Odyssey Marine Exploration Reports Third Quarter 2016 Results

TAMPA, Fla., Nov. 09, 2016 (GLOBE NEWSWIRE) -- Odyssey Marine Exploration, Inc. (Nasdaq:OMEX), a pioneer in the field of deep-ocean exploration, reported results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights
  • Performed contracted offshore services for our shipwreck business partner, using Odyssey technology and marine personnel, resulting in revenue of $2.9 million.
  • Increased revenue 98%, or $1.4 million, compared to the same quarter last year.
  • Decreased net loss 53% to $2.1 million compared to $4.6 million in the same quarter last year.
  • Increased the total amount of cash available to Odyssey from Epsilon Acquisitions to $6.0 million from $3.0 million through a revised debt instrument with no additional increase in collateral. Epsilon is an investment vehicle controlled by Mr. Alonso Ancira, who is the chairman of MINOSA's parent company, AHMSA.

Management Commentary"We continue to support the environmental approval process on the "Don Diego" project through our Mexican subsidiary, and we look forward to moving the project forward in the near future. Plans have been completed, and the team is prepared to begin the next phase of the project as early as Q1 2017," said Mark Gordon, Odyssey Chief Executive Officer and President.

"While we await approval on the "Don Diego" project, we have focused on improving our financial discipline and results while securing offshore marine contract work to leverage our assets and technical team to generate cash flow. Our third quarter revenue results more than doubled our revenue from last quarter and were 97% higher than the same quarter last year. In addition, our Mexican partner, through Epsilon Acquisitions, agreed to provide additional funding to Odyssey.

"The paid shipwreck search and recovery services anticipated in the asset purchase agreement executed in December with Monaco Financial and its affiliated companies have commenced. We conducted operations in Q3 on the first of what we expect to be a recurring series of projects for our shipwreck partner under a services agreement that generates profitable marine services revenues and provides Odyssey with a 21.25% back-end interest in the net recovery values realized from these projects. We recently completed an extensive planning process and have seven targets being reviewed for operations in 2017."

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