Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is a world leader in deep-ocean exploration. The discovery, development and extraction of deep-ocean minerals is our core focus. The company’s innovative methods and state-of-the-art technology is also being applied to shipwreck exploration and other deep-ocean services for third-party partners. We have numerous projects in various stages of development around the world from both our own portfolio as well as through third-party contracts.
Through Odyssey’s majority stake in Oceanica Resources S. de. R.L. (“Oceanica”) the company controls Exploraciones Oceanicas, S. De R.L. De C.V. (“ExO”), a Mexican company that has exclusive mining permits for an area known as the “Don Diego” deposit. The deposit is one of the largest to be identified and is expected to be important to the regional and international fertilizer markets. In order to move to the next phase of development of the deposit, Odyssey and its subsidiaries need to obtain approval of its environmental permit application. A decision on this application is expected in the course of 2017.
Odyssey has extensive experience discovering shipwreck sites in the deep ocean and conducting archaeological excavations with remotely operated vehicles. The company has worked on some of the most historically-important shipwreck projects to be discovered including the SS Republic, HMS Victory (1744), the SS Central America and La Marquis de Tourny. Odyssey recovered over 110 tons of silver cargo, representing 99% of the insured cargo, from the SS Gairsoppa, one of the largest and heaviest recoveries from a shipwreck in history. In late 2015, Magellan Offshore Resources acquired the proprietary shipwreck database Odyssey created and developed over the past 20 years, with Odyssey retaining the role of exclusive shipwreck search and recovery contractor for Magellan. The company is paid for conducting shipwreck operations and retain a 21.25% interest in any proceeds after costs. This relationship allows Odyssey to continue to use our proven and unique expertise on shipwreck projects while minimizing the financial risk.