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Odyssey Marine Exploration, Inc. is engaged in the salvage of deep-water shipwrecks. Odyssey salvaged the US Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep. Odyssey has several shipwreck projects in various stages of development around the world, including the codenamed Black Swan Project.^[1][2] Odyssey is traded on the NASDAQ Stock Market under the symbol 'OMEX'.

HMS Sussex

Between 1998 and 2001, Odyssey Marine Exploration searched for HMS Sussex and now believes that it has located the shipwreck off Gibraltar at a depth of 1,000 metres. The ship sank in a storm in 1694 during the War of the Grand Alliance as it was transporting 10 tons of gold coins to buy the allegiance of the Duke of Savoy, Victor Amadeus II, against France.

In October 2002, Odyssey reached an agreement with the rightful owner, the British government, on a formula for sharing any potential spoils, under which it would get 80 percent of the proceeds up to $45 million, 50 percent from $45 million to $500 million and 40 percent above $500 million. The British government would get the rest.

The company was poised to start the excavation in 2003, but was delayed amid a raft of complaints from archaeological organizations and charities, including the Council for British Archaeology, Rescue, and the Institute of Field Archaeologists, denouncing it as a dangerous precedent for the "ransacking" of shipwrecks by private firms under the aegis of archaeological research.^[3][4][5] An early day motion was signed by 60 British MPs condemning the treasure hunting.^[3]

Just as Odyssey was about to start excavation, it was stopped by the Spanish authorities, in particular the Junta of Andalusia in January 2006. In early June 2006, Odyssey provided clarification on all points to the Kingdom of Spain's Ministry of Foreign Affairs through the offices of the embassy of the United Kingdom. Odyssey is awaiting final comments on the plan before resuming operations on the shipwreck believed to be that of the Sussex.

In March 2007, Andalusia gave its assent for the excavation to start with the condition that Spanish archeologists take part in order to ascertain that the shipwreck to be excavated is indeed the Sussex and not a Spanish galleon.^[6] In the same month, Odyssey Marine began the "Black Swan" salvage and since then, Spain has rescinded all cooperation with the company.

Black Swan Project

In March 2007, the company salvaged 17 tons of mainly silver and some gold coins from a wreck believed to be the Nuestra Senora de las Mercedes,^[7] which blew up and sank in the Action of 5 October 1804.^[1][8]

The Spanish government, as of May 2007, is investigating whether the shipwreck recovered by the Black Swan Project is in international waters or not. If it is in Spanish waters, the removal of artifacts could well be a crime.^[9][10] On July 12, 2007, the Civil Guard seized the Odyssey Marine Exploration research vessel Ocean Alert 3.5 nautical miles (6 km) off the European coast. The Spanish Civil Guard claims to be responsible for customs control and European Union borders in this region, under the EU Schengen Agreement. This however, is disputed by the Government of Gibraltar and the UK Government who claim that the ship was detained in international waters near Gibraltar and that Spain therefore had no legal authority to board the vessel without the express consent of the flag state of the ship - in this case Panama. The Gibraltar Government stated that although this was a matter for the Government of Panama, they are "concerned that international shipping using Gibraltar port should be interfered with in this way in international waters."^[11]

The ship was ordered to sail to the Spanish port of Algeciras to undergo a search and inspection.^[12] Issues include the value and cultural significance of the shipwreck and the disputed status of Gibraltar between the UK and Spain. Panama is also involved because Odyssey's vessel is flagged there.^[13]

Treasure Quest

Odyssey Marine Exploration's searches, particularly those in the English Channel, are the subject of the Discovery Channel program, Treasure Quest.

References

External links

• Odyssey Marine Exploration (Official Web site)