Odyssey Recovers 1.8 Million Ounces of Silver From Shipwreck

SeaDiscovery.com
Monday, July 22, 2013
Gairsoppa - Silver

The latest recovery from SS Gairsoppa reportedly set the world record for deepest, largest precious metal recovery.

Odyssey Marine Exploration said it has recovered more than 61 tons of silver bullion this month from a depth of nearly three miles. This recovery of bullion from the SS Gairsoppa, a 412-foot steel-hulled British cargo ship that sank in February 1941, consists of 1,574 silver ingots weighing about 1,100 ounces each or almost 1.8 million troy ounces in total, sets a new record for the deepest and largest precious metal recovery from a shipwreck. The silver has been transported to a secure facility in the United Kingdom.

Including the silver recovered in 2012, Odyssey has now recovered 2,792 silver ingots from SS Gairsoppa or more than 99% of the insured silver reported to be aboard the Gairsoppa when she sank. Under the terms of Odyssey's contract with the U.K. Department for Transport, which follows standard commercial practices, Odyssey will retain 80% of the net salved value of the cargo. The contract was awarded to Odyssey following a competitive tender process.

Sources, including Lloyd's record of War Losses, indicate additional uninsured government-owned silver may have been aboard the SS Gairsoppa when she sank, but to date no uninsured silver has been located.

"This was an extremely complex recovery which was complicated by the sheer size and structure of the SS Gairsoppa as well as its depth nearly three miles below the surface of the North Atlantic," commented Greg Stemm, Odyssey's chief executive officer. "To add to the complications, the remaining insured silver was stored in a small compartment that was very difficult to access.

"The recovery of more than 99% of the insured silver cargo under these adverse conditions is a testament to the skill and ingenuity of the offshore team led by Senior Project Managers, Andrew Craig and Ernie Tapanes. The expertise demonstrated in implementing this challenging project continues to be applied as we undertake other modern shipwreck projects, deep-ocean mineral exploration and our best-in-class deep-ocean archaeological work on historic shipwrecks."

Mark Gordon, Odyssey's president and chief operating officer added, "The ability of our team to deliver on our planned objectives underscores our experience and the tremendous determination of our team. We have accomplished a world-record recovery at a depth never achieved before. We're continuing to apply our unique expertise to pioneer deep-ocean projects that result in the discovery and recovery of lost cultural heritage, valuable cargoes and important and needed natural resources."

The recovery operations were conducted from the 291-foot Seabed Worker mobilized with 5,000 meter depth-rated remotely operated vehicles (ROVs) and heavy launch and recovery systems. Additional specialized deep-ocean equipment was mobilized by Odyssey on the ship for the project. The Seabed Worker has returned to sea to continue Odyssey's 2013 North Atlantic Expedition, which includes the SS Mantola, a 450 foot British-flagged steamer lost in 1917 and found in 2011 by Odyssey, as well as the Gairsoppa. The Mantola reportedly carried approximately 600,000 troy ounces of silver insured under the U.K War Risk insurance program.

odysseymarine.com

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

People & Company News

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

Boost for Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

Salvage

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

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.

Vessels

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

Maersk Line Gets new AEO number

Maersk Line has been re-certified as an Authorised Economic Operator (AEO) with the AEO-F, the highest achievable accreditation in the European Union programme.

Zamakona Refits Vessels VOS HERA & HADES

The Zamakona Yards in Pasajes has successfully finished the works carried o t in the vessels VOS HADES and VOS HERA that belong to the Company Vroon Offshore Services UK.

Ocean Observation

Coast Guard Cutter William Trump Commissioned

The Coast Guard Cutter William Trump was commissioned during a ceremony at Coast Guard Sector Key West Saturday Jan. 24, 2015. The Trump is the 11th fast response cutter in the Coast Guard fleet.

UN Mulls Treaty for Maritime Biodiversity

United Nations has agreed to convene an intergovernmental conference aimed at drafting a legally binding treaty to conserve marine life and govern the mostly lawless

India-US “New Vision” for Asia Pacific and Indian Ocean

India and the USA on Sunday released a Joint Strategic Vision statement for the Asia-Pacific and Indian Ocean region, marking the deepening strategic equation between the two nations.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Ship Repair Shipbuilding / Vessel Construction 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: 0.7309 sec (1 req/sec)