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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ConocoPhillips Weighs Sale of North Sea Assets in Norway

ConocoPhillips Inc is weighing sale of some of its North Sea assets in Norway which may fetch as much as $1 billion, Bloomberg reported, citing sources familiar with the matter.

FMC Chairman Addresses PEMA Ports Program

U.S. Federal Maritime Commission (FMC) Chairman Mario Cordero addressed the Professional Environmental Management Association (PEMA) at its Annual Ports Program held in Seal Beach, California.

Gulf Oil Spill Restoration Projects Proposed

Deepwater Horizon trustees announce agreement in principle for 10 Gulf early restoration projects   The trustees and BP have identified approximately $134 million

Salvage

Response to Grounded Bulker Ongoing

UPDATE: U.S. Coast Guard responding to vessel aground in St. Lawrence Seaway   The U.S. Coast Guard reports it is continuing its response Tuesday to a 621-foot

Titan, Svitzer Merger Creates Global Salvage Giant

Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader.

Bulk Carrier Grounds in St. Lawrence Seaway

A 621-foot bulk carrier ran aground near Wellesley Island in the St. Lawrence River, Monday. The U.S. Coast Guard (USCG) is responding.   The Bahamian-flagged

News

ConocoPhillips Weighs Sale of North Sea Assets in Norway

ConocoPhillips Inc is weighing sale of some of its North Sea assets in Norway which may fetch as much as $1 billion, Bloomberg reported, citing sources familiar with the matter.

FMC Chairman Addresses PEMA Ports Program

U.S. Federal Maritime Commission (FMC) Chairman Mario Cordero addressed the Professional Environmental Management Association (PEMA) at its Annual Ports Program held in Seal Beach, California.

UN Security Council Concerned by Mediterranean Migrant Smuggling

The United Nations Security Council expressed grave concern on Tuesday at the growth in people smuggling in the Mediterranean Sea and deplored Sunday's deadly shipwreck

Mergers & Acquisitions

TMR Unit MarCom Integrates with MCP

Telenor Maritime Radio’s (TMR) business unit for the commercial maritime communications market, MarCom, integrates with Maritime Communications Partner (MCP).   The internal transfer in Telenor,

IRS on Talent Acquisition Spree

IRClass, the Leading Ship Classification Society has hired 17 of the brightest and best Naval Architecture students from the elite technical institutes of India.

Titan, Svitzer Merger Creates Global Salvage Giant

Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader.

Subsea Salvage

700+ Migrants Killed in Shipwreck 'the Worst Mediterranean Massacre'

More than 700 migrants are feared to have drowned 'like rats in cages' on a smuggler boat because they were locked in the hold when it capsized off the Libyan  and sank in the Mediterranean sea.

The Deadly Migration Sea Routes in Mediterranean, 400 Died

With Italian authorities rescuing 8,500 migrants in the Mediterranean over the weekend and reports up to 400 may have died, there can be no doubt that an unprecedented

Nairobi Wreck Removal Convention Enters into Force

The Nairobi International Convention on the Removal of Wrecks enters into force on Tuesday, April 14, 2015. The Convention places strict liability on owners for locating,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.1802 sec (6 req/sec)