compartments five decks down in a complicated steel shipwreck, which will be useful with targets in our current commodity shipwreck portfolio and opens up additional project opportunities.

"These results, along with planned monetization of mineral exploration projects, put us in position to fund our scheduled exploration and recovery activities through this year and most of 2014," said Greg Stemm, Odyssey's chief executive officer. "Between the Gairsoppa silver monetization, current and planned mineral exploration contracts, and expected Oceanica stock transactions and option exercises, we expect to have sufficient capital available to continue the development of a number of concurrent major projects in both shipwreck and offshore mineral exploration. This is by far the best strategic position Odyssey has ever enjoyed and it has opened up some outstanding opportunities for us."

Mark Gordon, Odyssey president and COO added, "The outstanding dedicated efforts of our offshore team allowed us to recover the remaining insured silver from the Gairsoppa, setting a new world record for the heaviest and deepest recovery of precious metals in the process. This was followed by unprecedented work on the more complicated structure of the Mantola using a newly developed precision cutting tool commissioned by Odyssey to gain entry into a storeroom on the fifth deck down where the silver is believed to be located.

"Although we were able to gain access to the target area and clear some of the other materials during this rotation," continued Gordon, "extending the charter to complete clearing of this area did not make business sense given the current price of silver and the cost of continuing the charter. We plan to return to the Mantola in the future with upgraded versions of some of the technology we developed during this expedition. We are also considering a return to the Gairsoppa if continued on-shore research corroborates the existing documents that suggest additional uninsured silver may still be on board. We may conduct these operations with one of our own ships or as part of our contracted commodity shipwreck program, which will equip us with upgraded, more efficient and less expensive solutions for deep recovery operations."

About Swire Seabed

Swire Seabed AS represents experience and ultra-modern equipment for deep waters in the subsea industry. The company provides high quality services within inspection, maintenance & repair, construction support and subsea decommissioning. In addition, Seabed has expertise, experience and special equipment for deep sea wreck salvage. Seabed operates worldwide with the three vessels: Seabed Worker, Seabed Prince and Seabed Supporter.

Seabed Worker is an 88-meter multi-purpose support vessel. As a standard spread, the vessel has accommodation for 66 people, Class 2 DP System, 650 m2 deck area, Voith Schneider propulsion with active roll stabilization, active heave compensated 100 Te offshore crane, two Schilling HD 5000m (moonpol) ROVs. For the Gairsoppa and Mantola operations, the Seabed Worker was also fitted with specialized equipment.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in deep-ocean exploration using innovative methods and state-of-the-art technology for historic shipwreck projects, modern commodity shipwreck projects and subsea mineral exploration. Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to the general public, students, and collectors through its webstore, exhibits, books, television, merchandise, educational programs and virtual museum located at www.OdysseysVirtualMuseum.com. The company also maintains a Facebook page at http://www.facebook.com/OdysseyMarine and a Twitter feed @OdysseyMarine.

For additional details on Odyssey Marine Exploration, please visit www.odysseymarine.com.

Forward-looking Information

Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, which has been filed with the Securities and Exchange Commission.

CONTACT: MEDIA CONTACT: Liz Shows Odyssey Marine Exploration, Inc (813) 876-1776 x 2335 lshows@odysseymarine.com INVESTOR RELATIONS CONTACT: Ron Both Liolios Group, Inc. (949)574-3860 OMEX@liolios.com

Source:Odyssey Marine Exploration, Inc.