US Firm Odyssey Marine Exploration Finds Shipwreck with 20 Tons of Silver

October 11 00:00 2011

New York, October 11 ( – A new sunken treasure of 20 tons of silver has been found by deep-sea explorers of Odyssey Marine Exploration from a British steamship lying shipwrecked at the bottom of the North Atlantic. The steamship, Mantola, had been torpedoed by a German submarine off Ireland in 1917. Odyssey had visually confirmed the identity of the Mantola with a tethered robot last month during an exploration.

The British Department for Transport had commissioned Odyssey to retrieve the treasure when the latter had informed them about the finding. At today’s prices, the treasure is worth $18 million. Cash strapped governments have been looking out for such opportunities to raise money. Latest generation of robots, lights, cameras and claws are proving to be very helpful in deep sea exploration because they can withstand the crushing pressures experienced at the bottom of the ocean.

Greg Stemm, the chief executive of Odyssey said “A lot of new and interesting opportunities are presenting themselves,” and added that it is the company’s second find of a deep-ocean wreck for the British government this year. In such cases, the exploration is done by the private companies and the profits are split. In this case, Odyssey will get 80 percent of the value of the silver and the British government will get 20 percent.