Make us your home page

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

  1. Tampa is 15th-most popular city to move to with U-Haul


    TAMPA —Tampa is undoubtedly a destination point, at least according to U-Haul.

    Tampa is the No. 15 destination for people moving with U-Haul trucks. | Times file photo
  2. Florida's economy growing faster than other big states and far better than U.S. overall


    When it comes to economic growth, Florida's running alongside the leading states and well ahead of the United States as a whole.

  3. Westshore Marina District project takes shape with another acquisition

    Real Estate

    TAMPA — One of Tampa Bay's prime waterfront areas took another major step toward redevelopment Friday as WCI Communities bought 2.35 acres in Westshore Marina District.

    WCI Communities, Lennar's high-end subsidiary,has paid $2.5 million for 2.35 acres in the Westshore Marina District for 35 townhomes. WCI is under contract  to buy an additional 9.5 acres.
[BTI Partners]
  4. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages


    HOLIDAY — Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

    Renderings of the clubhouse and an RV cottage site of the planned Guy Harvey Outpost Club & Resort Tarpon Springs.
[Guy Harvey Outpost Collection]
  5. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel


    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.