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Tampa Bay-Lakeland
Business Observer Monday, Jun. 13, 2011 8 years ago

Odyssey wins $7M mining job

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A London-based firm hired the Tampa company for a deep-sea mining task.

TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) will receive $6.9 million for a marine services job in the South Pacific. London-based Neptune Minerals Inc. hired the Tampa firm, according to an SEC filing.

Part of the $6.9 million will be paid to Odyssey in cash, with the remainder being paid off using equity shares in Neptune, the filing says.

Odyssey earned $21 million in revenues in 2010, but nearly $38 million in expenses pushed its operating income deep into the red, at a negative $16.8 million. Earlier this month, the company said it would issue 4 million shares of new stock to raise capital.

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