Shipwreck recovery firm Odyssey Marine Exploration Inc. (NASDAQ: OMEX) announced today that it has received approval and contracts for salvage from ship owners to recover sunken commodity shipwreck cargoes that could be worth more than $230 million, based on current commodity prices. Odyssey said that it has contracts awarding it 90% of the value of recovered cargoes from four shipwrecks and expects to explore nearby wrecks for which it does not require a contract.
The company recently reported good results from its recovery of silver ingots from the SS Gairsoppa, a ship sunk off the British coast during World War II. Odyssey is also working on recovering a British warship sunk in 1744.
Odyssey also said that the company has recently acquired an archive of material that may lead to additional recovery targets.
Shares of Odyssey’s stock are up 3% today at $3.82 in a 52-week range of $1.80 to $4.46.
Paul Ausick
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
