Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, and its associated company, OVH, Inc., have executed agreements to provide project research and shipwreck search and survey services for a project code-named "Shantaram” to client companies of Robert Fraser & Partners LLP.

As part of the agreement, Odyssey furnished an extensive research file related to the “Shantaram” and its sinking. The company has commenced operations with a research vessel, survey equipment and crew to search a specified area and inspect targets in that area.

The contract provides cash payments totaling approximately U.S. $3.4 Million representing initial cash payments of $1.7 Million to Odyssey and OVH, Inc., and additional payments of approximately $1.5 Million within 30 days and $0.2 Million upon project completion, plus additional payments upon the sale of coins or artifacts from the “Shantaram” project.(...)
Read the rest of Odyssey: “Shantaram” Shipwreck Expedition Underway (516 words)

Several additional appellate briefs and amicus briefs have been filed with the Eleventh Circuit Court of Appeals in Odyssey Marine Exploration’s (NasdaqCM:OMEX) “Black Swan” case.

The filings support Odyssey’s argument that the trial court erred in dismissing the case because the recovered coins did not belong to Spain and therefore do not qualify for sovereign immunity, Spain did not have possession of the coins, and sovereign immunity only applies to vessels exclusively on a non-commercial mission.

Among the briefs were two separate filings by groups of descendants whose ancestors owned the cargo shipped aboard the Mercedes. The trial court actually missed the basis of their claims calling them “descendants of those aboard the Mercedes.” (...)
Read the rest of Briefs Support Odyssey’s Black Swan Coin Treasure Appeal (914 words)

Odyssey Marine Exploration has taken the next step in its legal battle with the country of Spain over potential ownership of treasure the company recovered by filing an Appellate Brief with the U.S. Court of Appeals for the Eleventh Circuit.

At stake is nearly 17-tons of recovered artifacts said to include over 500,000 silver and gold Colonial era coins with a value reportedly worth around $500 million. The treasure is said to have been recovered in 2007 as part of the company’s "Black Swan" project which may be centered around the wreck of the Nuestra Senora de las Mercedes. The Mercedes was a Spanish frigate sunk by British warships on October 5, 1804 off the coast of Portugal.

In a test of international law, Spain has claimed that the treasure is from the Mercedes and that as a military vessel, its cargo was under the ownership of that country. A decision last year by a U.S. District Judge supported Spain’s claims and ordered the treasure returned to ...

Full Article: Odyssey "Black Swan" Case Update - CoinNews

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Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) has filed its Appellate Brief in the “Black Swan” case with the U.S. Court of Appeals for the Eleventh Circuit.

In the brief, Odyssey demonstrates that the district court erroneously dismissed the case by using flawed legal analysis and by failing to acknowledge or understand several major aspects of the case, including the issue of sovereign immunity.

Odyssey’s brief cites the recent favorable ruling by the Eleventh Circuit for the salvor in the Aqua Log (Aqua Log, Inc. vs. State of Georgia, 594 F.3d 1330, 11th Cir. 2010) case. This ruling was made shortly after the district court ruled in the “Black Swan” case and is a beneficial clarification of sovereign immunity in support of Odyssey’s position.(...)
Read the rest of Odyssey Files Appellate Brief in “Black Swan” Case With the U.S. Appeals Court (980 words)

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, has reported results for the first quarter ended March 31, 2010

Revenue for the first quarter was $2.9 million, compared to $0.6 million in the first quarter 2009. The Company also reported a net loss of $3.1 million, compared to a net loss of $5.3 million in 2009. The net loss per share for the first quarter was $0.05, compared to a net loss of $0.10 per share in the first quarter 2009.(...)
Read the rest of Odyssey Marine Reports First Quarter Financials (1,791 words)

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain. Although the Judge complimented Magistrate Pizzo's Report and Recommendation, he also made it clear that he felt a separate opinion by him would "add only length and neither depth nor clarity (and certainly not finality) to this dispute."

The Judge also stayed the order vacating the arrest warrant and the return of the recovered coins to Spain until the U.S. Court of Appeals for the Eleventh Circuit rules in the case, which serves to keep the coins in Odyssey's possession pending the outcome of the case.

"Judge Merryday's ruling serves to move this case to the appellate court faster, where we feel confident that the legal issues are clearly in our favor. The ruling yesterday does not affect the current operations of Odyssey, and we have not been counting on any revenue from the "Black Swan" in any of our budgets since it was clear that this case would go to appeal no matter which way the judge ruled," said Greg Stemm, Odyssey CEO.

