Odyssey reaches agreement with UK Government

On 18/09/2009
In Treasure Hunting / Recoveries
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From Business Wire

Odyssey Marine Exploration, Inc. (Nasdaq: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.”