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 October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

President Pryor Retires from ExxonMobil Chemicals

Stephen D. Pryor, president, ExxonMobil Chemical Company and vice president of Exxon Mobil Corporation, has elected to retire on January 1, 2015, after more than 44 years of service.

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

News

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Mergers & Acquisitions

Fulcrum Buys BMT Snyek Technologies

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services

BEST Readies for Mega Ships

Hutchison Port Holdings Limited (HPH) subsidiary Barcelona Europe South Terminal (BEST), located at the Port of Barcelona, today held a ceremony for the arrival of three new Quay Cranes (QCs),

COSL Takes Delivery of New Semisub

China Oilfield Services Limited saw successful delivery of the deepwater semi-submersible drilling rig COSLProspector it invested in and commissioned to build in Yantai, Shandong today.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1753 sec (6 req/sec)