Odyssey Marine Exploration
Odyssey Marine Exploration is a United States company specializing in deep-ocean exploration, shipwreck archaeology, salvage, and the development of subsea mineral resources.
Last updated October 14, 2026
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Overview
Odyssey Marine Exploration, Inc. is a United States-based deep-ocean exploration company whose activities have combined commercial shipwreck discovery and recovery with marine mineral exploration. Founded in 1994 by shipwreck explorers Greg Stemm and John Morris, the company became known for locating historically important wrecks in deep water and for using remote-sensing, remotely operated vehicles, archaeological surveying, photomosaics, and specialized recovery systems to investigate sites that are difficult or impossible for conventional divers to reach. The company’s early identity was closely associated with the commercial exploration of historic shipwrecks. Its projects included searches for HMS Sussex, a seventeenth-century English warship, and the discovery of the Civil War-era wreck Republic in 2003. The Republic project involved a pre-disturbance survey, extensive high-resolution imaging, archaeological documentation, and the recovery of more than 51,000 gold and silver coins and approximately 14,000 other artifacts. Odyssey’s work attracted attention from PBS, National Geographic, and the Discovery Channel, helping establish the company as one of the best-known private participants in deep-water shipwreck exploration. Odyssey’s most prominent legal and reputational episode followed its 2007 announcement that it had recovered approximately 17 tons of silver and gold coins from an undisclosed Atlantic site code-named Black Swan. Spain argued that the cargo came from Nuestra Señora de las Mercedes, a Spanish naval frigate sunk in 1804. The dispute raised questions involving sovereign immunity, archaeological ownership, the status of wrecks carrying state property, jurisdiction around Gibraltar, and the rights of salvors operating in international waters. United States courts ultimately ordered the cargo transferred to Spain. The United States Supreme Court declined to disturb that outcome in 2012, and a later district-court decision required Odyssey to contribute to Spain’s legal costs after finding that the company had litigated in bad faith. Other important shipwreck work included the discovery of the long-lost HMS Victory, the recovery of silver from the British cargo ship Gairsoppa, and participation in the salvage of the 1857 wreck Central America. The Gairsoppa operation, conducted at a depth of roughly 4,700 meters, recovered more than 110 tons of silver ingots over a two-year expedition. It also produced hundreds of letters that were conserved and later displayed by the Postal Museum in the United Kingdom. The Central America project resulted in the recovery of coins, gold bars, nuggets, dust, jewelry, and other artifacts. Beginning in 2009, Odyssey increasingly shifted toward subsea mineral exploration. It acquired minority or controlling interests in projects involving phosphate, polymetallic nodules, gold, and other seabed resources. These activities included work with SMM Project, Chatham Rock Phosphate, Neptune Minerals, Oceanica Resources and its subsidiary Exploraciones Oceanicas in Mexican waters, Bismarck Mining Corporation near Papua New Guinea, Cook Islands-based CIC, and Ocean Minerals LLC through its Moana Minerals subsidiary. The company’s Mexican phosphate project became a major focus: Odyssey reported a resource assessment of approximately 588.3 million tonnes of phosphate ore averaging 18.1 percent in-situ P2O5, although the development of such resources depends on environmental approvals, technical studies, financing, and regulatory decisions. In 2015, Odyssey sold selected assets to Monaco Financial for $21 million. The transaction included its Florida headquarters, a 50 percent interest in Neptune Minerals, and a profit-sharing arrangement concerning future shipwreck salvages. Management said the proceeds would be used in part to repay $11.7 million of bank debt and that the company would place greater emphasis on underwater mining while retaining shipwreck exploration as part of its portfolio. Odyssey’s recovered objects have been presented through exhibitions, a free virtual museum, the SHIPWRECKED Treasure Museum in Branson, Missouri, and the Pirates Treasure Museum in St. Thomas. The company’s public profile therefore spans commercial marine technology, archaeological documentation, legal controversy, documentary entertainment, and the long-term development of seabed mineral projects.
