TAMPA, Fla., Sept. 21, 2010 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), pioneers in the field of deep-ocean shipwreck exploration, and its associated company, OVH, Inc., have executed agreements to provide supplementary project research and shipwreck search and survey services for a project code-named " Enigma II" to certain client companies of Robert Fraser & Partners LLP.
As part of the agreements for the " Enigma II" project, Odyssey furnished research related to the anticipated location of the " Enigma" and is providing the research vessel, equipment and crew to search a specified area and inspect targets in that area. The contract provides for initial cash payments totaling approximately U.S. $1.6 million to Odyssey and OVH, Inc., plus additional payments based on any additional net revenue derived from the " Enigma" project. After the re-payment of all recovery costs, Odyssey and OVH, Inc. will receive 75% of net revenue in aggregate until an additional £5.2 million (approximately U.S. $7.9 million) has been received and then 60% in aggregate of all further net revenue.
Upon location and confirmation of the shipwreck, Odyssey will have an opportunity to enter into additional agreements for the archaeological excavation of " Enigma," as well as for the conservation and documentation of any artifacts recovered."We have continued to be impressed with Odyssey's efficiency and performance on the projects which have been negotiated and contracted with our clients to date," commented Colin Emson of Robert Fraser & Partners. "In the coming months we look forward to completing further scheduled contracts with Odyssey on behalf of our marine clients." About Robert Fraser & Partners LLP Robert Fraser & Partners LLP is part of the London-based Robert Fraser Asset Management Group, which has operated since its formation in 1934 in the fields of merchant banking and corporate, marine & property finance and structuring. The group's core areas of expertise include venture capital, project syndication, corporate finance, mergers and acquisition structure, project development, new venture and global business structuring. Robert Fraser Marine Ltd. is a part of the group which specializes in assembling projects directed at shipwreck exploration and the development of deep ocean resources.