Tecton Acquires Endurance Exploration

Posted by Eric haun
Friday, January 03, 2014
Tecton Corporation (TTNC) has acquired Endurance Exploration Group, LLC,  a development stage company that specializes in subsea shipwreck research, search and survey, inspection and recovery projects, in a share exchange agreement.
 
Established in 2009, Endurance has evaluated over 125,000 shipwreck database entries and other sources to develop a "High Interest" list of approximately 400 shipwrecks and a "Target List" consisting of about two-dozen potential shipwreck projects; and, two of these "Target List" shipwrecks have moved into operational phases, i.e. "Operational List".
 
In 2011, Endurance began to purchase key mid-to-deep-water (500-2,000 meter) survey and recovery equipment, including a 100' survey vessel, side-scan sonar equipment and a light work-class Remotely Operated Vehicle ("ROV"); and began to develop a multi-year plan to conduct search and survey operations for some of the "Target List" shipwreck projects.
 
Relying on its proprietary research and subsequent survey planning, in mid-2013, Endurance began side-scan sonar search operations for its first project, "Sailfish," a mid-19th century passenger liner sunk off the coast of New England carrying a gold shipment, and, Endurance believes, highly likely, other passenger valuables.  During the course of "Sailfish" operations to date, Endurance has mapped and imaged, with side-scan sonar, approximately 700 square miles of ocean bottom searching for "Sailfish".  Search operations are expected to continue during the summer 2014 season.
 
In late 2013, Endurance secured a three-year governmental contract from an East African nation granting Endurance Exploration Group permission to search for and recover the "Black Marlin", a 17th century colonial-era trading vessel lost in the territorial waters of an island nation located in the Indian Ocean.  Based upon Endurance research and evaluation of the available historical record, Endurance believes "Black Marlin" was carrying a sizable cargo of silver coinage and bullion for trade in the Far East. The governmental contract also grants Endurance rights to search for and recover secondary shipwreck targets in this country's territorial waters, and Endurance has begun research on two potential secondary targets, "Wahoo" and "Dolphin."
 
The company's CEO, Micah J. Eldred commented, "Establishing Endurance as a publicly traded company sets the foundation for the next phase in this company's life. The public quotation will provide the company with more financing options in the future that can support the company's movement into deeper water, more complex, and more potentially rewarding salvage projects."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Fitch Warning on NordLB Shipping Reduction Plan

Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks,

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Salvage

Returning to the Scene of the Shipwrecks

A participant in a diving field school last fall, graduate student Tori Kiefer is back to help a new set of students learn the joy of surveying shipwrecks.   Last fall,

Grounded Bulker Repaired, Heads for Japan

The Captain of the Port for Oregon and southern Washington canceled the captain of the port order on the motor vessel Sparna allowing the vessel to leave its mooring at Kalama, Wash.

Ardent Earns ISO 9001:2015 Certification

Ardent, formed just over a year ago as a merger of A.P. Moller-Maersk’s Svitzer Salvage and Crowley’s Titan Salvage, has been issued the ISO 9001:2015 Certification

News

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

Mergers & Acquisitions

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

FedEx Completes Takeover of TNT Express

US-based FedEx Corp. completed its €4.4 billion ($4.9 billion) acquisition of Dutch TNT Express, , with integration of the companies to start immediately.   The

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Subsea Salvage

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

Returning to the Scene of the Shipwrecks

A participant in a diving field school last fall, graduate student Tori Kiefer is back to help a new set of students learn the joy of surveying shipwrecks.   Last fall,

Aquabotix Debuts Mini Inspection Class ROV - The Endura

Aquabotix, a marine technology company delivering the accessibility of today’s electronics products to underwater ROVs, announces the immediate availability of the Endura.

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1163 sec (9 req/sec)