ROVworld Subsea Information

Odyssey Marine Exploration completes phase one of ''Symphony'' project
Date: Wednesday, September 30, 2009 @ 11:00:00 EDT
Topic: GENERAL NEWS


Odyssey Marine Exploration completes phase one of "Symphony" projectOdyssey Marine Exploration, Inc., pioneers in the field of deep-ocean shipwreck exploration, recently completed the first phase of survey in the search area code named Symphony. The work was conducted under a government permit in an exclusive claim area and in conjunction with a project partner. Results of the survey are being analyzed and compiled into a report which will be provided to the government before the next phase of work is commenced. Preliminary review of the data suggests that four shipwrecks have been located in the phase one search area, but at this point, none of the sites have been conclusively identified.



"This new search area has long been considered a target-rich environment for valuable shipwrecks and we're thrilled to have the opportunity to work here in cooperation with the government," said Greg Stemm, Odyssey CEO, "Research suggests that at least two shipwrecks in the Symphony area are commercial vessels with significant cargoes of gold coins, which are very hot commodities today in the collector market."

The expedition was conducted by the Odyssey search team on a chartered vessel. To protect the security of the search area, specific location details are not being released at this time. Proceeds of any recoveries from this search area will be split with the government and project partner with an anticipated 78% of the gross income of the project retained by Odyssey.







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