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

People & Company News

MN 100: Elliott Bay Design Group

The Company: Elliott Bay Design Group (EBDG) is a Seattle-based, employee-owned enterprise with offices in New Orleans and Ketchikan that provides full-service naval architecture,

MN 100: Dometic Marine

The Company: Dometic Marine is an engineering leader of innovative products for the global marine industry and offers a large worldwide sales and service network.

MN 100: David Clark Company Inc.

The Company: David Clark Company specializes in providing communication solutions for high noise environments. Their noise-attenuating headsets and systems are

Salvage

Fishing Vessel Sinks, Spills Oil in Alaska

A 58-foot fishing vessel ran aground, sunk and spilled oil in Sitka, Alaska, according to the U.S. Coast Guard. No injuries have been reported, and there have

Runaway Crane Barge Sinks on the Mississippi

The U.S. Coast Guard is working with a team of responders to recover a runaway crane barge that sunk near Convent on the Mississippi River.   The crane barge

Historic WW I Shipwreck Survey Underway

Partnering U.S. agencies have commenced surveying the historic shipwreck of an American lightship shelled and sunk by a German U-boat during World War I nearly 100 years ago.

Vessels

CMA CGM Launches 18,000 TEU Containership

Container shipping firm CMA CGM Group has taken delivery of its newest colossal containership, the 18,000 TEU, 400-meter-long CMA CGM Bougainville.   Now the

Enclosed Space Casualties Continue in Shipping Industry

Accidents relating to entry into enclosed spaces have resulted in a large number of deaths of both ship and shore personnel so far this year. David Nichol, UK P&I Club risk assessor,

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

Ocean Observation

Climate Change Will Forever Alter Key Ocean Microbes

Global warming will irrevocably mutate a micro-organism that plays a crucial role in the ocean food chain, reports a study.   Trichodesmium (referred to as “Tricho”

India's Oil Exploration near South China Sea Irks China

The state-run China Daily says that India's plans to conduct oil exploration off Vietnam coast in the South China Sea is "illegal and is an "unwise move" that

Seychelles to Join India-led Maritime Security Alliance

Seychelles  said that Indian ocean region "belongs" to countries sharing maritime boundaries and said it was "actively" considering participating in a security

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 1.0951 sec (1 req/sec)