Tampa deep-ocean treasure salvager Odyssey Marine Exploration more than quadrupled its revenue last year, but heavy expenses pushed it even further into the red.
Revenue rose to $21 million for the year ended Dec. 31, up 383 percent from $4.3 million in 2009. Its expedition charter revenue was $20.5 million, compared with $2.1 million in 2009, thanks largely to two customers — Robert Fraser Partners LLP, which included four separate salvage projects, and Dorado Ocean Resources, for deep-ocean mineral mining exploration.
However, expenses increased 65 percent to $37.4 million. As a result, its net loss for the full year was $23.3 million, compared with a net loss of $18.6 million in 2009. In addition to higher costs for research and operations, Odyssey also lost money on an investment in Dorado Ocean Resources.
For the fourth quarter, revenue rose to $3.9 million, up from $2.5 million a year ago, while its net loss rose to $15.4 million, up from a net loss of $4 million in the year-ago period.