It’s not often that an article in the business pages dovetails with my interest in the ocean, but once in a long while there is a connection. A 2012 Business Week article about Odyssey Marine Exploration, the company featured in Treasure Quest and the Treasure Quest – HMS Victory Special, relates the outcome of a protracted battle between Odyssey and the Spanish government over 17 tons of silver coins, retrieved from a shipwreck off the coast of Portugal. Odyssey spent $2.6 million retrieving the coins; the only compensation it received from the Spanish government was $20 apiece for the white plastic buckets in which the coins were transported to Spain.
Yesterday’s article (written in 2008) describes in more detail the events that led to the conflict between Spain and Odyssey, and profiles both the company and its founder and CEO, Greg Stemm. Today’s one provides a good introduction to what the company does (if you’re not in the mood for a long New Yorker read), and fills in what happened since 2008 – and things did not turn out particularly well for Odyssey.
The Odyssey share price (OMEX US Equity) hasn’t really gone anywhere since the company listed, which suggests to me that they still haven’t had their big break yet. That said, it must be remarkably interesting work, finding and researching long forgotten wrecks. Plundering them… not so much.
Read the full article here.
