Fla. explorers, UK reach shipwreck deal

Florida deep-sea explorers said Friday that they will work with the British government to salvage artifacts from a centuries-old shipwreck of a heavily armed vessel, and the company may continue to make money under the agreement.

Tampa-based Odyssey Marine Exploration announced it was giving up its legal claim as part of the agreement with the British government regarding the wreck of the HMS Victory, a 100-gun man-of-war that sank in the English Channel in 1744.

Odyssey CEO Greg Stemm said Friday that the company's legal claim filed in U.S. District Court in Tampa has been dismissed, and the company will now work closely with the British government on salvaging the wreck, which is thought to include 4 tons of gold coins.

The British government has taken possession of two brass cannons Odyssey has already raised from the wreck in exchange for a salvage award of $160,000.

"We are comfortable that the way forward will include not only Odyssey's involvement but a deal with Odyssey that allows us to participate in the project," Stemm said.

Stemm said the company has proposed an agreement similar to one it had reached with the British government over the proposed salvage of another historic warship, the HMS Sussex, which had the company and the government sharing proceeds.

Odyssey's relations with the Spanish government have not been so cordial. The company has been locked in a legal tug-of-war with Spain for more than two years over the vast treasure raised from what is thought to be the galleon Nuestra Senora de las Mercedes y las Animas.

Odyssey brought 17 tons of silver and other artifacts from the wreck to Tampa in May 2007. Spain immediately demanded that it all be returned.

In June, a federal magistrate judge came down squarely on the side of Spain, urging Odyssey to return the treasure.

A federal judge has not indicated when he will make a final ruling.