Odyssey Marine Exploration, pioneers in the field of deep-ocean exploration, announce their contract with JBR Recovery Limited to support the logistics, refining and monetization of the anticipated silver cargoes from SS Gairsoppa and SS Mantola when recovered. Both the Gairsoppa and Mantola projects are being conducted under contract with the UK Department for Transport. Under these contracts, which follow standard commercial practices, Odyssey will retain 80% of the net salved value of the cargoes after recovery of expenses. Both merchant ships were torpedoed by German submarines, the Gairsoppa during WWII and the Mantola during WWI. During those wars, the UK government insured privately owned cargo under their War Risk Insurance program.
