Treasure hunter Odyssey Marine leveraging underwater tech beyond shipwrecks
Wake up and good morning. Tampa-based undersea treasure hunter Odyssey Marine Exploration is always an entertaining topic. But this video interview by The Street with Odyssey president Mark Gordon is definitely worth a look for those keeping up on the unusual and changing company. Here's the link to the video. (Photo above, Odyssey's sonar tow used to find shipwrecks, courtesy of company.)
Odyssey shares are up 130 percent in the past year or so, though that sounds sexier than it is given the company's low stock price of about $3.36. Still, up is up. Gordon says the company's sold $42 million in gold and silver coins from the Civil War wreck the SS Republic and still has $25-$30 million left. What is not even recorded on Odyssey's books, though, are the tons of coins from the Black Swan wreck. Those coins are in Odyssey's vault but the ownership of the coins is mired in court due to claims made by Spain.
Of particular note, Gordon (photo, left) says his company wants to leverage its expensive underwater hunting technology, so it's now helping to look for natural deposits of gold and copper under the oceans. He says there are three companies involved in such a business and Odyssey has stakes in two of them. Odyssey's revenues of $4 million in 2009 rose to $21 million in 2010.
Here's an earlier Venture posting of an earlier exchange by Odyssey's Gordon on how the company stays on the cutting edge of tech.
-- Robert Trigaux, Business Columnist, St. Petersburg Times