"We are moving ahead with our other current projects – and it is important for people to understand that the vast majority of our shipwreck projects don't have the same potential legal issues that have surfaced in the "Black Swan" case.(...)
Read the rest of Odyssey: “Black Swan” Case to Move to Appeals Court (595 words)

Tampa, FL -- Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pursuant to an agreement reached with the UK Government, has filed a motion to dismiss and vacate the warrant for the arrest which was filed in the U.S. District Court on Admiral Balchin’s HMS Victory, a 100 gun ship of the line lost in 1744 in the English Channel (case number 8:08-cv-1045).

The UK Government has agreed to pay Odyssey a salvage award of 80% as compensation for the artifacts which have been recovered from the site and submitted to the UK Receiver of Wreck. A valuation of approximately $200,000 has been agreed for the two cannon recovered from the site, providing for a salvage award of approximately $160,000. The company will also be participating in the ongoing process of consultation to determine the approaches that should be adopted towards the wreck.(...)
Read the rest of Odyssey Reaches Agreement with UK Government on HMS Victory (742 words)

The U.S. government is backing Spain in its fight to win the return of a fortune in old coins from U.S. treasure-hunting company Odyssey Marine Exploratio, the Spanish government said on Tuesday.

Odyssey is protesting against the recommendation by a magistrate judge in June that it should hand over to the Spanish government nearly 600,000 silver and gold coins valued at some $500 million...

Full Article: Spain says US govt backs Spain against Odyssey - Reuters

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Ocean treasure hunting is going to be less a childhood dream and more of a problem for its practitioners as of last week.

A Florida judge has ruled that the treasure found on what is assumed to be the wreck of the Nuestra Senora de las Mercedes, which the British sunk off of Portugal in 1804, belongs back in Spain, and Florida based Odyssey, the salvage company that brought it back from the Atlantic, has to give 500,000 gold and silver coins...

Full Article: Treasure ruling stirs up muddy waters - Maritime Journal

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Deep seas, adventure, mystery, suspense and a battle over who owns a sunken treasure… they are the trappings of an action-adventure blockbuster that could make hundreds of millions. But this is no movie plot. The treasure is real — possibly worth some $500 million — and a battle over its ownership wages on, but now at another level.

500 million Colonial-era gold and silver coins belonged to the sunken Spanish warship Nuestra Senora de las Mercedes and should be returned to Spain, a U.S. judge said...

Full Article: Judge: Odyssey Should Give Coin Treasure to Spain - CoinNews

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In the past, the mention of Odyssey Marine Exploration might have conjured images of pirates and treasure hunters.

The public image of the Tampa-based company is changing after the Discovery Channel chronicled the company's deep sea explorations in a 12-episode series that ended last week.The television series highlighted the company's high-tech...

Full Article: TV series means business for Odyssey Marine - TBO.com

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The Odyssey discovery of the "Black Swan" 17-ton gold and and silver coin treasure, its recovery and legal battle with Spain over it will air Thursday, April 2, on the Discovery Channel’s "Treasure Quest."

The episode is likely to be the most fascinating of the season, and on Tuesday, excellent background and a preview of what to expect was provided by the TODAY show...

Full Article: Odyssey Coin Treasure Discovery to Air - CoinNews

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Odyssey Marine, the southern Florida shipwreck experts that have found more coin treasures than any other salver, has discovered the wreck of HMS Victory, it was announced Feb 2.

HMS Victory sank in the English Channel on Oct. 4, 1744, taking 1,150 sailors and four tons of Portuguese gold to the bottom of Davy Jones' locker.

About 200,000 gold coins are believed to be part of the treasure, whose sinking caused a major embarrassment to King George II in 1744, and whose recovery in 2009 could well become...

Full Article: Shipwreck Holds 200,000 Gold Coins - NumisMaster

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Odyssey Marine, the southern Florida concern that has found more coin treasurers than any other salver, has a new discovery as of Feb. 2: the wreck of HMS Victory, which sank in the English Channel on Oct. 4, 1744 taking 1,150 sailors and four tons of Portuguese gold to the bottom of Davy Jones's locker.

About 200,000 gold coins are believed to be part of the treasure, whose sinking caused a major embarrassment to King George II in 1744, and whose recovery in 2009 could well become a cause celebre in international legal circles.

Full article: Gold Coins in Shipwreck - NumisMaster

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Admiral Sir John Balchin’s British warship HMS Victory has been discovered in the English Channel where it fell victim to a 1744 storm, Florida-based deep-ocean shipwreck firm Odyssey Marine Exploration said Monday.

Among other artifacts, accounts say the ship may have carried 100,000 gold coins weighing up to four tons. Odyssey has not specified a value of any items found, saying only its research "indicates that Balchin’s Victory sank with a substantial amount of gold and silver specie aboard."

The legendary warship was the biggest in the world during its day, and mysteriously disappeared with its complement of more than 900 sailors in October 1744.

