Odyssey Marine Exploration

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Odyssey Marine Exploration, Inc. is engaged in the salvage of deep-water shipwrecks. Odyssey salvaged the Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. Odyssey has several shipwreck projects in various stages of development around the world, including the code-named Black Swan Project.[1][2] Odyssey is traded on the NASDAQ Stock Market under the symbol 'OMEX'.

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[edit] HMS Sussex

Between 1998 and 2001, Odyssey Marine Exploration searched for HMS Sussex and now believes that it has located the shipwreck off Gibraltar at a depth of 1,000 metres. The ship sank in a storm in 1694 when during the War of the Grand Alliance it was transporting 10 tons of gold coins to buy the allegiance of the Duke of Savoy, Victor Amadeus II, against France.

In October 2002, Odyssey agreed a deal with the rightful owner, the British government, on a formula for sharing any potential spoils, under which get 80 percent of the proceeds up to $45 million, 50 percent from $45 million to $500 million and 40 percent above $500 million. The British government would get the rest.

The company was poised to start the excavation in 2003, but it was delayed amid a raft of complaints from archaeological organisations and charities, including the Council for British Archaeology, Rescue, and the Institute of Field Archaeologists, denouncing it as a dangerous precedent for the "ransacking" of shipwrecks by private firms under the aegis of archaeological research.[3][4][5] An early day motion was signed by 60 British MPs condemning the treasure hunting.[3]

Just as Odyssey was about to start an excavation, it was stopped by the Spanish authorities, in particular the Junta of Andalusia in January 2006. In early June 2006, Odyssey provided clarification on all points to the Kingdom of Spain's Ministry of Foreign Affairs through the offices of the Embassy of the United Kingdom. Odyssey is awaiting final comments on the plan before resuming operations on the shipwreck believed to be HMS Sussex.

In March 2007, Andalusia gave her assent for the excavation to start with the condition that Spanish archeologists are to take part in the excavation in order to ascertain that the shipwreck to be excavated is indeed the Sussex and not a Spanish galleon.[6] In the same month, Odyssey Marine began salvage of the "Black Swan" and since, Spain rescinded all cooperation with the company.

[edit] Black Swan Project

Main article: Black Swan Project

In March 2007, the company salvaged 17 tons of mainly silver and some gold coins from a wreck believed to be the Nuestra Senora de las Mercedes, which blew up and sank in the Action of 5 October 1804.[1][7]

[edit] Criticism

The past activities of Odyssey Marine Exploration have been controversial and heavily criticised by organisations and charities such as the Council for British Archaeology, Institute of Field Archaeologists and Rescue as "ransacking" of shipwrecks by private firms under the aegis of archaeological research.[3][4][5][8] An early day motion was signed by over 60 British MPs condemning the salvage of HMS Sussex as treasure hunting.[3]

The Spanish Government, as of May 2007, is investigating whether the shipwreck recovered by the Black Swan Project is in international waters, or not. If in Spanish waters, the removal of artifacts could well be a crime.[9][10]. On July 12th 2007, The Coast Guard seized the Odyssey Marine Exploration research vessel, Ocean Alert, at 3.5 nautical miles (6 km) off the European coast. The Coast Guard (Civil Guard of Spain) is responsible for Custom Control and European Union borders in this region, under the EU Schengen Agreement. The ship was ordered to sail to the Spanish port of Algeciras to undergo a search and inspection ordered by the Judge.[11] Issues include the value and cultural significance of the shipwreck and the disputed status of Gibraltar between England and Spain. Panama is also involved because Odyssey's vessel is flagged there.[12]

[edit] Ownership

Political figure and former US Presidential Candidate John Edwards owns shares of Odyssey Marine Exploration. [13]

[edit] References

  1. ^ a b Shipwreck yields historic riches -- $500M worth - CNN, May 19, 2007
  2. ^ Record wreck 'found off Cornwall' - BBC News, May 19, 2007
  3. ^ a b c d "GIFFORDS TO DIG 'BILLION DOLLAR' SITE", The Digger - the voice of the field archeologist, May 20, 2007. 
  4. ^ a b HMS Sussex - Rescue, May 20, 2007
  5. ^ a b HMS Sussex - CBA, May 20, 2007
  6. ^ En busca del tesoro del 'HMS Sussex' (Spanish) ELPAIS.com, 24 March 2007. Retrieved on 2007-05-20
  7. ^ Shipwreck yields estimated $500 million in gold and silver coins - International Herald Tribune, May 18, 2007 [Obtained May 19, 2007]
  8. ^ HMS Sussex - CBA press release, May 20, 2007
  9. ^ Spain Probes Treasure Hunters - The Guardian, May 21, 2007
  10. ^ Spain suspicious over £250 m treasure haul - The Independent, May 21, 2007
  11. ^ h.b.. "Spanish Government concerned at Odyssey treasure find", May 19, 2007. 
  12. ^ "Spain intercepts US ship in treasure row", Agence France-Presse, 13 July, 2007. 
  13. ^ Brett Arends (2007-05-23). John Edwards Stakes His Claim on Pirate Booty.

[edit] External links

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