Odyssey Marine Exploration, Inc. is a world leader in deep-ocean exploration.
The Company’s innovative techniques are currently being applied to historic
shipwreck projects, modern commodity shipwrecks, and mineral exploration.
Odyssey has extensive experience discovering shipwreck sites in the deep ocean
and conducting archaeological excavations with remotely operated vehicles (“ROVs”).
Odyssey’s historic shipwreck discoveries include the SS Republic, HMS
Victory, “Black Swan,” La Marquise de Tourny, and many other unidentified
shipwrecks. In 2012 and 2013 we set records for the deepest and heaviest cargo
recoveries from a shipwreck during our commodity salvage work on the SS Gairsoppa.
A total of nearly 110 tons of silver, representing more than 99% of the insured
silver on board, was recovered from the Gairsoppa shipwreck, which is over 15,000
feet deep.
In 2010, we began to leverage our core business expertise and technology for
deep-ocean mineral exploration. Our expeditions conducted with Neptune Minerals,
Inc. and Chatham Rock Phosphate, Ltd. resulted in the assessment of significant
mineral deposits. We have also begun to explore other deep-ocean mineral projects
and are the majority owner of Oceanica Resources S. de. R.L. (“Oceanica”),
a Panamanian company. We acquired our majority interest in Oceanica in February
2013. Oceanica, through a wholly owned subsidiary, has exclusive mining permits
for an area that contains large amounts of mineralized phosphate material off
the coast of Mexico.
We employ state-of-the-art technology, including side-scan sonar, multi-beam
bathymetry, magnetometers, ROVs, specialized drilling and other advanced equipment
that enables us to locate shipwrecks and natural resource sites at depths that
were previously unreachable. Odyssey continues to build on a foundation of shipwreck
and geological research, government relationship development and pioneering
of techniques in deep-ocean exploration. We utilize technologies that have been
developed at great expense in other fields, primarily the military, oil and
telecommunications industries and use our deep-ocean experience to modify and
customize these technologies to create proprietary applications specific to
our exploration and recovery needs.
Our shipwreck projects go through several phases, beginning with research of
historical records and academic materials, to establish potential target sites
for search operations. Odyssey’s research department maintains data on
thousands of shipwrecks and continuously develops new potential projects. Project
research may focus on a particular search area where historical documents suggest
recorded and unrecorded high-value targets may rest due to the proximity of
shipping routes frequented by vessels carrying rich cargoes.
Each project that targets a specific shipwreck begins with the research necessary
to evaluate the potential value, location and likelihood of finding the wreck.
Research is also necessary to establish the historical significance of the sunken
ship and helps define the context in which the ship sank, which is essential
for preparing an archaeological project plan and the complex logistics that
precede excavation of a site.
Sites that meet our criteria are selected for search operations that typically
begin with a side-scan sonar survey of the target area, which is sometimes coupled
with a magnetometer survey, multi-beam bathymetric survey or other acoustic
or geophysical survey technologies. The most interesting anomalies on the ocean
floor are then inspected visually with an ROV, which sends real-time video images
to monitors on the survey vessel for observation by the scientific and technical
teams. These images are also downloaded and saved for additional evaluation
onshore. Sometimes, it is immediately obvious whether the inspected site is
of interest or not – as in the case of geology, modern debris, or when
identifiable artifacts are readily apparent on the site. In other instances,
it may take additional research and return visits to a site to arrive at probable
or positive identification of the vessel and to determine the next step forward.
Even when a shipwreck’s identity is confirmed or an area of geological
interest is identified, a detailed reconnaissance inspection or pre-disturbance
survey may be required prior to commencing any recovery or resource assessment
operations.
If and when historic target sites are identified, we undertake an archaeological
pre-disturbance survey and archaeological excavation subjected to stringent
archaeological standards, thus adding to the body of knowledge of the people,
the history and culture of the vessel’s time. Adherence to these principles
is a core value of the Company, and in addition to satisfying international
professional standards, will enhance shareholder value by increasing the economic
value of the artifacts and intellectual property rights of each project.
