Treasure Hunters, Odyssey, Came Up Silver in 2012

Press Release
Thursday, March 14, 2013

Odyssey Marine Exploration reports financial results for the fourth quarter and year ended December 31, 2012.

Fourth Quarter 2012 Financial and Operational Highlights

  • Total revenue in the fourth quarter was $7.9 million as compared to $0.9 million in the same year-ago quarter.
  • The majority of the silver recovered in 2012 from the SS Gairsoppa shipwreck was sold in the quarter with fourth quarter proceeds of $30.1 million to Odyssey ($17.8 million of this was credited in third quarter to expenses as recoupment of project costs).
  • Shareholder value was created through mineral exploration and resource estimate operations which resulted in the development of Oceanica Resources in the first quarter of 2013 providing $15 million in cash and 62.6% ownership in Oceanica to the company.

Management Commentary
"In 2012, Odyssey made tremendous progress with our deep-ocean shipwreck projects using our advanced deep-ocean exploration and recovery technology," said Greg Stemm, Odyssey's Chief Executive Officer. "In fact, we achieved a record for the deepest and heaviest cargo recovery from a shipwreck during our work on the Gairsoppa, as we salvaged 48 tons of silver from a depth of more than 15,000 feet."

"The subsequent multi-million dollar sale of silver recovered from the Gairsoppa demonstrated how Odyssey can monetize such assets, generate positive cash flow, and fund our operations internally. Our monetization of this project helps us to move forward on our pipeline of recovery projects and to pursue emerging opportunities in mineral exploration."

"Such opportunities have already included development of Oceanica Resources, a newly organized company engaged in seafloor mineral exploration. As we recently reported, Oceanica controls exclusive mineral permits for areas that our surveys have indicated may hold highly valuable mineral resources. This led to the sale of a portion of Odyssey's ownership stake in Oceanica's which generated gross proceeds of $15 million for 15% of the company. We plan to use these proceeds for various other projects, including our planned silver recoveries from the SS Gairsoppa and SS Mantola.

"Looking ahead, we anticipate the weather conditions in the North Atlantic to allow us to resume Gairsoppa silver recovery operations in late May. Following the completion of the Gairsoppa recovery operations during the 2013 season, we plan to continue recovery operations on the Mantola shipwreck. We expect this to create further asset monetization and strengthen our ability to take advantage of the number of high-value projects in our pipeline."

 

 

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

People & Company News

Henderson, Hanes & Associates Opens Doors in Miami

Ocean Engineering/ Naval Architecture Firm Brings Innovation to the Mega Yacht Community The Miami-based ocean engineering and naval architecture firm of Henderson & Associates, Inc.

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Scanjet Secures 30-ship Tank Management Order

Scanjet Group has followed up its Tank Management order from Stolt-Nielsen with a series of contracts for its ITAMA Intelligent Tank Management concept including Tankcleaning,

Finance

DryShips: Public Offering of Its Senior Secured Notes

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company

DOF Installer Sells Offshore Vessel

DOF Subsea AS subsidiary, DOF Installer ASA, reported the sale of one of its three sister ships, an anchor handling tug supply (AHTS) vessel, to an international buyer.

Port City Plans for New Cargo Taxes Angers Kenya Govt, Shippers

Proposals by a local authority to impose new taxes on cargo at Kenya's main port has drawn opposition from the government and shippers, saying it will hike import

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.2707 sec (4 req/sec)