Odyssey Marine Exploration fights for treasure rights

Renowned US exploration and mining company, Odyssey Marine Exploration, is seeking the rights to a huge cargo of silver found in the shipwreck of the SS “Mantola”. The vessel, sunk during World War I, was found during a search conducted by Odyssey employees in 2011.

It was in 2011 that Odyssey Marine Exploration entered into an agreement with the UK Department for Transport under which the Florida-based company, was to receive 80% of the extracted cargo. However, the agreement between the two parties expired in September 2015 and now the Americans are attempting to obtain exclusive rights to the contents of the hold of the SS “Mantola”. This is not a sign of Odyssey’s greed, and as the US media reports, the British authorities no longer make similar deals.

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The ship sailed from London to Calcutta on 4 February 1917 with a cargo of 600,000 ounces of silver in the form of 536 bars. The value at the time was £110,000. Today the value of the bars is estimated to be around £12 million. On 8 February the vessel was sighted and then torpedoed by the German submarine SM U-81. None of the crew or passengers were killed as a result of the attack, however 7 people drowned after their lifeboat capsized. The others were rescued by the crew of HMS Laburnum.

In 2011, the wreck of the SS “Mantola” was found by Odyssey Marine Exploration. The ship was identified by the ship’s bell found (now located in Norwich, UK), which was excavated using a remote-controlled ROV. The find was made using the MAK-1M (deep-tow low frequency sonar system), approximately 300 Mm west of the entrance to the English Channel. The wreck is located at a depth of 2,500 metres. Interestingly at a distance of only 150 km from another, also extremely valuable wreck, the British freighter SS “Gairsoppa”.

Source: xjs.us, shipwreck.net