Odyssey Marine Exploration finds gold from recovery site

Posted on Jun 7, 2014

Jun 4, 2014, 4:41pm EDT Updated: Jun 5, 2014, 2:34pm EDT

Odyssey Explorer

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Odyssey Marine Exploration Inc.

The 251-foot Odyssey Explorer serves as Odyssey’s principal state-of-the-art deep-ocean archaeological platform.

Odyssey Marine Exploration Inc. recovery efforts are underway and leading to some surprises from the site of the SS Central America, a ship that sank off the coast of South Carolina 157 years ago.

The Tampa-based company found ingots and other gold worth more than $ 100,000 in 1857 face value from the sidewheel streamer, according to BloombergBusinessweek. The selection of gold the recovered from the ship most likely originates from California’s gold rush, Gregory Stemm, CEO, said.

“Early recovery results are well beyond our expectations,” according to the excerpt from a presentation given by Stemm at the company’s June 4 annual meeting.

Odyssey (NASDAQ: OMEX), a shipwreck recovery company, was contracted for the recovery work by Ira Owen Kane, a court-appointed receiver for the companies that undertook the prior recovery project. Odyssey will also receive 80 percent of recovery proceeds until a fixed fee and negotiated day rate are paid, according to BloombergBusinessweek .

Marin Guta is an intern with the Tampa Bay Business Journal.

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