Odyssey Marine Exploration, Inc., pioneers in the field of deep-ocean shipwreck exploration, and its subsidiary OVH, Inc. have executed agreements to expand a search and provide marine archaeological excavation and related services to certain client companies of Robert Fraser & Partners LLP (RFP). Additional work will be conducted on and around a site that Odyssey discovered and inspected during a recently completed survey carried out under contract with the RFP client companies.
Odyssey is providing the research vessel, equipment, technical and archaeological crew to conduct the operation. The contract provides for cash payments totaling approximately U.S. $2.0 million to Odyssey and OVH, Inc., plus additional payments based upon revenue derived from the project. After the repayment of all recovery costs, Odyssey and OVH, Inc. will receive 75% of net revenue until an additional £5.9 Million (approximately U.S. $9.6 million) has been received and then will receive a minimum of 50% of further net revenue in accordance with the search contracts.
Subject to confirmation of the location and identity, and cargo verification of the target shipwreck, Odyssey expects to enter into additional agreements for the complete archaeological excavation of the site and for the conservation and documentation of any artifacts recovered.
"We're pleased that our client companies have been seeing positive progress on several projects undertaken with Odyssey and we are all looking forward to the results of this additional work," commented Colin Emson of Robert Fraser & Partners.
"This is the second agreement funded this year to conduct confirmation excavation work on sites discovered during two of the three 2010 projects for clients of Robert Fraser & Partners and we are cautiously optimistic about these finds," said Greg Stemm, Odyssey CEO. "On this particular project, we have compelling evidence that suggest that some of the artifacts discovered and analyzed correspond with the target shipwreck."
Mark Gordon, Odyssey President and COO, commented: "We are off to a great start on our contracted services for 2011. Considering the cash flow generated from this project, the $2.3 million from the verification agreement announced in January, approximately $3 million from our deep-ocean mining exploration work currently underway for our new mining client, and the $6 million in project syndication proceeds from Galt Resources, we are pleased to continue to generate significant cash flow through our core competency of deep ocean exploration."