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The E-Sylum: Volume 12, Number 38, September 20, 2009, Article 26

ODYSSEY MARINE REACHES AGREEMENT WITH BRITISH GOVERNMENT

An E-Sylum reader forwarded this article about Odyssey Marine's relations with the British (and Spanish) governments their shipwreck discoveries. -Editor

Florida deep-sea explorers said Friday that they will work with the British government to salvage artifacts from centuries-old shipwreck of a heavily armed vessel, and the company may continue to make money under the agreement.

Tampa-based Odyssey Marine Exploration announced it was giving up its legal claim as part of the agreement with the British government regarding the wreck of the HMS Victory, a 100-gun man-of-war that sank in the English Channel in 1744.

Odyssey CEO Greg Stemm said Friday that the company's legal claim filed in U.S. District Court in Tampa has been dismissed, and the company will now work closely with the British government on salvaging the wreck, which is believed to include 4 tons of gold coins.

The British government has taken possession of two brass cannons Odyssey has already raised from the wreck in exchange for a salvage award of $160,000.

Odyssey, which in 2007 hauled up an estimated $500 million in silver coins from a Spanish shipwreck, said it discovered the remains of the British vessel last year in about 330 feet of water and has worked closely with the British government on how salvage and preservation should proceed.

Stemm said in the statement that Odyssey donated $75,000 of its salvage award to help the National Museum of the Royal Navy preserve the Victory wreck.

Odyssey's relations with the Spanish government have not been so cordial. The company has been locked in a legal tug-of-war with Spain for more than two years over the vast treasure raised from what is believed to be the galleon Nuestra Senora de las Mercedes y las Animas.

To read the complete article, see: Fla. explorers, UK reach agreement on shipwreck (news.yahoo.com/s/ap/20090918/ap_on_re_us/us_shipwreck_discovery)

Wayne Homren, Editor

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