Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration and its associated company, OVH, Inc., have executed agreements to provide project research and shipwreck search and survey services for a project code-named "Firebrand" to client companies of Robert Fraser & Partners LLP.
As part of the agreement, Odyssey furnished research related to the "Firebrand" and its sinking and will provide a research vessel, equipment and crew to search a specified area and inspect targets in that area. The contracts provide initial cash payments totaling approximately U.S. $3.2 Million to Odyssey and OVH, Inc. plus additional payments upon the sale of coins or artifacts from the "Firebrand" project. After repayment of salvage costs and fees, Odyssey and OVH, Inc. will receive 75% of net revenue in aggregate until an additional £10.5 Million (approximately U.S. $15.7 Million) has been received and then 50% in aggregate of all further net revenue.
Upon location of the "Firebrand" shipwreck Odyssey will enter into additional agreements for the archaeological excavation of "Firebrand" and for the conservation and documentation of the cargo and artifacts recovered. Odyssey will also have exclusive rights to market the recovered cargo.
Odyssey expects to execute agreements for an additional shipwreck project, "Shantaram" with clients of Robert Fraser & Partners in the coming weeks. Operations for both "Firebrand" and "Shantaram" will be conducted from Odyssey's ships or a chartered vessel, depending on availability.
"Odyssey's team, technology and capabilities have lived up to all of our expectations on our operations to date and we look forward to working together on all the additional scheduled deep-ocean projects with them for 2010," said Colin Emson, Chairman of Robert Fraser & Partners. "We are confident in Odyssey's proven track record and anticipate maintaining a long business relationship with them."