Fla. explorers, UK reach agreement on salvaging 1744 shipwreck believed to house 4 tons of gold coins
by Mitch Stacy, The Associated Press Friday September 18, 2009,
http://www.youtube.com/watch?v=1Ul2G6TltjQ&feature=player_embedded#t=118
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.
"We are comfortable that the way forward will include not only Odyssey's involvement but a deal with Odyssey that allows us to participate in the project," Stemm said.
Stemm said the company has proposed an agreement similar to one it had reached with the British government over the proposed salvage of another historic warship, the HMS Sussex, which had the company and the government sharing proceeds.
A spokesman for Britain's Ministry of Defense, speaking on customary condition of anonymity, said consultations will be held to determine how to proceed with the wreck. Options range from leaving it undisturbed to full excavation.
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.
Odyssey brought 17 tons of silver and other artifacts from the wreck to Tampa in May 2007. Spain immediately demanded that it all be returned, arguing that the government had never surrendered ownership of the sunken ship and its contents.
In June, a federal magistrate judge came down squarely on the side of Spain, urging Odyssey to return the treasure. The U.S. government got involved last week, filing a brief supporting Spain's claim to its cultural heritage.
A federal judge has not indicated when he will make a final ruling.
http://www.nola.com/news/index.ssf/2009/09/fla_explorers_uk_reach_agreeme.html