History
Odyssey Marine Exploration was established in 1994 by Greg Stemm and John Morris, pioneers of commercial shipwreck exploration. The company developed a model based on locating deep-water wrecks with sonar and other remote-sensing tools, verifying them with remotely operated vehicles, and combining recovery operations with archaeological recording. Between 1998 and 2001, Odyssey searched for HMS Sussex, an English warship that sank near Gibraltar in 1694. The company reported that it had identified a possible wreck site at approximately 821 meters. A formal investigation began in 2005 under a project plan accepted by a United Kingdom archaeological advisory body. Odyssey completed a non-disturbance survey and substantial trial excavation work, but the project required cooperation among British, Spanish, and Andalusian authorities. In 2007, Andalusia agreed in principle to excavation subject to the participation of Spanish archaeologists who would help establish whether the wreck was actually Sussex rather than a Spanish vessel. Odyssey’s first major treasure discovery was the Republic, found in 2003. The Civil War-era wreck was investigated through a detailed archaeological program that included a pre-disturbance survey and approximately 2,500 high-resolution underwater images. The resulting site photomosaic supported the recovery of more than 51,000 gold and silver coins and approximately 14,000 additional artifacts. Odyssey commissioned archaeological reports and the project was later presented in books, television programs, and museum-related displays. During a 2005 search associated with Republic, the company also identified a nineteenth-century trading vessel code-named Blue China. Because trawling had damaged the site, Odyssey documented and recovered surviving material before additional destruction could occur. The company’s most consequential controversy concerned the Black Swan site. In 2007, Odyssey announced the recovery of a large cargo of precious-metal coins from an undisclosed location in international waters. Spain maintained that the cargo belonged to Nuestra Señora de las Mercedes, a Spanish frigate sunk in 1804. Odyssey brought the material into U.S. federal court through an admiralty arrest. The dispute also involved the boarding of Odyssey’s research vessel Ocean Alert by Spanish authorities near Gibraltar in July 2007. Gibraltar, the United Kingdom, Panama, Spain, and Odyssey disagreed over the location of the boarding and the authority to search the vessel. In 2010, Captain Sterling Vorus was cleared by a Spanish court of charges related to the incident. U.S. courts ultimately awarded the cargo to Spain, treating the wreck as protected Spanish state property. The Supreme Court ordered the transfer in 2012. A subsequent district-court ruling characterized Odyssey’s conduct as bad-faith and abusive litigation and awarded Spain approximately $1 million in legal costs. Odyssey disputed aspects of the decision but acknowledged that the case clarified the legal framework governing sovereign shipwrecks. A separate U.S. Inspector General review in 2011 found no evidence that U.S. State Department negotiations over the return of a Pissarro painting were connected to the Black Swan litigation. Odyssey continued to pursue historically significant wrecks. Its projects included the discovery of the long-lost HMS Victory and the Gairsoppa, a British cargo steamer sunk by a German submarine in 1941. Gairsoppa was located in very deep water southwest of Ireland. Over a two-year operation, Odyssey recovered more than 110 tons of silver ingots. The expedition also recovered 717 letters, described as the largest collection of mail found on a shipwreck, which were conserved and placed on display at the Postal Museum in the United Kingdom. In 2014, Odyssey was selected to salvage material from the 1857 wreck Central America, recovering coins, gold bars, nuggets, dust, jewelry, and other artifacts. From 2009 onward, Odyssey increasingly repositioned itself as a marine mineral explorer. It acquired an interest in SMM Project, worked under charter for Chatham Rock Phosphate, and held an interest in Neptune Minerals. In Mexico, Odyssey disclosed an interest in Oceanica Resources and its subsidiary Exploraciones Oceanicas, which controlled permits for phosphate exploration. Odyssey conducted exploration, helped validate the deposit, managed environmental studies, and supported preparation of a technical resource report and environmental-permit applications. The reported resource assessment described approximately 588.3 million tonnes of phosphate ore averaging 18.1 percent P2O5. In 2019, Odyssey acquired nearly 80 percent of Bismarck Mining Corporation, which held a license covering approximately 320 square kilometers near Lihir Island in Papua New Guinea. In 2020, it reported an investment and marine-services role in CIC, which received a five-year Cook Islands seabed exploration license in 2022. In 2023, Odyssey invested in Ocean Minerals LLC; its wholly owned Moana Minerals subsidiary held another Cook Islands exploration license for polymetallic nodules. These initiatives reflect Odyssey’s transition from a company primarily identified with shipwreck treasure to a broader subsea-resource developer, although shipwreck exploration and public presentation of recovered artifacts remained part of its identity.
