Make us your home page
Instagram

Odyssey Marine Exploration to enlist partners in treasure search

Tampa deep-sea treasure hunter Odyssey Marine Exploration Inc. is enlisting partners in the search for what it hopes is another treasure-laden shipwreck.

On Thursday, Odyssey announced it will earn an initial $3.5 million by selling partial rights to a sunken vessel off the coast of Great Britain code-named Enigma.

It concluded an agreement with Robert Fraser Marine Ltd., which in turn is working through two affiliated companies, Charlesworth Marine Ltd. and Global Marine Search Ltd.

Joining forces with Fraser is a way for Odyssey to "off-load risk" yet still get a large cut of any profits, said Laura Barton, a company spokeswoman in Tampa. If the search results in a substantial treasure find, Odyssey would still earn tens of millions of dollars from the deal.

The company's stock rose 14 cents to close at $1.52 a share, an increase of more than 10 percent.

In February, the company announced the discovery of another sunken ship in the Channel, the HMS Victory. Odyssey suspects the 1744 Royal Navy wreck contains 4 tons of gold coins, but stormy winter weather has delayed resumption of diving until next year, Barton said. Negotiations continue with the British government over how to split the potential hoard.

Odyssey's relations are less cozy with the Spanish government, battling the company over the rights to 500,000 mostly silver coins, weighing 17 tons, from an 1804 shipwreck identified as the Nuestra Senora de las Mercedes. The wreck was discovered off Portugal in 2007.

Odyssey Marine Exploration to enlist partners in treasure search 11/05/09 [Last modified: Thursday, November 5, 2009 8:09pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 'Toxic' times: How repeal of Florida's tax on services reverberates, 30 years later

    State Roundup

    TALLAHASSEE — Long before Hurricane Irma attacked Florida, the state faced a troubled fiscal future that the storm will only make worse.

    Robertson says the tax debate is now “toxic.”
  2. Fewer Tampa Bay homeowners are underwater on their mortgages

    Real Estate

    The percentage of Tampa Bay homeowners underwater on their mortgages continues to drop. In the second quarter of this year, 10.2 percent of borrowers had negative equity compared to nearly 15 percent in the same period a year ago, CoreLogic reported Thursday. Nationally, 5.4 percent of all mortgaged homes were …

    The percentage of Tampa Bay homeowners underwater on their mortgages  continues to drop. [Times file photo]
  3. 'What Happened'? Clinton memoir sold 300,000 copies in first week

    Blogs

    Despite being met with decidedly mixed reviews, What Happened, Hillary Clinton's new memoir about the 2016 presidential campaign, sold a whopping 300,000 copies in its first week.

    The new memoir by former presidential candidate Hillary Clinton sold 300,000 copies in its first week.
  4. After Irma topples tree, home sale may be gone with the wind

    Real Estate

    ST. PETERSBURG — To house hunters searching online, the home for sale in St. Petersburg's Shore Acres neighborhood couldn't have looked more appealing — fully renovated and shaded by the leafy canopy of a magnificent ficus benjamini tree.

    Hurricane Irma's winds recently blew over a large ficus tree, left, in the yard of a home at 3601Alabama Ave NE, right, in Shore Acres which is owned by Brett Schroder who is trying to sell the house.
[SCOTT KEELER   |   Times]

  5. Unemployment claims double in Florida after Hurricane Irma

    Business

    The number of Americans seeking unemployment benefits dropped by 23,000 last week to 259,000 as the economic impact of Hurricane Harvey began to fade.

    Homes destroyed by Hurricane Irma on Big Pine Key last week. Hurricane Irma continued to have an impact on the job market in Florida, where unemployment claims more than doubled from the previous week.
[The New York Times file photo]