Odyssey Marine Exploration
| Company type | Public |
|---|---|
| Industry | Deep-sea exploration, subsea mineral resources |
| Founded | 1994 |
| Founder | John Morris, Greg Stemm |
| Headquarters | Tampa , United States |
Key people | Mark D. Gordon (CEO and chairman), John D. Longley (president), Christopher E. Jones (CFO) |
| Products | Maritime archaeology, subsea mineral resource exploration and extraction |
| Revenue | US$3.1 million (2019) |
| Website | www |
Odyssey Marine Exploration, Inc. is a publicly traded enterprise based in the United States, specializing in the exploration of deep-sea environments with an emphasis on the development and extraction of subsea mineral resources. Established in 1994 by founders John Morris and Greg Stemm, the company’s headquarters are located in Tampa, Florida. The executive leadership team features CEO and chairman Mark D. Gordon, president John D. Longley, and CFO Christopher E. Jones. For the fiscal year 2019, Odyssey reported revenues amounting to US$3.1 million.
Initially recognized as a trailblazer in maritime archaeology, Odyssey has identified numerous historically significant shipwrecks such as the SS Ancona, SS Gairsoppa, Nuestra Señora de las Mercedes, SS Republic (1853), and HMS Victory (1737). Their discoveries have been featured on prominent platforms including Discovery Channel, PBS, and National Geographic.
Mineral exploration
Odyssey transitioned its strategic focus toward mineral resource exploration in 2009 by acquiring a minority interest in SMM Project LLC, which holds exploration licenses across four regions in the South Pacific. Following this, the company entered into a charter agreement with Chatham Rock Phosphate to undertake site evaluations within the offshore Chatham Rise permit area. Additionally, Odyssey maintains a minority stake in Neptune Minerals, an entity dedicated to ocean-floor mineral resource development.
By 2013, Odyssey disclosed ownership interests in Oceanica Resources and its subsidiary Exploraciones Oceanicas (ExO), which possess exclusive rights to phosphate-rich territories within Mexican maritime zones. The company oversees exploration activities alongside environmental impact assessments, including preparation of an NI 43-101 technical report and securing necessary permits. This phosphate deposit ranks among the largest worldwide, containing approximately 588.3 million tonnes of ore with an average grade of 18.1% P2O5.
In July 2019, Odyssey broadened its asset base by acquiring nearly an 80% controlling interest in Bismarck Mining Corporation, which holds a 320 square kilometer exploration license near Lihir Island in Papua New Guinea—an area known for hosting one of the globe’s largest gold deposits operated by Newcrest Mining.
Odyssey also owns a 15% equity share in CIC, a marine services provider supporting its projects. In February 2022, CIC was granted a five-year exploration permit from the Cook Islands’ Seabed Mineral Authority (SBMA), with operational activities anticipated to commence during the second quarter of 2022.
On June 4, 2023, Odyssey made an investment in Ocean Minerals LLC (OML). OML’s fully owned subsidiary Moana Minerals Limited holds a five-year license issued by SBMA to explore polymetallic nodules within the Exclusive Economic Zone of the Cook Islands.
The company remains actively engaged in advancing additional mineral exploration initiatives globally, strengthening its position as a leader in subsea mineral resource development.
History
Odyssey was established in 1994 by maritime archaeology pioneers Greg Stemm and John Morris.
From 1998 through 2001, Odyssey conducted searches for HMS Sussex, believed to rest at approximately 821 meters depth near Gibraltar. The English vessel sank in 1694 during the War of the Grand Alliance while transporting ten tons of gold coins intended to secure the Duke of Savoy’s support against France.
The company's first landmark discovery occurred in 2003 with the identification of a Civil War-era shipwreck. Odyssey executed a comprehensive archaeological excavation that included pre-disturbance surveys and captured roughly 2,500 high-resolution underwater photographs to assemble a detailed photomosaic of the site. Recovery efforts yielded over 51,000 gold and silver coins along with approximately 14,000 artifacts. The project was documented through six archaeological reports and two publications titled Lost Gold of the Republic and Bottles from the Deep. Documentaries highlighting this find were broadcast on PBS and National Geographic.
Odyssey also discovered several other important shipwrecks such as “Blue China,” a nineteenth-century merchant vessel located during the search for Republic in 2005. Despite damage caused by fishing trawlers, Odyssey produced a photomosaic and retrieved remaining artifacts to ensure site preservation.
