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

People & Company News

Costa Concordia: Operations to Tow the Wreck Begin

Maneouvres began early on Wednesday to remove the rusty hulk of the Costa Concordia cruise liner from the Italian island where it struck rocks and capsized two years ago, killing 32 people.

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Bahrain US$35-M Land Reclamation Contract for GLDD

Provider of dredging services in the United States and a major provider of environmental & remediation services, Great Lakes Dredge & Dock Corporation (GLDD) says

Salvage

Costa Concordia: Operations to Tow the Wreck Begin

Maneouvres began early on Wednesday to remove the rusty hulk of the Costa Concordia cruise liner from the Italian island where it struck rocks and capsized two years ago, killing 32 people.

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

Pier Damaged at Port Canaveral

Undergoing Repairs While Coast Guard Investigates   The U.S. Coast Guard is investigating a weekend incident that caused pier damage and scattered concrete debris in the harbor on Sunday.

Vessels

Costa Concordia: Operations to Tow the Wreck Begin

Maneouvres began early on Wednesday to remove the rusty hulk of the Costa Concordia cruise liner from the Italian island where it struck rocks and capsized two years ago, killing 32 people.

COSCO Corpn. Secures Contracts of $300 mi

COSCO Corporation (Singapore) Limited announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Ltd, have secured

Kleven Shipbuilding Wins IES Pioneer Contract

Norway’s Kleven announced it has signed a shipbuilding contract with Malaysian based joint venture company IES Pioneer Ltd. The vessel is of Norwegian design

Ocean Observation

Second Typhoon Threatens Taiwan

The Taiwan military was collecting and distributing sandbags to guard against possible flooding on Tuesday as a typhoon bore down on the island after brushing the Philippines.

Typhoon Slams into Southern China, One Dead

A super typhoon slammed into China on Friday killing one person, as the government ordered an all-out effort to prevent loss of life from a storm that has already

Typhoon Kills 10 in Philippines, Storm Heading for China

A typhoon killed at least 10 people as it churned across the Philippines and shut down the capital, cutting power and prompting the evacuation of more than 400,000 residents, rescue officials said.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.2954 sec (3 req/sec)