Odyssey Marine Exploration Inc   (OMEX)
Other Ticker:  
    Sector  Services    Industry Cruise and Shipping
   Industry Cruise and Shipping
   Sector  Services
Price: $4.7500 $0.08 1.713%
Day's High: $4.85 Week Perf: 3.71 %
Day's Low: $ 4.64 30 Day Perf: 1.5 %
Volume (M): 69 52 Wk High: $ 5.07
Volume (M$): $ 329 52 Wk Avg: $3.71
Open: $4.78 52 Wk Low: $2.84

 Market Capitalization (Millions $) 95
 Shares Outstanding (Millions) 20
 Employees 38
 Revenues (TTM) (Millions $) 1
 Net Income (TTM) (Millions $) -8
 Cash Flow (TTM) (Millions $) -9
 Capital Exp. (TTM) (Millions $) 1

Odyssey Marine Exploration Inc

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.

   Company Address: 205 S. Hoover Blvd Tampa 33609 FL
   Company Phone Number: 876-1776   Stock Exchange / Ticker: NASDAQ OMEX
   OMEX is expected to report next financial results on March 30, 2024.


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Financing Agreement

Odyssey Marine Exploration forges ahead with strategic debt financing deal, powering subsea mineral exploration ambitions.

Published Mon, Dec 4 2023 11:04 PM UTC

Odyssey Marine Exploration Secures Strategic Debt Financing Deal, Strengthening Financial Position for Subsea Mineral Exploration
TAMPA, Fla. - In a significant financial move, Odyssey Marine Exploration Inc. (NASDAQ: OMEX), a global leader in subsea mineral exploration and development, announced today that it has entered into a note and warrant purchase agreement with s...

Business Update

Odyssey Marine Exploration Navigates Compliance Troubles and Revenue Slump Amidst Competitive Seas

Published Tue, Nov 28 2023 11:05 PM UTC

Odyssey Marine Exploration Inc. (NASDAQ: OMEX), a leading subsea mineral exploration and validation firm, recently found itself in a predicament when it received a notice from Nasdaq Regulation stating that it was not in compliance with Nasdaq Rule 5250(c)(1). This non-compliance stems from the company's failure to submit its Form 10-Q for the quarter ending Septem...

Odyssey Marine Exploration Inc

Odyssey Marine Exploration Inc Faces Alarming Plunge in Q2 2023: Profits Drop, Revenue Plummets

Odyssey Marine Exploration Inc, a company specializing in underwater exploration and salvage, faced a challenging fiscal second quarter in 2023. The company reported a loss of $0.29 per share, slightly better than the previous year's loss of $0.30 per share. Additionally, their income per share fell from $0.83 per share in the previous reporting period. These financial indicators suggest a decline in profitability for Odyssey Marine Exploration Inc.
The company's revenue also took a significant hit in the second quarter of 2023. It plummeted by 55.782% to $0.17 million compared to $0.39 million in the same period the previous year. Sequentially, revenue tumbled by 40.231% from $0.29 million. These declining revenue figures reflect the challenging market conditions faced by the company.

Odyssey Marine Exploration Inc

Odyssey Marine Exploration Inc Surges Ahead with Impressive Q1 Earnings Performance

Odyssey Marine Exploration Inc, a company in the transportation sector, released its financial results for the first quarter of 2023 earnings season. The company reported an improvement in its overall financial performance, with a net profit per share of $0.83 compared to $-0.57 per share a year before. Furthermore, their revenue per employee fell on a trailing twelve month basis to $34,838, but the productivity of its employees remained above the company average.
Odyssey Marine Exploration Inc is a company that specializes in the exploration and recovery of deep-water shipwrecks. The company has been able to turn around its financial performance in the first quarter of 2023, compared to the same period in the previous year. This success is attributed to the company's focus on diversifying its revenue streams and strengthening its core business.
The company's net earnings improved from a net shortfall of $-10.091 million in the corresponding period a year ago to $14.365 million in the first quarter of 2023. This is a significant improvement and indicates a positive trend for the company. Despite the slight contraction in revenue of -3.627% to $0.29 million from $0.30 million in the corresponding reporting period a year before, the revenue increased sequentially by 0.814% from $0.29 million.
Odyssey Marine Exploration Inc is performing well, with its overall productivity above the company average. While its revenue per employee fell on a trailing twelve month basis, the company's employees remain productive. This is essential for a business in the transportation sector, where efficiency and productivity are crucial for success. Additionally, among the peers in the transportation sector, employees from 52 other companies achieved higher revenue per employee. Despite this, Odyssey Marine Exploration Inc has maintained a ranking above the average of those peers and is expected to continue improving its performanceIn conclusion, Odyssey Marine Exploration Inc has had a positive turn around in its financial performance in the first quarter of 2023 earnings season. With its focus on strengthening its core business and diversifying its revenue streams, the company has been able to improve its net profit per share and productivity of its employees. Despite the slight contraction in revenue, the company's sequential revenue growth is an indication of a positive outlook for Odyssey Marine Exploration Inc. The company is expected to report its next financial earnings on May 15, 2023.


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