Odyssey Marine Exploration Reports Earnings, Seeks Settlement with Spain


The treasure-hunting company Odyssey Marine Exploration filed their first quarterly 2008 report with the Securities and Exchange Commission.

In addition to updates on their numerous shipwreck projects, the company reported a first quarter revenue of $.3 million with a net loss of $6.8 million. Those compare to 2007’s reports of $2.2 million and $3.8 million respectively.

Greg Stemm, Odysseys Chairman and Chief Executive Officer commented,


“We are optimistic about our 2008 prospects even though our first quarter financial results are substantially down from the previous year. We are going through some major adjustments in our coin marketing strategy to ready ourselves for international distribution of our current and future products.

So far, we have yet to realize the benefits of some new international strategic relationships but believe they will play a significant role in the future. To increase revenues, we have begun adjusting our sales structure and expanding our distribution channels with a broader base of coin and collectible marketers both domestically and internationally in preparation for additional inventory with international appeal.

To enhance our shipwreck search and recovery capabilities, we performed extensive scheduled maintenance and substantial upgrades on our vessels, the Odyssey Explorer and the Ocean Alert, adding some new technology that will significantly add to our operational capabilities.

Our 2008 marine operations activities are underway with work in the Atlas search area and we are looking forward to an exciting season. With the Black Swan, Firefly, Atlas and several other confidential projects on our radar, I am excited about our future and the continued execution of our long-term strategy.


For shipwreck coin and treasure hunt enthusiasts, Odyssey’s update on ongoing shipwreck projects and their hint at confidential finds in the works is likely of most interest.

Odyssey provided updated insights to the shipwrecks code-named, "Firefly", "Atlas" and "Black Swan". The latter involves a shipwreck discovered in May of 2007 containing 500,000 silver coins weighing more than 17 tons. It is also the treasure Odyssey is currently in a legal dispute with Spain regarding ownership.

Odyssey seeks settlement with Spain over Black Swan Discover

As timing would have it, news reports indicate Odyssey wants a settlement with Spain over the "Black Swan" find. In an e-mail sent to Reuters and reported there, Greg Stemm was quoted as saying,


“We are hopeful that we will eventually arrive at a collaborative solution that will serve both Spain’s interest in preserving maritime heritage as well as Odyssey’s mission to help restore that heritage in a manner that is both archeologically sound and in line with international legal principles.”


Odyssey has always maintained they were "in accordance with all applicable laws,” and that the hoard of coins and other artifacts discovered was within international waters.

Reference reads

For the entire article by Reuters, follow U.S. treasure-hunter wants settlement with Spain.

For the many CoinNews articles regarding the "Black Swan", refer to the lower portion of this page.

The Odyssey press release release entitled Odyssey Marine Exploration Announces First Quarter 2008 Results follows with further revenue, expense and project updates.

About Odyssey Marine Exploration, Inc.

Odyssey Marine Exploration, Inc. (NasdaqCM: OMEX) is engaged in the exploration of deep-water shipwrecks and uses innovative methods and state-of-the-art technology to conduct extensive deep-ocean search and archaeological recovery operations around the world.

Odyssey discovered the Civil War era shipwreck of the SS Republic in 2003 and recovered over 50,000 coins and 14,000 artifacts from the site nearly 1,700 feet deep.

In May 2007, the Company announced the largest historic deep-ocean treasure recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial era site code-named “Black Swan.” Odyssey has several shipwreck projects in various stages of development around the world.

Odyssey offers various ways to share in the excitement of deep-ocean exploration by making shipwreck treasures and artifacts available to collectors, the general public and students through its webstore, exhibits, books, videos, merchandise, and educational programs.

Odyssey’s “SHIPWRECK! Pirates & Treasure” exhibit recently ended its successful seven month engagement at the Tampa Museum of Science and Industry and is currently on display at the Detroit Science Center. For details on the Company’s activities and its commitment to the preservation of maritime heritage please visit www.shipwreck.net.

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