Odyssey Marines future 5/13/2016

G.I.B.

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Odyssey Marine's future 5/13/2016

Tampa Bay Times 5/13/2016 article in part states:

The days of portraying Tampa's Odyssey Marine Exploration as a swashbuckling seeker of deep-sea shipwrecks with cargoes full of gold are fading fast.
The company, long struggling for sustained profitability, has sold off or leveraged much of what it once owned. Now it's scraping by, contracting out its underwater expertise for a Mediterranean commercial survey project, cutting costs and watching its stock fall, despite a recent 1-for-12 reverse stock split.

The company reports its latest quarterly revenues rose to $582,000 from a mere $115,000 in the first quarter of 2015. Odyssey squeezed out earnings of $85,000 in the quarter after suffering a $9.7 million loss a year earlier.

The company's chief business opportunity, a deal to dredge underwater deposits of phosphate in Mexican waters, was recently derailed after Mexico expressed environmental concerns. Odyssey Marine CEO Mark Gordon insists the so-called Don Diego project is not dead but will be restructured to try to meet Mexico's concerns. "We have filed new documents with the Mexican authorities and we have hired additional environmental experts and other advisers to move the project forward," Gordon said. "We can assure you, that Odyssey and its partners remain committed to pursuing the Don Diego phosphate dredging project through ultimate approval."


*For the rest of the article please click the link at the top of this post*

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seekerGH

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If this website is to be believed, Odyssey Marine has sold the Odyssey Explorer.

However, after contacting sources in the maritime industry, thePipeLine can reveal that the reason for the move is that the 1600 ton, Bahamas flagged vessel has been sold to what is understood to be a group of Latvian businessmen for an undisclosed sum. thePipeLine also understands that technical equipment, almost certainly including the famously anthropomorphised Remotely Operated Vehicle [ROV] “Zeus”, was offloaded in the UK port of Portland, Dorset, prior to the move to Latvia. If confirmed, the sale of the company’s last remaining research vessel, coupled with the earlier sale and lease back of its Tampa Headquarters and the disposal of its shipwreck database and conservation and storage facility, will strengthen the impression that a cash strapped Odyssey is being forced to liquidate even its most important, and in the case of Odyssey Explorer publicly recognisable, assets in an attempt to keep the company alive.

EXCLUSIVE: ODYSSEY EXPLORER REPORTED SOLD ? thePipeLine

UPDATE. Odyssey has filed with the SEC stating that they sold the boat in May.
 

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Au_Dreamers

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back on the 1715!!
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Rogue there's no need for name calling.
Also when you use a post to insult someone and call them dumb asses please make sure you use proper grammar because it just makes you look like a ......

Buy "our" stocks

The verb are is a present tense form of "to be" (as in "We are the champions").

The adjective (or possessive determiner) our is the possessive form of "we" (as in "These are the days of our lives").
 

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seekerGH

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Would have been curious to see what that was all about.
 

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