- 2023
Investment in Ocean Minerals
[1]Odyssey invested in Ocean Minerals LLC, whose subsidiary held a Cook Islands license to explore polymetallic nodules.
- 2022
Cook Islands exploration license awarded to CIC
[1]CIC received a five-year exploration license from the Cook Islands Seabed Mineral Authority.
- 2019
Bismarck Mining investment
[1]Odyssey acquired nearly an 80 percent interest in Bismarck Mining Corporation, holder of a Papua New Guinea exploration license.
- 2015
Selected assets sold
[1]Odyssey sold selected assets to Monaco Financial and stated that it would concentrate more heavily on underwater mining.
- 2014
Central America salvage selected
[1]Odyssey was selected to conduct salvage work on the 1857 Central America wreck and recovered substantial gold and other material.
- 2012
Black Swan cargo transferred to Spain
[1]The United States Supreme Court required Odyssey to surrender the disputed cargo to Spanish authorities.
- 2011
Gairsoppa wreck discovered
[1]Odyssey announced the discovery of Gairsoppa and later recovered more than 110 tons of silver from the wreck.
- 2009
Transition toward mineral exploration begins
[1]Odyssey acquired a minority interest in SMM Project, marking a significant move toward subsea mineral-resource exploration.
- 2007
Black Swan recovery announced
[1]Odyssey announced the recovery of a major precious-metal cargo from an undisclosed site, later identified by Spain as Nuestra Señora de las Mercedes.
- 2005
Blue China site documented
[1]The company identified a nineteenth-century trading vessel during Republic-related searches and documented the site after evidence of trawler damage.
Products and positioning
A specialist deep-ocean exploration and marine-resource company that combines advanced underwater technology with commercial shipwreck recovery, archaeological documentation, and subsea mineral exploration.
Marine exploration services · 1994
Shipwreck exploration and recovery
Odyssey uses sonar, remotely operated vehicles, high-resolution imaging, archaeological survey methods, and specialized recovery equipment to locate, identify, document, and recover material from deep-ocean shipwrecks. Projects have included Republic, Gairsoppa, HMS Victory, Central America, HMS Sussex, and other historically significant wrecks. The work combines commercial salvage objectives with site documentation, conservation, and public interpretation.
Marine mineral exploration · 2013
Subsea phosphate exploration
Through interests in Oceanica Resources and Exploraciones Oceanicas, Odyssey explored a large phosphate-bearing deposit in Mexican waters. The company reported conducting exploration, validating the mineralized material, coordinating environmental studies, and supporting technical-resource reporting and the environmental-permit process.
Marine mineral exploration · 2020
Polymetallic nodule exploration
Odyssey has invested in Cook Islands-related projects seeking polymetallic nodules within the country’s exclusive economic zone. These projects are subject to exploration licensing, environmental research, technical feasibility, and regulatory approval before any commercial extraction could occur.
Marine mineral exploration · 2019
Marine gold exploration
Odyssey acquired a substantial interest in Bismarck Mining Corporation, which held a Papua New Guinea exploration license covering targets associated with seamount-related epithermal mineralization and modern placer gold.
Museum and educational presentation
Recovered artifacts and exhibitions
Artifacts recovered through Odyssey projects have been presented through a free virtual museum and physical venues including the SHIPWRECKED Treasure Museum in Branson, Missouri, and the Pirates Treasure Museum in St. Thomas. Displays provide public access to coins, personal objects, cargo, and other material from historic wrecks.
Controversies
2013
Bad-faith litigation finding
A U.S. district court found that Odyssey had acted in bad faith and engaged in abusive litigation in the Black Swan case, ordering the company to reimburse approximately $1 million in Spain’s legal fees.
