Odyssey Marine Exploration Reports Q1 Performance

Press Release
Tuesday, May 10, 2011

Tampa, FL – May 9, 2011 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, has reported results for the first quarter ended March 31, 2011.

Revenue for the first quarter 2011 was $2.1 million, compared to $2.9 million in the first quarter 2010. The Company also reported a net loss of $5.2 million, compared to a net loss of $3.1 million in 2010. Included in the net loss was a non-cash expense of $1.3 million, or $0.02 per share, to reflect the change in fair value of the derivatives related to the issuance of Series G convertible preferred stock caused primarily by the increase in Odyssey share price during the period. The net loss per share for the first quarter was $0.09, compared to a net loss of $0.05 per share in the first quarter 2010.

“While our first quarter revenue was down compared to last year, we have made substantial progress during the period and are well positioned for growth in 2011.This is the first year in Odyssey’s history where we have the potential for multiple recoveries. Two of our projects with clients of Robert Fraser & Partners are in the verification phase and evidence suggests that we have located the target shipwreck in at least one of these projects. We’re gearing up to begin operations on the Gairsoppa project this summer and are finalizing plans for additional shipwreck projects. We’ve seen very positive results in the first deep-ocean mineral mining expedition conducted with Dorado and have since added to our deep-ocean clientele by providing services to Neptune Minerals off the coast of New Zealand,” said Greg Stemm, Odyssey Chief Executive Officer.
 

Source: http://www.shipwreck.net

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Odfjell Finalizes LPG/Ethylene Joint Venture Deal

Following Odfjell SE’s May 16, 2014 announcement declaring the signing of a definitive agreement to form a LPG/E shipping joint venture, Odfjell today announced

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Salvage Ship Electronics Ship Repair 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: 0.1535 sec (7 req/sec)