ORRV\DMS Joint Venture Announces Discovery of Cluster of Shipwrecks With Cargo Valued in Excess of 2 Billion Dollars
PEORIA, Ill., May 18, 2011 /PRNewswire/ — Oceanic Research and Recovery Inc. (PINKSHEETS: ORRV) and Deep Marine Salvage Inc today announced that they have agreed upon their first intended “cluster” of 5 commodity based salvage targets.
These targets have been selected from our vast portfolio of shipwrecks lost in northern hemisphere waters. The combined manifested value of these cargos is a minimum of $2 billion at current commodity prices, and consists of platinum, gold, silver, copper and zinc.
Cluster Targeting, a new approach to salvage planning developed by DMS, leverages the close proximity of valuable shipwrecks to achieve the following benefits:
- Maximize the amount of time the primary salvage ship can remain on site during each recovery cycle
- Minimize the high cost of vessel mobilization, location transit and vessel demobilization
- Minimize the risk that undersea working conditions on a wreck might make salvage unprofitable thereby forcing a return to port
“This cluster has been selected not only because the wrecks are close to each other but because they also lie at shallow depths,” said Scott Heimdal, CEO of ORRV. “On the water time is money, the faster you can put it on the deck the higher your margins,” continued Mr. Heimdal. “Working depth is a big factor in feasibility planning. Selecting this cluster ensures minimal daily operating costs.”
Negotiations with vessel owners and insurers that still exist are currently under way and Marine Salvage Licensing Agreements, where applicable, are nearing completion. Due to the cluster lying in international waters, negotiating an agreement with a host country is not required.
Salvage of this first cluster is slated to begin in the 4th quarter of 2011.
This cluster contains the first five wrecks from an extensive portfolio of shipwrecks, all meticulously researched, which numbers in the hundreds. The entire portfolio collectively contain hundreds of thousands of tons of metals, including; platinum, gold, silver, copper, tin, nickel, cobalt, zinc, lead, antimony, molybdenum, and rare earths.
DMS spokesman, Nigel Smith, said. “We’re greatly looking forward to fully mobilizing our equipment and personnel and getting on the water towards the end of the year, and to begin what will be the most spectacular marine salvage program ever conducted.”
About Oceanic Research and Recovery Inc:
Oceanic Research and Recovery Inc. (OTC: ORRV) is engaged in the exploration of shipwrecks and has multiple shipwreck projects in various stages of development around the world.
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Statements in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of risk factors inherent in doing business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
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SOURCE Oceanic Research and Recovery Inc.