Full Article: HMS Victory Discovered by Odyssey

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Join deepwater explorers Odyssey Marine Exploration as they search for — and find — some of the world's greatest shipwrecks and bring the ships' untold stories back from the mysterious deep. Watch Treasure Quest starting this Thursday, January 15, on the Discovery Channel at 10 p.m. ET/PT.

A world leader in commercial deep-water exploration and recovery, this assembly of experienced explorers is gearing up for its most ambitious season of searching for shipwrecks yet. The company's goal for the 2008 season is extraordinary: to find and recover two of the greatest shipwrecks ever lost at sea. Their value could be well in excess of a billion dollars.

Full Article: Must-See-TV for Enthusiasts and Collectors of Shipwreck Coinage - NGC

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Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), the world leader in the field of deep-ocean shipwreck exploration, yesterday filed its Response to Spain's Motion to Dismiss or for Summary Judgment in the "Black Swan" admiralty case pending in U.S. Federal Court in Tampa, Florida. In its pleadings, accompanied by over 1,000 pages of supportive documentation and imagery, Odyssey asserts that the "Black Swan" site and the cargo recovered do not represent an entity to which sovereign immunity would apply. Spain had argued in September that the U.S. Federal Court did not have jurisdiction over the case and that the case should therefore be dismissed.(...)
Read the rest of Odyssey Marine Exploration Asserts Position in “Black Swan” Admiralty Case With Historical and Legal Precedents (618 words)

Odyssey Marine Exploration, the Tampa company that recovered sunken treasure worth an estimated $500 million from the Atlantic Ocean in 2007, tried knocking down Spain's claim to the loot in papers filed Monday in U.S. District Court in Tampa.  Spain claims the treasure – 17 tons of Colonial-era coins – was carried by a Spanish warship known as the Nuestra Senora de las Mercedes and is immune from any claim or arrest in the United States.

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Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), the world leader in the field of deep-ocean shipwreck exploration, today filed a quarterly report with the Securities and Exchange Commission detailing results of the Company's third quarter 2008.

For the third quarter of 2008, Odyssey reported revenue of $2.2 million, compared to $1.3 million in the third quarter 2007. The Company also reported a net loss of $6.5 million, compared to a net loss of $5.4 million in the third quarter 2007. The net loss per share for the third quarter 2008 was $.13, compared to a net loss of $.11 per share in the third quarter 2007.

"We are very happy with our results so far this year. We have had some significant operational challenges during the third quarter, but we have seen our offshore team step up in a big way that has yielded some really promising results.

During this season, we located and tentatively identified at least one of our targeted high-value shipwrecks. We also mapped a huge new area of seabed and filed admiralty arrests on four separate sites. The JWM Production crew has followed our teams offshore and onshore, and we are looking forward to the launch of the Discovery Channel primetime series in early 2009. While our vessels, the Odyssey Explorer and Ocean Alert, are both preparing for scheduled repairs and five year surveys in drydock during the winter months, we plan to continue work with a chartered ship during the winter months.

We are looking forward to filing our response to Spain's motion in the "Black Swan" case and we're hopeful that the case can then move forward. All in all, we are in great shape as we move into the final quarter of 2008 and are solidifying our position as the world's leading shipwreck exploration company," said Greg Stemm, Odyssey Chief Executive Officer.

Read article: Odyssey Marine Exploration Announces Third Quarter 2008 Results

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U.S. treasure-hunting firm Odyssey Marine Exploration denied Spanish government claims that it "secretly" scoured the ocean floor to find a wreck containing a $500 million haul of colonial-era coins. "Odyssey in this case followed all the appropriate archaeological and legal protocols," Odyssey CEO Greg Stemm told Efe, calling allegations to the contrary false and "inflammatory."

Spain's Culture Ministry on Tuesday accused Odyssey of carrying out "this underwater excavation in secret after having received specific instructions that it was prohibited."

Read entire article: U.S. firm rebuts Spanish charges over $500 mn treasure haul - Trading Markets

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Taking a piggyback on its ship the Odyssey our robotic underwater search machine transports itself to shipwreck sites of old to seek out the booty thats sunk to the bottom of the briny.  Originally designed to fix deep-sea fibre optic cables the device, named ZEUS, can be controlled...

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Spain has said it is ready to share with Peru a disputed treasure trove worth millions of dollars salvaged from a shipwreck, claiming it is a part of its cultural heritage, EFE news agency reported. The vessel which was apparently carrying coins worth some $500 million was sunk in 1804. US treasure hunting firm Odyssey Marine Exploration spotted the vessel and its treasure off the coast of Portugal.

Entire article: Spain says it’ll share disputed treasure trove with Peru - Thaindian News

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Mark Gordon, President and Chief Operating Officer of Florida based treasure-hunting firm Odyssey Marine Exploration, sat down with FOX Business to discuss Odyssey’s finding of over 590,000 shipwrecked, Colonial-era gold and silver coins.

