New Projects
SalvOcean, a UK-based company, has exchanged NDAs and MOUs with two USA groups for survey and salvage contracts, both expected to complete in 2025. Additionally, SalvOcean has agreed to terms for the Project Zeus campaign and will now begin fundraising for this initiative.
UK Project
The North Atlantic to the west of Ireland is densely populated with merchant shipwrecks lost to enemy engagement during both World Wars. Our client Britannia’s Gold (BGL) has carried out extensive research to identify which were carrying high value cargoes at time of loss. The result is the development of a ‘first-of-many’ multi-wreck salvage programme codenamed ‘Project Zeus’, the recovery of cargo from five validated wrecks. BGL has previously located and carried out survey operations at three of the wreck sites leaving two to be located and surveyed by SalvOcean. This, together with the salvage of all five targets forms the basis of the contract signed by both companies.
The targeting of wrecks in close proximity allows for single point survey and salvage operations running concurrently. This reduces the cost of salvage significantly and mitigates risk should individual wrecks fail to produce a profitable return.
The client and SalvOcean have a strong relationship with the authorities with jurisdiction over these shipwrecks and have obtained permission to carry out operations which are expected to commence in Q3 / Q4 2024.
USA Project #1
The Client is the legal permit holder for various wrecks located along the eastern Florida coast, with all rights under Florida State law to carry out excavation and recovery. SalvOcean has already utilised its sensing technology to identify mixed cargoes of precious metals on three colonial era wrecks and is now initiating a ‘proof of concept’ excavation.
The client has requested SalvOcean carry out further technical investigations at other locations which have started, and each have indicated substantial volumes of buried precious metals.
Subject to a positive outcome from the proof-of-concept stage, excavation and recovery on all sites will commence.
Operating all year round, these sites have the potential to provide SalvOcean with a substantial contractual stream of revenue and a significant share of cargo recovery value for at least 5 years.
USA Project #2
The client is the legal owner of a shipwreck sunk at the turn of the 20th century off the north east coast of America. The client has full rights to the wreck and the well research high value cargoes contained within.
An initial MOU has been agreed where by Salvocean will carryo out survey and cargo recovery operations at the wreck site. Surveys are expected to complete at the end of Q3, 2024, allowing for project planning throughout the unworkable winter months in this region. Recovery of cargoes is expected to commence at the beggining of Q3 2025.