Seeking Treasure in the Vasty Deep (OMEX)

Shipwreck recovery firm Odyssey Marine Exploration Inc. (NASDAQ: OMEX) announced today that it has received approval and contracts for salvage from ship owners to recover sunken commodity shipwreck cargoes that could be worth more than $230 million, based on current commodity prices. Odyssey said that it has contracts awarding it 90% of the value of recovered cargoes from four shipwrecks and expects to explore nearby wrecks for which it does not require a contract.

The company recently reported good results from its recovery of silver ingots from the SS Gairsoppa, a ship sunk off the British coast during World War II. Odyssey is also working on recovering a British warship sunk in 1744.

Odyssey also said that the company has recently acquired an archive of material that may lead to additional recovery targets.

Shares of Odyssey's stock are up 3% today at $3.82 in a 52-week range of $1.80 to $4.46.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Commodities & Metals Tagged: OMEX