Odyssey Marine Expands Shipwreck Search and Recovery Capabilities; Company Adds ZEUS II Recovery ROV
June 23 2006 - 12:29PM
Business Wire
Odyssey Marine Exploration, Inc. (AMEX:OMR), a leader in the field
of deep-ocean shipwreck exploration, announced it has purchased and
taken delivery of a second work-class Remotely Operated Vehicle
(ROV) capable of conducting deep-ocean archaeological excavation
and recovery work on the Company's shipwreck projects. Financing
for the purchase was provided by Mercantile Bank. ZEUS II, like its
Odyssey predecessor ZEUS, was built by SMD of Newcastle, England,
one of the world's leading manufacturers of state-of-the-art,
deep-water robotic systems. The new ROV is a 9-ton, advanced
underwater robotic system capable of working on sites up to 2,500
meters (8,200 feet) deep, and at 400 HP, it has twice the power of
ZEUS, making it one of the world's most powerful deep ocean work
platforms. Odyssey is planning to outfit ZEUS II with
state-of-the-art equipment for underwater archaeological projects
including advanced acoustic positioning gear as well as a suite of
high-definition cameras which are being added to document Odyssey's
underwater archaeological operations. "ZEUS II provides us with a
second highly specialized underwater robotic system to expand our
capabilities for archaeological excavation and recovery. We've been
extremely pleased with the performance of ZEUS over the past few
years. Adding a second 'next generation' ZEUS with more than twice
as much power will allow us to seamlessly interchange our
archaeologists and technicians between both systems while expanding
our operational capacity," said Greg Stemm, co-founder of Odyssey
Marine. "The acquisition of this system demonstrates our Company's
commitment to expanding our offshore operational capacity." About
Odyssey Marine Exploration Odyssey Marine Exploration is an
American Stock Exchange Company with several shipwreck projects in
various stages of development throughout the world. Additional
information about Odyssey, its projects, methodologies and
technologies, is available at http://www.shipwreck.net. For
additional information, please contact John McNeilly, Odyssey's
Manager of Corporate Communications, at 813-876-1776. Odyssey
Marine Exploration believes the information set forth in this press
release may include "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934. Certain factors that could cause results to differ
materially from those projected in the forward-looking statements
are set forth in "Risk Factors," and "Business" in the Company's
annual report on Form 10-K for the year ended December 31, 2005,
which has been filed with the Securities and Exchange Commission.
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