Treasure Hunters Contract Bullion Processors

Press Release
Tuesday, June 12, 2012

Odyssey selects JBR Recovery Limited for 'SS Gairsoppa' & 'SS Mantola' silver cargo processing

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. Historical records indicate that combined the ships could have been carrying over 240 tons of silver bullion.

After extensive research, a competitive bid process, review and site inspection, Odyssey selected JBR, one of Europe's leading silver recovery and precious metal recycling specialists, to provide a range of services for what could be the largest precious metal recovery conducted in the deep ocean.

Odyssey has chartered Swire Seabed's 291-foot Seabed Worker for the Gairsoppa and Mantola silver recovery operations. Both sites were discovered in Q3 2011, and reconnaissance dives were conducted in March and April 2012. Operations are currently underway.

 

 

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

Contracts

Seasat Wins Contract from Maersk Supply Services

Seasat A/S, the Danish communications services provider, specialized in delivering reliable broadband, television and voice services for the maritime market announces

L-3 MSI to Equip Third Quantum Class Ship

L-3 Marine Systems International (L-3 MSI) announced today that it has been awarded a contract to provide a range of navigation, lighting and communication systems

TORM Contracts Albwardy for Diving Services

Danish product tanker carrier TORM A/S and UAE-based Albwardy Marine Engineering (AME), an Albwardy-Damen JV, have signed a Service Level Agreement for diving services in the UAE region.

Salvage

T&T Salvage Refloats Containership

Damn the Torpedoes: T&T Salvage completes another successful OPA 90 response T&T Salvage and their strategic response partner, Cabras Marine, successfully refloated a 17,

USCG, Enbridge to Conduct Oil Spill Response Exercise

The Coast Guard 9th District, partner agencies, and Enbridge Energy Limited Partnership will conduct a full-scale oil spill response exercise in Indian River, Michigan, Wednesday.

USCG Rescues Fisherman off Massachusetts

A fisherman was rescued by the United States Coast Guard (USCG) after his 40-foot fishing vessel became caught in the surf on the Chatham Bar in Chatham, Massachusetts, Wednesday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
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: 0.0782 sec (13 req/sec)