Odyssey Marine

A couple of years ago, I bought shares in Odyssey Marine, hoping the stock would rise and I would become rich beyond the dreams of avarice. It didn't happen. Actually, I have lost half of my investment! (Not that this was a great tragedy....I only bought 100 shares.)

Now, I'm not really dissing Odyssey Marine. They've got a lot to deal with - they've found a ship in international waters and yet Spain is claiming it, and the treasure it contains to be their's, so there are lawsuits and the lawyers are taking away all the money and leaving none for shareholders.

Still, there story is interesting and here it is.

From their website:

Odyssey is the world leader in deep-ocean shipwreck exploration, searching the globe's vast oceans for sunken ships with intriguing stories, extraordinary treasure and precious artifacts spanning centuries of maritime travel. Our important discoveries also uncover priceless new knowledge and history from the depths. As we recover these shipwreck treasures once believed lost forever, we also resurrect lifetimes long forgotten, offering a rare and fascinating window into historic events that would otherwise remain obscure.

Our passion for shipwrecks and the amazing stories they tell is as deep as the oceans we explore.

No one knows shipwrecks better than our world-class team of researchers, scientists, technicians, and archaeologists. We've surveyed and mapped more than 10,000 square miles of seabed and spent more than 9,000 hours diving on shipwreck sites using advanced robotic technology, while more importantly, applying the highest archaeological standards. Our expert team has discovered hundreds of shipwrecks ranging from 3rd century BC Punic sites to U-boats and Colonial warships.

In 2003, we discovered the Civil War-era shipwreck of the SS Republic® and recovered over 51,000 coins and nearly 14,000 artifacts from the 1,700 foot (518 meters) deep site. In May 2007, we announced the recovery of over 500,000 silver and gold coins, weighing 17 tons, from a Colonial-era deep-ocean site code-named "Black Swan." In 2008, Odyssey discovered what is considered one of the most significant shipwrecks in history, HMS Victory, Admiral Sir John Balchin's flagship which perished in 1744. And our expeditions continue to unveil new sites with fascinating stories and cargoes.

We share the thrill and adventure of deep-ocean exploration by making shipwreck treasures, artifacts and information available to collectors, the general public and students through our webstore, exhibits, books, television, merchandise, and educational programs. During the first quarter of 2009, Discovery Channel aired a 12-part primetime series about our worldwide explorations called "Treasure Quest". We also provide information, materials and access to historical, archaeological and scientific researchers.

Follow our progress as new shipwrecks are discovered, treasures are brought to the surface and forgotten tales are told by long lost ships covering thousands of years of mankind’s nautical history. To stay informed about the latest Odyssey news, be sure to sign up for e-mail updates in the upper right corner of this page.

and

A Commitment to Archaeology

Odyssey Marine Exploration has pioneered a new branch of archaeology, which we call “commercial marine archaeology,” defined as the pursuit of deep-ocean archaeological research and exploration as a “for profit” venture. This model is currently the only practical way of sustaining highly expensive research and archaeological operations in the long-term and has enabled us to actually explore more shipwrecks than any university or institute in the world. Between 2000 and the 2008 Odyssey surveyed and mapped more than 10,000 square miles of seabed and spent more than 9,000 hours exploring potential and actual shipwreck sites with advanced robotic technology, while applying the highest archaeological standards. To date, we have discovered nearly 300 shipwrecks around the globe ranging from 3rd century BC Punic sites to U-boats and modern-day fishing vessels.

Our shipwreck exploration is conducted under strict archaeological and scientific guidelines, supervised internally by our project archaeologists and sometimes externally by archaeologists and other accredited scientists whom we invite to collaborate on projects. Odyssey’s professional mission differs profoundly from marine salvage operations whose sole aim is to recover commercially valuable items from wrecks, typically disregarding their significant archaeological and historic value.



In our commitment to recover, preserve, document and share underwater cultural heritage with future generations, Odyssey adheres to the same rigorous standards applied to terrestrial and shallow-water sites and is setting new principles and standards for the future of deep-ocean shipwreck exploration and marine archeology.

In 1990, Odyssey co-founders, Greg Stemm and John Morris, directed the world’s first robotic deep-sea excavation on a Spanish colonial shipwreck lost in 1622 in nearly 1,500 feet (500 meters) of water, 70 miles off Key West. Dozens of intact ceramic olive jars, as well as thousands of ceramic sherds, hundreds of pearls and silver coins, ballast stones, rat bones and seeds were recorded to an accuracy of 10 centimeters. Odyssey continues to uphold and expand upon these standards today.



Our research brings together world experts to study shipwrecks and their environments. The inter-disciplinary HMS Sussex Project completed the most detailed environmental coring program ever undertaken on a deep-water wreck. Even the location of every sea urchin was plotted to understand how the wreck site and marine environment have interacted over the centuries and to help develop a plan for the future preservation of the site.



An additional element fundamental to Odyssey’s operations is the capability to operate 24 hours a day, seven days a week. This feature is a practical necessity for Odyssey's deep-water archaeological projects, given the cost of the expeditions and the time needed to access deeper sites.



The resulting information derived from Odyssey’s shipwreck projects is disseminated and made available to the public through a variety of media, including published books, archaeology and artifact reports, archaeology presentations, journal articles, educational curriculum and project plans - with the goal of inspiring public awareness, appreciation and knowledge of these fascinating historical, archaeological and cultural discoveries. For more details click "Publications" on the menu to the left.

The major distinction between the “commercial marine archaeology” practiced by Odyssey and “pure” academic, institutional archaeology is that after thorough conservation, research, analysis and documentation, some duplicate artifacts - typically trade goods - that have been recovered in large and repetitive quantities are made available for purchase by the public - for collectors and others with the interest, capability and resources to provide for the proper preservation of artifact collections.



The funds generated by these sales are used to finance further exploration and recovery projects, which includes the archaeologically-sensitive investigation of historically significant shipwrecks containing valuable cargo as well as some wrecks that do not necessarily represent commercial opportunities, but offer substantial cultural, historical and/or educational value.

Additional information about Odyssey's archaeological excavation and artifact conservation and documentation is available in the "Our Approach" section.



The following goals are integral to Odyssey’s archaeological mission:



• Archaeologists maintain high standards of archaeology in compliance with and above current practices and guidelines during the investigation and excavation of shipwrecks.



• A commitment to forging partnerships with stakeholders, such as (but not limited to) governments, to ensure that even in international waters concerns for national cultural patrimony are addressed.



• To develop new methods, technologies and standards to advance the emerging discipline of deep-water archaeology.

• To recover and conserve artifacts, trade goods and other historic entities from shipwrecks as cultural resources for study, documentation, education and enjoyment in both the present and future.



• To conserve fully, record and study artifact assemblages before collections are passed on to museums and collectors.

• To ensure that the results of archaeological projects are widely accessible through a variety of academic and popular media.

• To archive all research material and data in accordance with current museum practices and archival guidelines.

• Where and when appropriate, to work in partnership with academic institutions, governments and companies in the best interests of managing the maritime cultural heritage of the world’s oceans for the benefit of mankind.