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

People & Company News

First Subsea Achieves API 17L1 Certification for Bend Stiffener Connectors

Connector technology developer First Subsea has received APL 17LI certification for its bend stiffener connectors from the American Petroleum Institute, the company announced today.

Gulf of Mexico Sees First LNG-powered OSV

A special Offshore Supply Vessel (OSV) has been delivered to Shell for its deepwater operations in the Gulf of Mexico.   The vessel, Harvey Energy, is chartered

Bestobell Bags Hat Trick Order in China

Bestobell Marine, part of the President Engineering Group, has received its third order in the past 12 months from Hudong Zhonghua shipyard in China. The deal

Salvage

Houston Ship Channel Reopens After Ships Collide

The Houston Ship Channel has reopened after a collision between a container ship and a chemical tanker, according to a spokesman with the United States Coast Guard.

New Tool for Recovering Oil from Sunken Wrecks

A tool for removing oil trapped in submerged vessels has been developed in Norway by design specialists Miko Marine.   The launch of the Moskito aims to address

Vancouver Container Fire Closes Port

A large portion of Canada's biggest port was shut down on Wednesday after a chemical fire broke out amid numerous shipping containers piled up in a yard east of Vancouver's downtown core.

Vessels

Remontowa to Build Ferries for BC Ferries

Polish shipyard Remontowa Shipbuilding SA has signed a contract for building three car-and-passenger ferries for the Canadian ship owner - BC Ferries Company, said Xinhua.

Irish Ferries Owner Revenues up 9.6%

Irish Continental Group, the company behind Irish Ferries, posted a 9.6pc increase in revenue last year (2014) in taking Euro 290.1 million.   ICG's ferry division

Two Mooring Tugs Delivered to NSW

Nakilat Damen Shipyards Qatar (NDSQ) has delivered two new Qatari-built mooring tugs to towage operator Nakilat SvitzerWijsmuller (NSW).   The delivery of the

Ocean Observation

EC Okays Maritime Fisheries fund

European Commission has approved Malta’s Operational Program European Maritime Fisheries Fund (EMFF) for the 2014-2020 financial periods, announced Parliamentary

Martian Ocean Held More Water than the Arctic

The National Aeronautics and Space Administration say there was once more water on the planet Mars than in the Arctic Ocean on Earth.   In a new study in the journal Science,

Ships Can’t Cope with Flow of Immigrants in Mediterranean

Merchant ship owners can’t cope with increasing flows of refugees trying to cross from Africa and the Middle East to countries like Greece and Italy, says a report

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.7957 sec (1 req/sec)