In December 2005, Odyssey initiated investigations at a site believed to be HMS Sussex, following project plans authorized by the Sussex Archaeological Executive under UK government supervision. By 2009, key survey work and trial excavations had been completed to official satisfaction.
In June 2006, Odyssey requested authorization from Spain’s Ministry of Foreign Affairs through the UK embassy before resuming operations on the Sussex wreck site. In March 2007, Andalusia granted excavation approval contingent upon Spanish archaeologists’ involvement to verify the vessel’s identity. While awaiting their appointment, Odyssey commenced excavation activities on the "Black Swan" project. A preliminary archaeological report outlining progress on the Sussex investigation was published by Odyssey in 2009.
"Black Swan" dispute
In May 2007, Odyssey Marine Exploration revealed it had retrieved approximately 17 tons of predominantly silver coins, along with some gold, from a secret location in international waters, referred to internally as the "Black Swan". The wreck was believed to be the Spanish frigate Nuestra Señora de las Mercedes, which sank in 1804, although conclusive evidence was never established.
Odyssey placed the recovered coins and artifacts under the jurisdiction of a U.S. Federal Court through an admiralty arrest. Spain asserted that the wreck lay within its territorial sea and claimed ownership based on sovereign immunity laws protecting the Mercedes. In July 2007, Spain’s Civil Guard seized Odyssey’s research vessel, Ocean Alert, near Gibraltar—a seizure contested by the governments of the UK and Gibraltar, who argued it occurred in international waters. The Panama-flagged vessel was then directed to Algeciras for examination. By 2010, Captain Sterling Vorus was acquitted of charges related to this event when a Spanish court determined that officials lacked proper authorization to board the Odyssey ship.
In 2011, Odyssey alleged that leaked U.S. diplomatic cables indicated involvement by the State Department in discussions to transfer the treasure to Spain in return for the restitution of artwork. The State Department denied these claims, and an Office of Inspector General investigation concluded there was no link between the treasure case and art negotiations.
A U.S. federal judge ruled in December 2009 that ownership of the treasure belonged to Spain; Odyssey contested this decision on appeal. Following a protracted five-year legal process, the U.S. Supreme Court mandated Odyssey to surrender the treasure in February 2012. Spain intended to allocate the recovered items among its national museums. Later, in September 2013, a U.S. district court found Odyssey acted with "bad faith" and ordered the company to reimburse $1 million toward Spain’s legal expenses. Odyssey recognized that this exceptional case helped clarify relevant maritime law and committed to honoring the court’s ruling.
Gairsoppa find and subsequent ventures
Odyssey Marine Exploration gained notable public attention in 2009 through Discovery Channel’s Treasure Quest, which documented its recovery of Admiral Balchin’s lost HMS Victory, missing for over two and a half centuries.
In 2011, Odyssey announced it had located the British cargo steamship , which was sunk in 1941 by a German U-boat roughly 300 miles southwest of Galway, Ireland. At an ocean depth of 4,700 meters, Odyssey initially salvaged 61 tons of silver and eventually recovered more than 110 tons of silver ingots over two years. This salvage operation was featured in Discovery Channel’s series Silver Rush. Alongside precious metals, they uncovered 717 letters—the largest collection of mail ever retrieved from a shipwreck—now exhibited at the UK’s Postal Museum.
In 2014, Odyssey secured a contract to recover gold from the wreck of an 1857 ship. This mission produced over 15,500 gold and silver coins, 45 gold bars, as well as numerous gold nuggets, dust, jewelry pieces, and other artifacts, significantly expanding their portfolio of valuable maritime recoveries.
By December 2015, Odyssey sold part of its holdings for $21 million to Monaco Financial. The deal included its Florida headquarters, a half share in Neptune Minerals—its underwater mining subsidiary—and rights to future profit shares from shipwreck salvages. This capital injection allowed repayment of $11.7 million in bank loans. CEO Mark Gordon announced a strategic pivot focusing more on underwater mining while continuing shipwreck exploration as a complementary business line.
Artifacts recovered by Odyssey are showcased worldwide through its Virtual Museum and physical locations such as the SHIPWRECKED Treasure Museum in Branson, Missouri, and the Pirates Treasure Museum in St Thomas, USVI—solidifying its role as a leader in maritime heritage preservation and underwater resource recovery.
External links
- Odyssey Marine Exploration (Official site)