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.

In 2008, in cooperation with the UK Ministry of Defence (MOD), Odyssey conducted an extensive archaeological pre-disturbance survey and recovered a 42 pdr and 12 pdr bronze cannon from the site. At the direction of the MOD, Odyssey presented the cannon to the UK Receiver of Wreck, and has been actively involved in their conservation and study.

“We look forward to cooperating with the MOD and other stakeholders in the archaeological management and preservation of Admiral Balchin’s HMS Victory,” commented Odyssey CEO, Greg Stemm from London, where he has spent the week meeting with UK officials. “I am pleased to announce that we have offered to forego part of our salvage award as a contribution of $75,000 to provide support to the National Museum of the Royal Navy to assist in realizing the historical, educational and cultural opportunities that the discovery of this important shipwreck offers to the public.”

“We’re thrilled that we’ve been able to return two cannon from Balchin’s Victory to the citizens of the United Kingdom, but these are just a small portion of the irreplaceable cultural artifacts that remain at the site,” Stemm continued. “We look forward to working with the UK Government and the archaeological community to help develop a strategy to protect this very significant cultural and naval heritage asset.”

“As the shipwreck has been positively identified as HMS Victory, a UK Royal Naval Vessel, we recognize the UK Government’s position is that the vessel has not been abandoned and therefore the shipwrecked vessel, its appurtenances and necessaries, and the personal effects of the officers and crew, are the property of Her Majesty’s Government,” commented Melinda MacConnel, Odyssey Vice President and General Counsel. “As such, in good faith, we have agreed to conduct any further activities relating to the shipwreck under the jurisdiction of applicable UK laws.”
(more…)

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration has announced plans to file a written objection to the U.S. Federal Court Magistrate’s recommendation that Spain’s Motion to Dismiss the “Black Swan” case be granted and that the property recovered be returned to Spain. The recommendation which was filed June 3, 2009 concludes that the court lacks jurisdiction to hear the case.

Odyssey brought the “Black Swan” case to federal court in the spring of 2007 after discovering a site in the Atlantic Ocean with over 500,000 gold and silver coins. Spain filed a claim in the case asserting that the cargo came from the Nuestra Senora de las Mercedes, a Spanish vessel which exploded in 1804. Despite the absence of a vessel at the site, the District Court Magistrate has indicated that he believes that there is sufficient evidence to confirm that the site is that of the Mercedes and that the vessel and its cargo are subject to sovereign immunity.

“We will object to the Magistrate’s recommendation,” said Melinda MacConnel, Odyssey’s Vice President and General Counsel. “This is clearly a case where there are many relevant issues of fact that have been disputed, including the issue of whether the Mercedes was on a commercial mission and whether the property recovered belonged to Spain. I presume that the claimants in the case who assert ownership rights by virtue of the fact that their ancestors owned a portion of the cargo will join us in objecting.”

“I’m very surprised,” said Odyssey’s CEO, Greg Stemm. “Odyssey has done everything by the book. For the Court to find that enough evidence exists to conclusively identify the site as the Mercedes and that neither Odyssey nor the claimants who owned the property have any legal interest is just wrong. I’m confident that ultimately the judge or the appellate court will see the legal and evidentiary flaws in Spain’s claim, and we’ll be back to argue the merits of the case.” (more…)

World’s Mightiest Ship Was Lost Without a Trace in 1744 – Mystery Solved

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX), pioneers in the field of deep-ocean shipwreck exploration, has discovered the long-sought shipwreck of HMS Victory lost in 1744, solving one of the greatest mysteries in naval history. The legendary British man-of-war that sank in the English Channel 264 years ago.

Found below about 330 feet of water, the wreckage of the HMS Victory may carry the greatest jackpot ever. Research indicates the ship was carrying 4 tons of gold coins when it sank in storm, said Greg Stemm, co-founder of Odyssey Marine Exploration, ahead of a news conference today in London.

The direct predecessor and inspiration behind Nelson’s flagship, Balchin’s Victory was the mightiest and technically most advanced vessel of her age. She sank during a storm in 1744 with all hands and was the last Royal Navy warship to be lost at sea with a complete complement of bronze cannon. Two of the greatest admirals in English history, Sir John Norris and Sir John Balchin, called her their flagship. Research indicates that Balchin’s Victory sank with a substantial amount of gold and silver specie aboard.

Odyssey has been cooperating closely with the United Kingdom’s Ministry of Defence (MOD) on the project, and all activities at the site have been conducted in accordance with protocols agreed with MOD and Royal Navy officials. Terms of collaboration between Odyssey and the UK MOD on the project are currently being negotiated, and an agreement similar to the Sussex Partnering Agreement has been proposed.

“Finding this shipwreck has solved one of the greatest shipwreck mysteries in history. Having discovered it in deep water far from where history says it was lost has served to exonerate Admiral Balchin and his officers from the accusation of having let the ship run aground on the Casquets due to faulty navigation,” commented Greg Stemm, Odyssey’s Chief Executive Officer. “We have worked closely with the MOD on this operation, and anticipate that we will continue the excellent cooperative relationship that we have enjoyed working together on the Sussex project. Fortunately, this shipwreck is not in waters claimed by any other country, so we do not expect any interference in further exploration of the site.” (more…)