This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Odyssey Executes Search Contracts For Fourth Project With Clients Of Robert Fraser & Partners

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
OMEX $0.67 -11.00%
AAPL $129.78 -0.49%
FB $79.61 -0.99%
GOOG $562.26 1.20%
TSLA $204.60 -1.30%

Markets

DOW 18,184.24 -30.18 -0.17%
S&P 500 2,110.86 +0.12 0.01%
NASDAQ 4,983.5530 -4.3370 -0.09%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs