Odyssey Purchases ZEUS Work-Class ROV System to Begin Shipwreck Recovery Operations
TAMPA, FL - August 14, 2003 - Odyssey Marine Services, Inc, a wholly owned subsidiary of Odyssey Marine Exploration, Inc. (OTC Bulletin Board: OMEX), has purchased a work-class Remotely Operated Vehicle (ROV) to be utilized for archaeological shipwreck excavation.
The advanced system was built by Soil Machine Dynamics of Newcastle, England, one of the world’s leading manufacturers of state-of-the-art deep robotic systems. The 7-ton, 205 horsepower vehicle will be nick-named ZEUS and mobilized on Odyssey’s 251-foot Class II dynamically-positioned (DP) survey and support vessel, the Odyssey Explorer.
ZEUS is rated to operate at depths to 2,500-meters (8,200 ft). The ROV has two, Schilling seven function Conan Force-Feedback manipulators, which provide for exceptional dexterity and fine control required for delicate archaeological procedures. The nine-foot high vehicle is 10 feet wide by 10 feet long and driven by eight powerful hydraulic thrusters.
The system’s cameras feed high-resolution video signals through advanced fiberoptic telemetry to the surface. ZEUS was originally designed for advanced deep ocean fiber optic cable maintenance operations and is perfectly suited for the rigors and precise handling required for delicate shipwreck excavation.
“We were extremely fortunate to acquire this system” commented Roy Truman, Odyssey’s Recovery Operations Manager. “It incorporates the latest in deep robotic technology and significantly surpasses all of Odyssey’s performance requirements. The system is three years old, but in exceptional condition and actually better for us than a new unit with its proven track record and thorough documentation of its work history. As an added bonus we have been able to bring on operators already experienced with this system.”
"The acquisition of ZEUS is a major step in our plan to outfit the Odyssey Explorer as the most advanced deep ocean archaeological platform in the world", stated John Morris, Odyssey's Chief Executive Officer. "Integrating ZEUS and other advanced archaeological excavation technology on the Odyssey Explorer supports our business plan and will allow us to begin recovery operations on several projects.”
During the coming month, Odyssey will be mobilizing ZEUS and the Odyssey Explorer to complete groundbreaking deep ocean archaeological excavation and survey work. The company expects to have the system ready for operations in September.
Odyssey Marine Exploration has several shipwreck projects in various stages of development throughout the world, including the Sussex and “Bavaria” projects. The company has signed an exclusive partnering agreement with the Government of the United Kingdom for the archaeological excavation of the British warship HMS Sussex. The Company has also arrested shipwrecks in the “Bavaria” search area and intends to conduct the archaeological exploration and recovery of these shipwrecks utilizing ZEUS and Odyssey Explorer.
Additional information about Odyssey, the “Bavaria” and HMS Sussex projects, ZEUS and the Odyssey Explorer is available at www.shipwreck.net.
# # #
The Company believes the information set forth in this Press Release may include "forward-looking statements." 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 10KSB for the year ended February 28, 2003, which has been filed with the Securities and Exchange Commission.