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As of 8:10 PM 11/21/14 All times are local (Market data is delayed by at least 15 minutes).

odyssey marine exploration (OMEX) Key Developments

Odyssey Marine Exploration Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Odyssey Marine Exploration Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $120,046 compared with $5,554,460 for the same period a year ago. Loss from operations was $7,803,841 compared with $3,444,721 for the same period a year ago. Loss before tax was $7,673,838 compared with $3,349,290 for the same period a year ago. Net loss was $7,415,124 or $0.09 per basic and diluted share compared with $931,393 or $0.01 per basic and diluted share for the same period a year ago. The increase is primarily due to higher project cost recoupment in the third quarter of 2013 for the Gairsoppa project than the cost recoupment for the Central America project in the third quarter of 2014. The increase is also due to higher operating costs in 2014 for the company-owned Odyssey Explorer vessel, which worked 24-hour shifts on the Central America project. The increase is offset in part by the 2013 charter expense for the Seabed Worker vessel (used for work on the Gairsoppa shipwreck) that was not chartered in 2014. For the nine months, the company reported total revenues of $1,034,396 compared with $6,671,277 for the same period a year ago. Loss from operations was $22,319,219 compared with $23,532,924 for the same period a year ago. Loss before tax was $22,957,984 compared with $24,063,403 for the same period a year ago. Net loss was $21,229,763 or $0.25 per basic and diluted share compared with $21,492,748 or $0.27 per basic and diluted share for the same period a year ago.

Odyssey Marine Exploration Inc. to Report Q3, 2014 Results on Nov 10, 2014

Odyssey Marine Exploration Inc. announced that they will report Q3, 2014 results at 8:45 PM, GMT Standard Time on Nov 10, 2014

Odyssey Marine Exploration Inc., Q3 2014 Earnings Call, Nov 10, 2014

Odyssey Marine Exploration Inc., Q3 2014 Earnings Call, Nov 10, 2014

Odyssey Marine Exploration Inc. Receives Approval for Shipwreck Project from UK Ministry of Defence

Odyssey Marine Exploration Inc. announced that the statement by the United Kingdom's Secretary of State for Defence giving consent to proceed with the archaeological investigation and recovery of at-risk artifacts from the HMS Victory (1744) wreck site in accordance with the project design that has been approved by the UK Ministry of Defence (MOD) and Department for Culture Media & Sport (DCMS). In 2008, Odyssey discovered the shipwreck of HMS Victory (lost 1744) and with the permission of the MOD recovered two cannon to aid positive identification of the shipwreck. The MOD and the DCMS held a joint public consultation on options for the management of the site. In January 2012, a deed of gift transferred the Victory (1744) and associated materials belonging to the Crown to the Maritime Heritage Foundation (MHF), a UK charity. The MHF will next submit the necessary application to the UK Marine Management Organisation to allow operations to begin. As the exclusive archaeological contractor to the MHF, Odyssey will undertake the activities as outlined in the approved project design, including recording, documentation, conservation and publication. All recovered artifacts will be declared to the Receiver of Wreck in accordance with UK legislation.

Odyssey Marine Exploration, Inc. Appoints John D. Longley, Jr., to the Position of Chief Operating Officer

On October 6, 2014, the board of directors of Odyssey Marine Exploration Inc. appointed John D. Longley, Jr., 47, to the position of Chief Operating Officer. Previously, Mr. Longley served as Senior Vice President, Director of Sales and Business Operations, since 2013, and Vice President, Director of Business Development since 2012. He joined Odyssey in 2005 as Director of Business Development. With over 25 years of marketing and business strategy experience, he has been integral in growing the company's business opportunities including its attractions, the monetization of valuable shipwreck finds and exploring new deep-ocean opportunities that utilize Odyssey's core competencies.

 

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