ORRV\DMS Discover Cluster Of Shipwrecks

Press Release
Thursday, May 19, 2011

Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV), and Deep Marine Salvage Inc, today announced that they have agreed upon  their first intended “cluster” of 5 commodity based salvage targets.

These targets have been selected from our vast portfolio of shipwrecks lost in northern hemisphere waters.  The combined manifested value of these cargos is a minimum of $2 billion at current commodity prices, and consists of platinum, gold, silver, copper and zinc.

Cluster Targeting, a new approach to salvage planning developed by DMS, leverages the close proximity of valuable shipwrecks to achieve the following benefits;

*    Maximize the amount of time the primary salvage ship can remain on site during each recovery cycle

*    Minimize the high cost of vessel mobilization, location transit and vessel demobilization

*    Minimize the risk that undersea working conditions on a wreck might make salvage unprofitable thereby forcing a return to port

“This cluster has been selected not only because the wrecks are close to each other but because they also lie at shallow depths”,  said Scott Heimdal, CEO of ORRV.  “On the water time is money, the faster you can put it on the deck the higher your margins”, continued Mr. Heimdal.  “Working depth is a big factor in feasibility planning.  Selecting this cluster ensures minimal daily operating costs.”

Negotiations with vessel owners and insurers that still exist are currently under way and  Marine Salvage Licensing Agreements, where applicable, are nearing completion.  Due to the cluster lying in international waters negotiating an agreement with a host country is not required.

Salvage of this first cluster is slated to begin in the 4th quarter of 2011.

This cluster contains the first five wrecks from an extensive portfolio of shipwrecks, all meticulously researched, which numbers in the hundreds.  The entire portfolio collectively contain hundreds of thousands of tons of metals, including; platinum, gold, silver, copper, tin, nickel, cobalt, zinc, lead, antimony, molybdenum, and rare earths.

DMS spokesman, Nigel Smith said  “we’re greatly looking forward to fully mobilizing our equipment and personnel and getting on the water towards the end of the year, and to begin what will be the most spectacular marine salvage program ever conducted.”

 

Source: Oceanic Research and Recovery Inc.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Salvage

Kooiman to Repair MTS Julius Rütgers

Eiltank Schiffart GmbH & Co KG has placed the order for the repair of the inland waterway tanker vessel Julius Rütgers Shipyard with the shipyard Gerb. Kooiman B.

AFMA Moves to Strengthen Seabird Safety

Being followed by an albatross is considered to bring good luck to mariners but the birds themselves aren’t always so lucky when trying to pick up a free feed from fishing boats.

Houston Ship Channel Closed after Benzene Spill

A section of the Houston Ship Channel has been closed following the release of approximately 500 gallons of benzene from the tanker Maritime Jingan while moored at Vopak Terminal Thursday afternoon.

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators 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: 0.0532 sec (19 req/sec)