The company discovered the 17-ton coin hoard in May of 2007 and has been battling Spain — in Florida court and through airways — over its ownership ever since.

Entire article: Odyssey President Talks to FOX Business - CoinNews

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The Association of Peruvian Consumers and Users (ASPEC) requested the Peru government to join the legal battle between Odyssey Marine Exploration and Spain over the sunken treasure trove of silver and gold coins discovered last year.

Ownership of the 17-ton treasure found by Odyssey in May of 2007 is worth several hundred million, and has been hotly contested.

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Florida-based treasure hunting, deep-sea exploration firm Odyssey Marine Exploration is back in court this morning at 9:30 a.m. (ET) with Spain. The legal battle over 17-tons of silver and gold Colonial-era coins continues in U.S. Federal court before Magistrate Judge Mark A. Pizzo.

The coin treasure trove was recovered by Odyssey in May of 2007, and resulting legal disputes with Spain over ownership have resulted since.

Entire article: Odyssey and Spain Back in Court Over Coin Treasure - CoinNews

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A battle royale over an estimated $500 million treasure that a Florida deep-sea salvage company found last year is due for a fresh round in court in Florida on Monday.

The Spanish government now says the 500,000 silver and gold coins that the company, Odyssey Marine Exploration, found last year in the Atlantic Ocean near Spain came from one of its ships that sunk in a 19th-century naval battle. Spain wants the entire treasure returned, but Odyssey insists Spain may have no right to it.

Entire article: Spain's lost treasure battle in U.S. court - CNN

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U.S. treasure hunting company Odyssey Marine Exploration struck gold twice in a single week. The company announced Thursday it had discovered new shipwreck sites near the English Channel containing Colonial period artifacts.

That announcement came on the heels of Tuesday’s revelation that Odyssey’s adventures will be spotlighted on a Discovery Channel shipwreck series that will be seen around the world.

Entire article: Odyssey Strikes Gold Twice in Week: TV Deal, Two New Shipwrecks - CoinNews

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Tampa, FL - May 29, 2008 - Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), the world leader in the field of deep-ocean shipwreck exploration, today filed Admiralty Arrest Complaints in the U.S. District Court for the Middle District of Florida on two separate shipwreck sites recently discovered by the Company.

Both sites lie within the general area of the English Channel but are outside the territorial waters or contiguous zone of any sovereign nation. The sites both contain cannon and other artifacts which are believed to date from the Colonial period. Odyssey has conducted preliminary surveys but has not yet been able to confirm the identity of either site. The Company's archaeological and conservation teams are currently developing archaeological excavation and conservation plans for both sites.

Entire press release: Odyssey Marine Exploration Files Admiralty Arrests on Two Shipwreck Sites

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While many coin collectors are familiar with Odyssey Marine Exploration’s shipwreck offerings and their legal battle with Spain over the 17-ton bounty of Colonial-era silver and gold coins discovered last year, the world will soon see them in a new light — a 11-part HD TV series on the Discovery Channel.

Entire article: Odyssey Shipwreck Expeditions Set for Prime Time TV Series on Discovery Channel - CoinNews

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National Public Radio (NPR) had a segment Monday, May 19, discussing the legal battle between Spain and Odyssey Marine Exploration for the 17-tons of Colonial-era coins recovered from the ocean floor.

That legal dispute started back in May of 2007 when Odyssey discovered a 17th-century shipwreck, they code-named the “Black Swan”.

Entire article: Odyssey Marine Exploration and Spain on National Public Radio - CoinNews

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The Spanish government is pressing its claim to a deep-sea treasure that it did not know existed until it was recovered last year by an American exploration company, saying that the gold and silver coins belongs to the state because it came from a Spanish warship sunk by the British in 1804.

Spain’s dispute with Odyssey Marine Exploration — which shipped the trove, worth as much as $500 million, out of the British port of Gibraltar to the United States last year — will be argued in a court in Tampa, Fla, where Odyssey is based.

Entire article: For This Treasure, Spain Says, Finders Aren’t Keepers

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Tampa, FL - May 8, 2008 - Following a significant amount of international media coverage based on a press conference held by the Spanish Ministry of Culture in Madrid on May 8, 2008, Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) wishes to publicly address the most frequently asked questions by media and the public.

To clarify, Odyssey was not in attendance at the press conference, which was presided over by representatives of the Spanish government as well as Spain's legal counsel. Our statements are therefore based on media reports of the actual event and Spain's Responses to the Court's Interrogatories that Spain filed in U.S. District Court for the Middle District of Florida on May 8, 2008.

Entire article: Odyssey Marine Exploration Responds To Recent Media Reports Following the Spanish Government's "Black Swan" Press Conference

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