TV series means business for Odyssey Marine

In the past, the mention of Odyssey Marine Exploration might have conjured images of pirates and treasure hunters.

The public image of the Tampa-based company is changing after the Discovery Channel chronicled the company's deep sea explorations in a 12-episode series that ended last week.

The television series highlighted the company's high-tech business and is creating new business opportunities, said Odyssey President Mark Gordon.

"The investment public has become keenly aware of us," Gordon said. "They're beginning to see this is really science."

The series showed that Odyssey is much more than a treasure-hunting company, Gordon said.
"We're marine archeologists," he said. "We're the best in the world at it."

The publicity from the Discovery series has led to new partnerships with smaller salvage operators who would benefit from Odyssey's technology and expertise, Gordon said.

"We've gotten a flood of these small operators bringing us shipwreck projects," he said. "These guys aren't competitors. They're potential partners or suppliers."

Meanwhile, Odyssey is still fighting for the salvage rights to 17 tons of colonial-era coins it recovered from the Atlantic Ocean south of Portugal two years ago. The coins are worth an estimated $500 million and may be the largest treasure ever recovered from the sea.

Spain, Peru and several descendants of private merchants have claimed ownership of the treasure in U.S. District Court in Tampa.

Although ownership remains unresolved, Odyssey is selling replicas of the gold and silver coins on its Web site, www.shipwreckstore.com, for prices ranging from $19.95 to $59.95.

Gordon said Odyssey is the court-appointed custodian of the treasure and is spending millions of dollars to conserve the coins. Any proceeds from the sale of replica coins would be used to pay for conservation costs, Gordon said.

"It's not only legal and ethical but also entirely appropriate that we find ways to generate revenue while enhancing the value of the collection," he said.