Archaeological excavation and recovery operations are conducted on historic
shipwreck sites and combine ROVs with sophisticated positioning systems, cameras
and specialized computer hardware and software to carefully record the location
of artifacts in situ and to document the entire archaeological process as the
artifacts are recovered from a shipwreck site. As they conduct robotic archaeological
operations at sites hundreds and sometimes thousands of feet below the ocean
surface, Odyssey’s ROV pilots are directed by marine archaeologists aboard
the recovery vessel. The archaeological excavation of cargo is followed by conservation,
recording, documentation, and publication/exhibition.
If and when a modern commodity shipwreck target is identified, surgical removal
of deck plates or ship’s structure may be necessary to obtain access to
the cargo to be salvaged. Commercial monetization of recovered cargo is conducted
under established Admiralty law or contract with sovereign nation governments.
The Odyssey team shares the knowledge gained through our expeditions with the
world. We share this information through multiple channels including television,
the Internet, books, archaeological and scientific papers, periodicals, educational
programs and traveling exhibits. We maintain several Internet sites, including
www.odysseymarine.com, www.odysseyminerals.com, www.shipwreck.net, www.odysseysvirtualmuseum.com
and www.shipwreckstore.com and assisted the Maritime Heritage Foundation with
the first virtual shipwreck dive trail available at www.Victory1744.org.
Odyssey has leveraged the expertise of our team of some of the industry’s
most experienced ocean explorers and geologists along with our extensive inventory
of advanced deep-ocean technology to advance the science of exploration and
assessment of seabed mineralized material.
Utilizing the chartered RV Dorado Discovery, or similar ships with Odyssey’s
customized and specialized equipment, the Odyssey team has the ability to perform
precision geo-physical and geo-technical surveys, detailed mapping, sampling,
environmental assessments, drilling, and resource evaluations. Odyssey discontinued
the long-term lease of the RV Dorado Discovery vessel in 2014, but still maintains
equipment on board the vessel and may re-charter the vessel for future projects.
There are three economically significant seabed mineral deposits being evaluated
or explored by Odyssey:
Phosphorites – Phosphorite deposits are mineral occurrences that are recovered
primarily for their phosphate material. Phosphorites may be present on the seabed
or in the stratigraphic column. Phosphate is an agriculturally important mineral
used primarily for crop fertilization, though a variety of uses exist for phosphate
and phosphorus, the significant element in phosphate. Phosphorites exist in
a wide range of depositional environments. Several factors contribute to the
formation of phosphorites, including a supply of phosphorus, present or pre-existing
complex oceanographic circulation patterns, and a proper sedimentological setting.
Generally, phosphorites are targeted on continental shelves and slopes, though
phosphorites do occur on oceanic seabed features such as guyots (flat-topped
seamounts).
Polymetallic nodules – These nodular concretions are found on the seabed
and consist of concentric layers of iron and manganese hydroxides. Nodules generally
consist primarily of either manganese or iron. Manganese nodules can contain
up to 30% manganese as well as other valuable metals and minerals, while iron
nodules generally contain a mixture of iron, silicon, and aluminum ore. Polymetallic
nodules are found at the seabed interface in oceans worldwide. Nodules must
exhibit proper metal content and exist in sufficient concentration to be of
potential economic interest. Some areas hosting economically viable nodules
include the Clarion-Clipperton Fracture Zone between Hawaii and Mexico, the
Peru Basin, and the northern Indian Ocean.
Seafloor Massive Sulphides (SMS) – SMS deposits are found on the ocean
floor and contain copper, zinc, gold, silver and other trace metals. SMS deposits
are found in areas of active or complex tectonic or volcanogenic activity, such
as near oceanic spreading centers (such as the Mid-Atlantic Ridge and East Pacific
Rise), back-arc basins (such as the Manus Basin in Papua New Guinea waters)
and submarine arc volcanic chains (such as Kermadec Arc in New Zealand waters).
We provide exploration services including geophysical and geotechnical assessments
of seabed mineral deposits to companies, including Odyssey subsidiaries and
companies in which Odyssey holds an equity position, as well as governments
around the world as a full-service contractor or as a resource development partner.
When performing mineral exploration services, Odyssey may receive payments in
the form of cash, equity interests in the contracting company, or financial
interests in the tenement. If Odyssey is required to use the services of a third-party
contractor to perform some of its exploration work, Odyssey may choose to pay
a part of this contractor’s services in the form of equity in the company
which holds the tenement rights to the exploration area.
