An offshore business I wished I could get in on

this is what ROV’s are really good at doing…recovering treasure!

[B]WWII Shipwreck Gives Up 61 Tons of Silver[/B]

By Sonja Elmquist: Bloomberg News

July 22, 2013


Forty-eight tons of silver bullion has been recovered from the SS Gairsoppa and returned to the British government, Odyssey Marine, Inc.
announced on July 18, 2012. The record-breaking operation has so far produced the heaviest and deepest recovery of precious metals from a
shipwreck. Photograph: Odyssey Marine Inc. via AP Images

Odyssey Marine Exploration Inc. (OMEX:US), a deep-sea salvage company, said it retrieved more than 61 tons of silver bullion this month from a World War II shipwreck nearly three miles (4.8 kilometers) below the surface of the Atlantic Ocean.

Odyssey recovered 1,574 silver ingots weighing a total of about 1.8 million ounces from the SS Gairsoppa, the Tampa, Florida-based company said in a statement today. The 412-foot (126-meter) British cargo ship was torpedoed by a German U-boat in February 1941, Odyssey said on its website.

The metal was worth about $630,000 when the Gairsoppa was sunk and about $36 million at today’s prices. Odyssey has recovered a total of 2,792 ingots from the wreck, about 99 percent of the insured silver reported to be aboard when the vessel sank.

“We have accomplished a world-record recovery at a depth never achieved before,” Odyssey Chief Operating Officer Mark Gordon said in the statement.

Odyssey fell 3.2 percent to $3.35 at the close in New York. The shares (OMEX:US) have climbed 13 percent this year.

The Gairsoppa left Kolkata in December 1940 carrying pig iron, tea, silver and other cargo, destined for Liverpool, England, Odyssey said. It was torpedoed about 300 miles southwest of Galway, Ireland. Only one member of the 85-person crew survived after spending 13 days in a lifeboat.

The company found the wreck in 2011 and recovery efforts began in May 2012. The company announced in 2011 plans to salvage cargo from the SS Mantola, about 100 miles from the Gairsoppa site. The British vessel was sunk by a German submarine in 1917 with 600,000 ounces of silver aboard.

Odyssey has salvage contracts with the U.K. that allow it to retain 80 percent of the net silver value recovered. The silver from the Gairsoppa was taken to a secure facility in the U.K.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

Ironically, in 2005 Odyssey was on the verge of bankruptcy and their vessel with the ROV was for sale for only something like $600K. Quite an amazing turn of fortune for them!

Back in the Eighty’s I was offered a job as CE on a Treasure Hunter boat. The boat was a Big Supply Boat. The job sounded really good and the Owners really wanted me to take the job. Everything was looking good until I met the Captain. After talking to him for about an hour, I looked at him and asked what did he want a CE that can run the plant plus keep all of the other little boats running and did not mind helping out on deck when needed. Or and this is a Big OR did he want a Deckhand that knew how to watch a gauge and let him make all of the decisions.

Basically, this guy wanted to lay out all of the work that needs to be done in the E.R. then wants the CE to be up on deck chipping and painting in his “Spare” time.

Oh, I almost forgot that the CE was the only person that did not get any share of any treasure found.

Sorry to get off on a rant but I always thought it would be so cool to be involved in something like this and the one and only chance that I had got all screwed up.

[QUOTE=Tugs;115354]Back in the Eighty’s I was offered a job as CE on a Treasure Hunter boat. The boat was a Big Supply Boat. The job sounded really good and the Owners really wanted me to take the job. Everything was looking good until I met the Captain. After talking to him for about an hour, I looked at him and asked what did he want a CE that can run the plant plus keep all of the other little boats running and did not mind helping out on deck when needed. Or and this is a Big OR did he want a Deckhand that knew how to watch a gauge and let him make all of the decisions.

Basically, this guy wanted to lay out all of the work that needs to be done in the E.R. then wants the CE to be up on deck chipping and painting in his “Spare” time.

Oh, I almost forgot that the CE was the only person that did not get any share of any treasure found.

Sorry to get off on a rant but I always thought it would be so cool to be involved in something like this and the one and only chance that I had got all screwed up.[/QUOTE]

Sounds like my recent experience with Maersk!

[QUOTE=Tugs;115354]Back in the Eighty’s I was offered a job as CE on a Treasure Hunter boat. The boat was a Big Supply Boat. The job sounded really good and the Owners really wanted me to take the job. Everything was looking good until I met the Captain. After talking to him for about an hour, I looked at him and asked what did he want a CE that can run the plant plus keep all of the other little boats running and did not mind helping out on deck when needed. Or and this is a Big OR did he want a Deckhand that knew how to watch a gauge and let him make all of the decisions.

Basically, this guy wanted to lay out all of the work that needs to be done in the E.R. then wants the CE to be up on deck chipping and painting in his “Spare” time.

Oh, I almost forgot that the CE was the only person that did not get any share of any treasure found.

Sorry to get off on a rant but I always thought it would be so cool to be involved in something like this and the one and only chance that I had got all screwed up.[/QUOTE]

I’ll bet that was the same bunch that tied up at the Banana Dock in Tampa. I remember they had a lock box at the brow for donations for the next expedition with the promise of partial shares.

That sounds the same as free beer tomorrow!

[QUOTE=Wrench;115369]Sounds like my recent experience with Maersk![/QUOTE]

Don’t run across many former Maersk engineers, wonder why? Do they stay forever or are they embarrassed?