Sunken Treasure Hunters Latest on 'SS Gairsoppa' Project

Press Release
Wednesday, September 12, 2012
Seabed Worker: Photo credit Swire Seabed

Odyssey Marine Exploration inform the 'Seabed Worker', will cease salvage operations to make a scheduled port call in Cork, Ireland.

After taking on fuel, supplies and changing personnel, the Seabed Worker will immediately return to the site to continue recovery operations under an extension of the charter agreement.

No materials recovered from the shipwreck site will be landed during this port call in Ireland. Pursuant to Odyssey's agreement with the UK Government, the company will not comment on the status of operations or recovery of cargo until any additional silver recovered has been transported to the secure facility in the United Kingdom.

"As with our port call in August, making our regularly scheduled crew change in Ireland instead of the UK allows us to spend an additional two, or more, working days on the site. As the weather conditions tend to become less friendly in the North Atlantic as we get closer to October, every additional day of operations is important," said Mark Gordon, Odyssey President and COO.

"The processing of the silver delivered in July remains on schedule with the first portion available for sale in September. We expect all processing of the silver recovered to date to be completed during the fourth quarter. We're delighted by the recent move in silver prices. If they hold or continue to increase, it will significantly boost the value of this project."

Odyssey is conducting the Gairsoppa project under contract with the UK Department for Transport. Under the terms of the agreement, which follows standard commercial practices, Odyssey bears the risk of search and recovery and retains 80% of the net salved value of the Gairsoppa silver cargo after recovering its expenses. The contract was awarded to Odyssey following a competitive tender process.

The Gairsoppa was a merchant ship torpedoed by a German U-boat during World War II. As some sources, including "Lloyd's War Losses" indicate, a total silver cargo worth £600,000 (1941 value) was lost aboard the Gairsoppa, there may have been additional government-owned silver cargo aboard that would have been self-insured.




 

Maritime Today


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

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

People & Company News

$55M Berth Upgrade in Townsville Port

Townsville contractor CivilPlus Constructions has been awarded the design and construct tender for the primary wharf works component of Port of Townsville’s $55 million Berth 4 Upgrade project.

Container Weighing at Felixstowe Port

The Port of Felixstowe has confirmed that it will offer a container weighing service to ensure UK shippers are able to comply with new international regulations

Aker Joins Johan Sverdrup Phase 2 Study

Aker Solutions will deliver a concept study on a new processing platform for future phases of the Statoil-operated Johan Sverdrup North Sea field, Norway's largest oil find in three decades.

Salvage

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

CSCL Indian Ocean Refloated

On Tuesday, February 9 at around 3am, local time, the containership CSCL Indian Ocean has been able continue her voyage to the Port of Hamburg. In a joint operation,

Attempts to Move Containership CSCL Indian Ocean Aground in Elbe Successful

The last five days stuck in Elbschlick 400-meter (1,312 feet) CSCL Indian Ocean, the 19,000 teu vessel aground on the river Elbe, owned by China Shipping Group Co.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.0880 sec (11 req/sec)