2007
Black Swan treasure dispute
Odyssey’s recovery of a large precious-metal cargo led to a dispute with Spain, which claimed the material came from the Spanish naval frigate Nuestra Señora de las Mercedes and was protected by sovereign immunity.
2007
Boarding of Ocean Alert near Gibraltar
Spanish authorities detained and searched Odyssey’s vessel Ocean Alert near Gibraltar. Spain asserted enforcement authority, while Gibraltar and the United Kingdom disputed whether the boarding occurred in international waters and whether Spain had authority to act without Panama’s consent as flag state.
Marketing campaigns
- 2012Silver Rush
United States · International television
This three-part Discovery Channel documentary followed the recovery of silver from the Gairsoppa wreck.
Outcome. The series publicized the technical and logistical challenges of recovering cargo from extreme ocean depths.
- 2009Treasure Quest
United States · International television
The Discovery Channel program documented Odyssey’s deep-ocean searches and presented the company’s discovery of the long-lost HMS Victory.
Outcome. The program broadened public awareness of Odyssey’s exploration methods and shipwreck projects.
- Virtual Museum
Global online audience
Odyssey created a free online museum to present recovered objects and explain its shipwreck exploration work.
Outcome. The initiative provided public access to artifacts beyond the company’s physical exhibition venues.
Brand decisions
2023
Invest in Ocean MineralsM&ABackground
Odyssey continued building a portfolio of seabed mineral opportunities in the Pacific.
Action taken
The company invested in Ocean Minerals LLC, whose subsidiary Moana Minerals held a five-year Cook Islands license for polymetallic-nodule exploration.
Aftermath
The investment further aligned Odyssey with early-stage ocean-mineral exploration rather than only historic shipwreck recovery.
2022
Support Cook Islands seabed explorationOtherBackground
Odyssey sought exposure to polymetallic-nodule exploration while contributing marine expertise to a licensed Cook Islands project.
Action taken
CIC received a five-year exploration license from the Cook Islands Seabed Mineral Authority, with Odyssey holding an investment and providing marine services.
Aftermath
Environmental research and operational planning were identified as prerequisites for exploration activities.
2019
Acquire a controlling interest in Bismarck MiningM&ABackground
Odyssey pursued exploration exposure to marine and nearshore mineral targets in Papua New Guinea.
Action taken
The company acquired nearly 80 percent of Bismarck Mining Corporation, which held an exploration license covering approximately 320 square kilometers.
Aftermath
The transaction expanded Odyssey’s portfolio to include seamount-related mineralization and placer-gold targets near Lihir Island.
2015
Refocus on underwater mining after asset saleStrategyBackground
Odyssey needed capital to address bank debt and establish a clearer strategic emphasis after years of shipwreck operations and litigation.
Action taken
The company sold selected assets to Monaco Financial, including its Florida headquarters, half of Neptune Minerals, and a future-salvage profit-sharing arrangement.
Aftermath
Management stated that the proceeds would help repay $11.7 million of bank debt and that underwater mining would receive greater emphasis.
Asset-sale consideration. $21 million (2015)
2009
Move into subsea mineral explorationStrategyBackground
Odyssey sought to reduce reliance on the uncertain economics and legal risks of treasure salvage by developing interests in offshore mineral projects.
Action taken
The company acquired a minority interest in SMM Project and subsequently pursued phosphate, gold, and polymetallic-nodule opportunities in several jurisdictions.
Aftermath
Marine mineral exploration became a central part of Odyssey’s business identity while shipwreck projects remained in its portfolio.
Recent events
- 2023
Odyssey invests in Ocean Minerals[1]
Other
Odyssey invested in Ocean Minerals LLC, whose subsidiary Moana Minerals holds a Cook Islands license to explore polymetallic nodules within the country’s exclusive economic zone.
- 2015
Odyssey sells selected assets to Monaco Financial[1]
M&A
The company announced a $21 million asset sale intended to repay bank debt and support a strategic shift toward underwater mining.
- 2011
Odyssey recovers silver from the Gairsoppa wreck[1]
Other · Product generation
Odyssey announced the discovery of the British cargo ship Gairsoppa and subsequently recovered more than 110 tons of silver from the deep-water wreck.
Sources2 sources
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