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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

U.S., India to Seal Nuclear Deal

The United States and India have reached a breakthrough on two issues holding up civil nuclear cooperation between them, U.S. President Barack Obama told a news conference in New Delhi on Sunday.

U.S. Refinery Workers' Contract Talks Moving Slowly

With just a week of bargaining left until the national contract for U.S. refinery workers expires, the United Steelworkers union (USW) said talks with oil company

MSC Sinfonia Upgradation at Fincantieri Shipyard

Extension operations on MSC Sinfonia, the second out of four MSC cruise ships to undergo the Renaissance Programme of enhancements, have begunin the past days at Fincantieri shipyard in Palermo.

Salvage

Towing Vessel Sinks off Oahu

A 95-foot towing vessel, Nalani, sank approximately two and half miles west of Barbers Point Harbor, Oahu, Thursday, the U.S. (USCG) Coast Guard reported. The 11

Beyond the Black Box

Using the VDR as the Ship’s Data Clearing House provides budget-minded operators with the means, the bandwidth and the economy to monitor critical systems. Go on: dip your toes in the big data water.

Stricken Hoegh Osaka Ready for Transport

Hoegh Osaka’s list is now at 5 degrees, enabling salvors to turn the vessel in the correct direction and transport it from Alpha Anchorage to Southampton Port.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1584 sec (6 req/sec)